Oil futures rose nearly 1 per cent during the US session, with Nymex crude rebounding for a fourth straight session since June 21 and Brent crude rebounding to its fifth straight session since April 10 as USD The fifth highest since June 27 last year 2017 according to the inverse relationship between them amid the lack of economic data at the beginning of this week by the US economy, the largest consumer of energy globally.
US crude Oil futures for November delivery rose 1.23% to currently trade at $ 67.25 per barrel, compared to the opening at $ 66.43 a barrel. Brent crude futures rose 15% Up 0.58% to trade at $ 72.63 per barrel compared to the opening at $ 72.21 per barrel. The dollar index fell 0.41% to 95.51, its lowest level since the ninth of this month compared to the opening at 95.90.
Earlier this week, US President Donald Trump accused both China and Europe of manipulating their currency and said he was “not pleased” with the Federal Reserve’s move to tighten monetary policy and raise interest rates on federal funds, stressing that the Federal Reserve Do more to help him boost the US economy.
US President Trump made it clear during his interview with Reuters on Monday that China is manipulating its currency, the Chinese yuan, to compensate for the payment of tariffs imposed by Washington on some of its imports from China. He also believes that the euro is being manipulated. The United States and China, which have bolstered investors’ hopes of easing trade tensions among the world’s biggest oil consumers.
China is expected to send Chinese Trade Vice-President Wang Shouen to the United States to meet with senior US Treasury official David Malbas at the invitation of the United States on August 22-23, knowing that customs tariffs on Chinese imports to the United States are estimated at $ 16 billion of the specified to enter into force on 23 of August.
In addition, investors are watching closely for the minutes of the FOMC meeting held at the end of July and early August on Wednesday and at the meeting of the central bankers at Jackson Hole by the end of this week. Fed Jerome Powell next Friday at Jackson Hole’s speech entitled “Monetary Policy in a Changing Economy”.
According to the weekly report of Baker Hughes, which was released last Friday, the drilling platforms and oil exploration in the United States stabilized at a total of 869 platforms, the highest since March of 2015, while US oil production recently rose to 10.90 million barrels per day, Saudi Arabia’s output fell last month to 10.29 million barrels, and Russia’s largest oil producer stood at 11.21 million barrels.