Western Texas Intermediate (WTI) crude oil prices fluctuate between $82.20 and $82.45 per barrel, driven by China’s sluggish demand and concerns about trade and inflation.

Chinese inflation decreased by 0.3% YoY in July, falling below market consensus of 0.4%, while the Producer Price Index fell 4.4% YoY, compared to anticipated 4.1% and 5.4% drops.
China’s crude oil imports fell 18.8% from June to July, reaching their lowest daily rate since January, impacting WTI prices and the world’s largest oil user.

The U.S. Energy Information Administration (EIA) predicts a 1.9% GDP growth in 2023, primarily due to Saudi Arabia’s voluntary output curbs and higher global demand. The decline in WTI prices is constrained by this report.

Saudi Arabia extends its one million barrels per day oil output limit until September, causing a 300,000 bps drop in Russian oil shipments.
The EIA Crude Oil stock Change for the week ending August 4 is a major concern for oil markets. Monitor the Consumer Price Index (CPI) and Producer Price Index (PPI) later this week to determine the impact on the WTI price in USD. This data will guide oil traders in finding trading opportunities near the WTI price.

By admin

Leave a Reply

Your email address will not be published. Required fields are marked *