TOKYO - Crude oil prices rose on Friday after two days of declines, buoyed following data showing a rise in U.S. retail sales helped ease some concerns about a recession in the world’s biggest economy.
Brent crude LCOc1 was up 31 cents, or 0.5%, at $58.54 a barrel at 0047 GMT, after falling 2.1% on Thursday and 3% the previous day. U.S. retail sales rose 0.7% in July as consumers bought a range of goods even as they cut back on motor vehicle purchases, according to data that came a day after a key part of the U.S. Treasury yield curve inverted for the first time since June 2007 prompting a sell-off in stocks and crude oil.“The robust U.S. economic data released overnight is providing some degree of comfort as it suggests a less gloomy U.S.
The price of Brent is still up nearly 10% this year thanks to supply cuts led by the Organization of the Petroleum Exporting Countries and allies such as Russia, a group known as OPEC+. In July, OPEC+ agreed to extend oil output cuts until March 2020 to prop up prices.
Dems want to take away our oil & gas that keep our country strong! We do not want government controlling our lives & choices! Socialism will destroy our country!
Good try, Reuters. Retail sales are intermediate indicators of recession. The leading indicators, Auto and home sales, are flashing red already. Same with the Dow and bond yields.
How is it possible that the American consumer is always the last to see the recession coming and the last to see the recession ending?
Because Christmas. Y’all are buying the con again.
How much of the retail sales were financed with debt?
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Oil lower on crude inventories, downbeat China, Europe dataOil futures trade lower after an industry group reportedly sees an unexpected rise in crude inventories and investors digest a round of downbeat economic data from China and Europe.
Source: MarketWatch - 🏆 3. / 97 Read more »
China July crude throughput climbs on-year, but off record as glut weighsChina's July crude oil throughput rose 4% from a year earlier, official dat... I think 🤔 Greta Thunberg should pay a visit to China 🇨🇳 and ask them to go carbon neutral English please. No idea what that tweet said.
Source: Reuters - 🏆 2. / 97 Read more »
Oil deepens slide below $58 on recession fears, U.S. supplyOil fell 3% to below $58 a barrel on Thursday, extending the previous session&0... oil on hand is high and the driving vacation season is ending. That is why oil is (cont) Fear talk Oil price has nothing to do with recession. Last recession, which began June 2007, oil was $87/barrel. Jan 2009 it was 50.69/barrel. June 2009, technical end of recession, oil was $83/barrel What kind of measure is that? Maybe this may help lower Trumps chances of re-election, as he gambles his chances on the USA ECONOMY! We can only pray they will collapse as to help rid the world of this bigot
Source: Reuters - 🏆 2. / 97 Read more »
U.S. Tries to Seize Iranian Oil Tanker Held in GibraltarThe Department of Justice made an application in Gibraltar’s Supreme Court to seize an Iranian tanker the British overseas territory was about to release. Blls to US. This chain of events unfolded exactly as slickenteur predicted. Must follow her folks, she does brilliant political, market and geopolitical analysis. I've been reading her articles. All her predictions and analyses have been on point and always accurate. Incredible stuff I’m sorry, but what right does the US have to seize an Iranian tanker that is thousands of miles from US waters, after an ally has decided to let it go?
Source: WSJ - 🏆 98. / 63 Read more »
The US has applied to seize an Iran oil tanker being held in Gibraltar, report saysGrace 1 was seized on July 4 by the British overseas territory who accused it of breaking EU sanctions.
Source: CNBC - 🏆 12. / 72 Read more »
Oil prices fall on concerns over recession, inventoriesOil prices fell on Thursday, adding to sharp overnight losses as U.S. crude inve...
Source: Reuters - 🏆 2. / 97 Read more »