WTI remains on the back foot amid doubts over US-China trade deal, downbeat EIA data
With the uncertainty over the US-China trade deal joining the earlier published EIA stockpiles, WTI remains below $58.00 during early Thursday.
Oil has recently come under pressure after the United States (US) President Donald Trump passed a bill that would require the US State Department to annually review Hong Kong’s special trade status. The same enables the Trump administration to levy sanctions against persons/institutions indulged in human rights violations. Read more”¦
USD/CAD bulls eyeing a move beyond 1.3300 handle amid sliding oil prices
With the US dollar failing to capitalize on Wednesday’s mostly upbeat US macro data-led positive move, weaker crude oil prices undermined demand for the commodity-linked currency – loonie and remained supportive of the uptick.
Oil prices lost some additional ground on Thursday on the back of the official EIA report, which showed that stockpiles in the US swelled 1.6 million barrels last week and production rose to a record of 12.9 million barrels per day. Read more…
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