Wall Street will be following a meeting today in Jackson Hole, Wyo., where Federal Reserve Chairman Jerome Powell will discuss US monetary policy and the health of the world economy, which could influence sentiment in the energy complex. WTI Crude is $66.80; Brent is $75.56 this morning.
The Aramco IPO has been a centerpiece of Crown Prince Mohammed’s program to diversify the country’s economy away from oil. Saudi officials said they had hoped to raise a record $100 billion by selling a 5 percent stake. WTI Crude is $67.84; Brent is $74.60 this morning.
Oil prices spike as the American Petroleum Institute (API) reported US crude supplies fell by 5.2 million barrels for the week ended Aug. 17, compared to a forecast decline of about 3.4 million barrels, say analysts. Additional data from the Energy Information Administration (EIA) will be released Wednesday at 10:30 a.m. Eastern. WTI Crude is $67.19; Brent is $74.08 this morning.
Oil prices remain range-bound based on demand concerns and looming Iranian sanctions. Asian markets firmed a little with tensions easing between the U.S. and China due to trade talks between the two nations. WTI Crude is $66.98; Brent is $72.47 this morning.
The news backdrop for the oil market points in no apparent direction say analysts. Trade dispute and fears of emerging-market spillover from the Turkish crisis are dampening the demand outlook, while the prospect of oil-supply restrictions is likely to preclude further price slides. WTI Crude is $65.47; Brent is $71.98 this morning.
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