- Analytics
- News and Tools
- Market News
- Oil prices traded higher ahead of U.S. oil inventories data
Oil prices traded higher ahead of U.S. oil inventories data
Oil prices traded higher ahead of U.S. oil inventories data. The American Petroleum Institute (API) is scheduled to release its U.S. oil inventories data today, and U.S. oil inventories data from the U.S. Energy Information Administration is expected on Wednesday.
The oil driller Baker Hughes reported on Friday that the number of active U.S. rigs declined by 4 rigs to 642 last week, the lowest weekly level since August 2010. It was the 26th consecutive weekly fall.
The weaker-than-expected inflation data from China added to speculation on that the Chinese government will add further stimulus measures to boost the economy. The Chinese consumer price index (CPI) rose at annual rate of 1.2% in May, missing expectations for a 1.3% increase, after a 1.5% gain in April.
The Chinese producer price index (PPI) dropped 4.6% in May, missing forecasts of a 4.5% fall, after a 4.6% decline in April.
China is the largest net oil importer in the world.
WTI crude oil for July delivery increased to $60.23 a barrel on the New York Mercantile Exchange.
Brent crude oil for July rose to $64.23 a barrel on ICE Futures Europe.
© 2000-2024. All rights reserved.
This site is managed by Teletrade D.J. LLC 2351 LLC 2022 (Euro House, Richmond Hill Road, Kingstown, VC0100, St. Vincent and the Grenadines).
The information on this website is for informational purposes only and does not constitute any investment advice.
The company does not serve or provide services to customers who are residents of the US, Canada, Iran, The Democratic People's Republic of Korea, Yemen and FATF blacklisted countries.
Making transactions on financial markets with marginal financial instruments opens up wide possibilities and allows investors who are willing to take risks to earn high profits, carrying a potentially high risk of losses at the same time. Therefore you should responsibly approach the issue of choosing the appropriate investment strategy, taking the available resources into account, before starting trading.
Use of the information: full or partial use of materials from this website must always be referenced to TeleTrade as the source of information. Use of the materials on the Internet must be accompanied by a hyperlink to teletrade.org. Automatic import of materials and information from this website is prohibited.
Please contact our PR department if you have any questions or need assistance at pr@teletrade.global.
Bank transfers
