Crude OIL Live News

This page provides live coverage and news analysis on Crude OIL trading

Aug. 6, 2020

Crude oil hits 42.45, highest rate in 5 months

Live - Updated 169 minutes ago.

A mostly flat day so far for Oil, ranging between 42.45 and 42.01 and is now at 42.08.

This limbo state for Crude oil is reflected by market data published as United States Cushing Crude Oil Inventories fall short of the 0.607M projections, with 0.532M and continued its downward trajectory from previous figure of 1.309M. United States ISM Non-Manufacturing PMI (Jul) beats expectations of 55.0 with new data release of 58.1. This is also a step forward from the previous data of 57.1.

Data to be released later might clear up some of the fog for Crude as United States CFTC Crude Oil speculative net positions set for tomorrow at 7:30 PM. United States Unemployment Rate is projected to outperform last figure with 10.5%, while it previously stood at 11.1%, data will be released tomorrow at 12:30 PM. United States Initial Jobless Claims is projected to outperform last figure with 1,415K, while it previously stood at 1,434K, data will be released today at 12:30 PM.

Aug. 5, 2020

Crude goes back up to March 06 levels, reaching 43.52

(22:01) GMT

Crude oil recovered to 42.2 from 41.47.

This in-between state for Crude is reflected by market data published as United States API Weekly Crude Oil Stock fall short of the -3.300M projections, with -8.587M and continued its downward trajectory from previous figure of -6.829M. United States Cushing Crude Oil Inventories fall short of the 0.607M projections, with 0.532M and continued its downward trajectory from previous figure of 1.309M. United States ISM Non-Manufacturing PMI (Jul) beats expectations of 55.0 with new data release of 58.1. This is also a step forward from the previous data of 57.1.

Data to be released later might clear up some of the fog for Oil as United States Initial Jobless Claims is projected to outperform last figure with 1,415K, while it previously stood at 1,434K, data will be released tomorrow at 12:30 PM. United States FOMC Member Kaplan Speaks set for tomorrow at 2:00 PM.

Aug. 4, 2020

After starting the day at 41.7, Crude oil drifts to 41.53 (down 17 cents)

(22:01) GMT

Oil drops 17 cents early on and stays at 41.53 range.

This downslide might be related to financial indicators data published earlier as United States API Weekly Crude Oil Stock fall short of the -3.300M projections, with -8.587M and continued its downward trajectory from previous figure of -6.829M. Data for United States Factory Orders was released today at 2:00 PM is better than expected with 6.2%, but worse than previous figure of 7.7%.

Nonetheless, encouraging indicators for Crude oil published earlier when New data for United States ISM Manufacturing PMI (Jul) was released Monday 2:00 PM comes out at 54.2, beating projections of 53.6 and showing improvement over the preceding figure of 52.6. United States ISM Manufacturing Employment (Jul) released earlier shows an improvement to 44.3 from the preceding data of 42.1, but falls short of the projected 48.3.

Looking ahead, this trend may be prolonged as Tomorrow at 2:00 PM data for ISM Non-Manufacturing PMI (Jul) will be released, with an expected decline to 55.0 from the preceding figure of 57.1.


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Aug. 3, 2020

Oil climbs to 41.07 after United States ISM Manufacturing PMI (Jul) beats exceptions with 54.2

(17:01) GMT

Oil recovered to 41.07 from 39.58.

Uptick comes while some more positive signs for Crude oil are out as New data for United States ISM Manufacturing PMI (Jul) was released today at 2:00 PM comes out at 54.2, beating projections of 53.6 and showing improvement over the preceding figure of 52.6. United States ISM Manufacturing Employment (Jul) released earlier shows an improvement to 44.3 from the preceding data of 42.1, but falls short of the projected 48.3. United States Construction Spending (MoM) (Jun) released earlier shows an improvement to -0.7% from the preceding data of -1.7%, but falls short of the projected 1.0%.

Despite this, other data released earlier might suggest a different path as United States Manufacturing PMI fall short of the 51.3 projections, with 50.9 and continued its downward trajectory from previous figure of 49.8.

Traders might want to keep an eye for a setback as Projections for United States Factory Orders are set for a continuation of decline with 5.0% while previous data was 8.0%, data will be released tomorrow at 2:00 PM.

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