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Negative beginning of the week for oil

Negative beginning of the week for oil and Asian indices

Negative beginning of the week for oil and Asian indices

Negative beginning of the week for oil and Asian indices: Today begins a new week, which seems to be full of surprises,
as oil seems to be declining slightly, along with some Asian indices. 

Evest follows what is happening in the commodity trading market,
and relays them to you in the following lines:

Oil is stable today

Oil prices stabilized today, Monday, with crude oil traded on the New York Fuel Exchange at a stable level near the U.S. $74 a barrel, five weeks after the prices hike. 

The price of a barrel of West Texas Intermediate crude oil for August delivery on the New York Fuel Exchange is $74.04, down 0.01 percent.

Brent crude oil for August delivery is trading on the ICE Futures Europe Fuel Exchange in London at $76.14 a barrel, down 0.05 percent.

at the meeting scheduled for July 1, OPEC + countries will assess the situation in fuel markets and determine the volume of oil supplies.

The alliance will announce an increase in its oil supply, but analysts think it will not be a sufficient increase in supply to keep pace with the recovery in global demand.

Bloomberg’s analysis shows that OPEC + could increase crude oil supply by 550 thousand barrels per day in August.

However, this represents only a quarter of the world oil supply deficit.

Vandana Hari, the co-founder of Vanda Insights Consulting, says: “While OPEC + is likely to decide to increase oil production by just over 550 thousand barrels per day, this level is unlikely to be significantly exceeded.”

He adds: “OPEC + does not want to threaten the continued rise in oil prices, and Saudi Arabia appears to be wary about recovering demand.”

world powers’ talks with Iran on renewing

In the meantime, world powers’ talks with Iran on renewing the 2015 nuclear agreement may get complicated after U.S. airstrikes on the Iraqi-Syrian border.

The London-based Syrian Observatory for Human Rights reported on Monday morning that after the airstrikes,
at least five fighters from the Iran-backed militias were killed.

The United States Department of Defense (Pentagon) said on Sunday that Iranian-backed factions were attacked on the Syrian-Iraqi border in response to drone attacks on US personnel and facilities in Iraq.

According to the United States Department of Defense,
US airstrikes targeted operational facilities and weapons depots in two locations in Syria and one in Iraq.

According to the Pentagon

According to the Pentagon, militias have used these facilities to launch unmanned aerial attacks against United States forces in Iraq.

The attacks were carried out on the orders of President Joe Biden,
who ordered retaliatory strikes against pro-Iranian militias for the second time since he took office.

The Iranian Speaker of the House of Representatives,
Mohammad Bagher Ghalibaf had previously announced that Tehran would never provide the International Atomic Energy Agency (IAEA)
with photographs from inside some Iranian nuclear facilities because the IAEA control agreement had expired.

At the end of the previous session, the price of West Texas Intermediate crude on the NYMEX rose by 1.0 percent.

Since the beginning of this year, West Texas Intermediate crude has risen by more than 50%,
with the rapid recovery in demand in energy markets after COVID-19.

Including, in the United States, China, and Europe, which led to increased mobility and increased consumption of transportation fuel.

The world’s economic boom has also contributed earlier to the elimination of large oil reserves in the past. 

Oil rose above $75 last week, for the first time in more than two years, as global demand continues to recover. 

Cautious trading in Asia

Asian exchanges start the week cautiously on Monday ahead of upcoming Chinese economic data and because of the high incidence of the coronavirus in Asia. 

Sydney, Australia’s most populous city, is under closure for two weeks after an outbreak of a highly contagious delta species,
Indonesia is experiencing a record number of infections, Malaysia can extend its closure,
while Thailand has announced new restrictions in Bangkok and other provinces. 

Investors in Asia are closely watching official figures from China expected for Wednesday.

According to experts

the value of the manufacturing sector must fall from 51 to 50.7. The Caixin Index for private sector manufacturing PMI will be followed later in the week.

The Nikkei index, with 225 companies, fell 0.3 per cent at 28985 points.

The broader Topix index remained unchanged and reached 1962 points. Shanghai Exchange has not changed.

The index of the most important companies in Shanghai and Shenzhen rose 0.1 percent.

German Dax is stable

After a strong past week, German stock market investors took it easy on Monday. 

The leading German DAX index started trading on Monday morning at 15600 points and has not changed. 

Its record of 15802 points is still in sight.

The MDax average stock market index settled at 34450 points.

While EuroStoxx 50, the eurozone’s main indicator, lost about 0.1 percent.

positive performance in Wall Street

Wall Street’s major indices added their latest gains on Friday.

The S&P 500 index, which represents the broad market, reached another record high and benefited from the rapid rise in Nike stock prices, among other things. 

The sporting goods manufacturer-provided surprisingly strong quarterly figures.

Recent progress in the struggle for large-scale investments in American infrastructure,
seen as a sign of the recovery of the American economy, also continued to have a positive impact.

The S&P 500 index rose 0.33 percent to 4280 points.

The leading Dow Jones industrial index in the United States rose by 0.69 percent to 34433 points.

On a weekly basis, there’s an increase of 3.44 percent.

The tech-heavy Nasdaq 100 index fell 0.14 percent to 14345 points on Friday.

 

Negative beginning of the week for oil

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