{"id":46018,"date":"2023-08-08T16:16:07","date_gmt":"2023-08-08T20:16:07","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/commodities\/oil-reverses-loss-triggered-by-china-eyes-on-weekly-u-s-petroleum-balance\/"},"modified":"2023-08-08T16:16:08","modified_gmt":"2023-08-08T20:16:08","slug":"oil-reverses-loss-triggered-by-china-eyes-on-weekly-u-s-petroleum-balance","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=46018","title":{"rendered":"Oil reverses loss triggered by China, eyes on weekly U.S. petroleum balance"},"content":{"rendered":"
\n

Investing.com — China, once best friend to commodity bulls, is increasingly turning hostile toward oil longs.<\/p>\n

U.S. West Texas Intermediate and U.K.\u2019s Brent crude initially fell as much as 2% Tuesday after China\u2019s trade data for July showed exports tumbling at its fastest pace in 3-\u00bd years.\u00a0<\/p>\n

By the close, however, crude prices were back in the positive, recovering a little more than they lost a day ago on renewed bull fervor over Saudi production cuts. Optimism over weekly U.S. petroleum balances, due later in the day, also helped the rebound.\u00a0<\/p>\n

\u201c\u201cThe trade data from China was undoubtedly disappointing as it once again showed sluggish demand both domestically and externally, which is consistent with what we’ve seen elsewhere,\u201d said Craig Erlam, analyst at online trading platform OANDA.\u00a0<\/p>\n

But Erlam also noted that Saudi production cuts had put a bottom to the market, which \u201dnow looks much tighter\u201d.\u00a0<\/p>\n

settled up 98 cents, or 1.2%, at $82.92 per barrel after tumbling below key $80 support earlier, to a session low of $79.94. In the previous session, it closed down 88 cents, or 1.1%.<\/p>\n

The U.S. crude benchmark gained almost 20% over six previous weeks on the back of Saudi attempts to aggressively slash production. Last week, WTI reached $83.23 last week for its highest since April.<\/p>\n

settled up 83 cents, or almost 1%, at $86.17, after a session bottom of $83.33. Like WTI, Brent hit three-month highs last week, reaching $86.64, and gaining about 17% over the past six weeks. In Monday\u2019s session, Brent settled down 90 cents, or 1.04%.<\/p>\n

Overall, Chinese imports contracted by 12.4% in July, far steeper than the expected 5% drop. Exports fell by 14.5%, compared with a fall of 12.5% tipped by economists.<\/p>\n

Disappointing China data masked by Saudi production cuts<\/h2>\n

On the oil front, China’s crude purchases in July were down 18.8% from the previous month to the lowest daily rate since January, but still up 17% from a year earlier, data showed.<\/p>\n

\u201cThe economy is quite clearly in need of a boost and I’m just not convinced it’s going to come, not in the forceful and widespread manner it has in the past,”\u00a0said OANDA\u2019s Erlam. “Authorities are more likely to engage in smaller, targeted measures that won’t provide the confidence boost investors, or households can really get behind. The sluggish recovery looks set to continue.\u201d<\/p>\n

Outside of China, fuel consumption in India \u2014 third-biggest oil importer and consumer after the United States and China, respectively \u2014 slipped to a 10-month low in July as monsoon rains restricted mobility, government data showed.<\/p>\n

Market participants were also on the lookout for U.S. weekly oil inventory data, due after market settlement from API, or the American Petroleum Institute.<\/p>\n

The will release at approximately 16:30 ET (20:30 GMT) a snapshot of closing balances on U.S. crude, gasoline and distillates for the week ended Aug. 4. The numbers serve as a precursor to official inventory data on the same due from the U.S. Energy Information Administration on Wednesday.<\/p>\n

For last week, analysts tracked by Investing.com expect the EIA to report a drop of 0.233 million barrels, versus the historic 17.049-M barrel plunge reported during the week to July 28.<\/p>\n

On the front, the consensus is for a build of 0.217M barrels on top of the 1.48M-barrel gain in the previous week. Automotive fuel gasoline is the No. 1 U.S. fuel product.<\/p>\n

With , the expectation is for a drop of 0.167M barrels versus the prior week\u2019s drop of 0.796M. Distillates are refined into , diesel for trucks, buses, trains and ships and fuel for jets.<\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Investing.com — China, once best friend to commodity bulls, is increasingly turning hostile toward oil longs. U.S. West Texas Intermediate and U.K.\u2019s Brent crude initially fell as much as 2% Tuesday after China\u2019s trade data for July showed exports tumbling at its fastest pace in 3-\u00bd years.\u00a0 By the close, however, crude prices were back […]<\/p>\n","protected":false},"author":1,"featured_media":2606,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[242],"tags":[83],"class_list":["post-46018","post","type-post","status-publish","format-gallery","has-post-thumbnail","hentry","category-commodities","tag-featured","post_format-post-format-gallery"],"yoast_head":"\nOil reverses loss triggered by China, eyes on weekly U.S. petroleum balance | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Investing.com -- China, once best friend to commodity bulls, is increasingly turning hostile toward oil longs. 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