Oil steady as China moves to bolster stock market

  • 📰 MarketWatch
  • ⏱ Reading Time:
  • 76 sec. here
  • 3 min. at publisher
  • 📊 Quality Score:
  • News: 34%
  • Publisher: 97%

Brasil Notícia Notícia

Brasil Últimas Notícias,Brasil Manchetes

Oil futures trade near unchanged as investors assess China's latest efforts to bolster its economy and monitor the threat posed by Tropical Storm Idalia to...

Oil futures were trading near unchanged early Monday as investors assessed China’s latest efforts to bolster its lagging economy, while also monitoring the potential threat posed by Tropical Storm Idalia to Gulf Coast crude and gas output.

Price action Market drivers Oil futures were lifted in Asian trading hours after China’s Finance Ministry and the country’s stock market regulator introduced measures aimed at sparking buying interest in stocks, such as a halving of a tax on stock trades and limiting sales by big shareholders in companies that haven’t handed out enough dividends.Meanwhile, Tropical Storm Idalia formed Sunday in the Gulf of Mexico and was on a potential track to come ashore as a hurricane in the southern U.S.

Oil rose Friday but booked back-to-back weekly declines after a string of seven straight weekly advances. Crude had seen a lift as Saudi Arabia implemented a production cut of 1 million barrels a day in July that’s due to run at least through the end of September. “Oil trading volumes show an unusual fall since July when compared to volumes traded in the past two years. That’s partly due to weakening demand fears and falling gasoline inventories, but also due to tightening oil markets as a result of lower OPEC supply,” said Ipek Ozkardeskaya, senior analyst at Swissquote Bank, in a note.

“We know that the demand will advance toward fresh records despite weak Chinese demand. We also know that OPEC will keep supply limited to push prices higher,” she wrote. “Consequently, we are in a structurally positive price setting, although any excessive rally in oil prices would further fuel inflation expectations, rate hike expectations and keep the topside limited in the medium run.”

 

Obrigado pelo seu comentário. Seu comentário será publicado após ser revisado.
Resumimos esta notícia para que você possa lê-la rapidamente. Se você se interessou pela notícia, pode ler o texto completo aqui. Consulte Mais informação:

 /  🏆 3. in BR

Brasil Últimas Notícias, Brasil Manchetes