Oil prices fluctuate on expectations of new macro statistics
17.05.2023 11:00
World oil prices did not show a single trend on Wednesday morning in anticipation of new macro statistics, including the total stocks of crude in the United States.
The price of July futures for Brent crude rose by 0.01% to $74.92 per barrel, and June futures for WTI fell by 0.04% to $70.83.
On Wednesday, the oil market is waiting for data that could tell the situation in the economy. At noon will be published the final estimate of the annual growth of consumer prices in the eurozone in April. Preliminary estimates showed that annual inflation accelerated to 7% from 6.9% a month earlier. Later, the US Department of Energy will release data on commercial oil reserves in the country. Analysts believe that the figure for the week ended May 12 fell by 1.3 million barrels.
Oil prices are stabilizing after some decline the day before, influenced by macro statistics from China, which raised doubts about the prospects for demand in this country - the largest oil consumer.
At the same time, in the US, industrial production in April, as it turned out, unexpectedly increased by 0.5% compared to March, although analysts had expected that it would not change. The indicator of industrial production is one of the key indicators for the economy; it reflects the physical volume of products manufactured by American companies, which makes it possible to assess the current oil demand.
www.anews.az
The price of July futures for Brent crude rose by 0.01% to $74.92 per barrel, and June futures for WTI fell by 0.04% to $70.83.
On Wednesday, the oil market is waiting for data that could tell the situation in the economy. At noon will be published the final estimate of the annual growth of consumer prices in the eurozone in April. Preliminary estimates showed that annual inflation accelerated to 7% from 6.9% a month earlier. Later, the US Department of Energy will release data on commercial oil reserves in the country. Analysts believe that the figure for the week ended May 12 fell by 1.3 million barrels.
Oil prices are stabilizing after some decline the day before, influenced by macro statistics from China, which raised doubts about the prospects for demand in this country - the largest oil consumer.
At the same time, in the US, industrial production in April, as it turned out, unexpectedly increased by 0.5% compared to March, although analysts had expected that it would not change. The indicator of industrial production is one of the key indicators for the economy; it reflects the physical volume of products manufactured by American companies, which makes it possible to assess the current oil demand.
www.anews.az
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