Crude Oil prices are flattish early in the Asia session, easing from recent gains sparked by Russia and Saudi Arabia’s extension of production curbs. Traders are likely weighing signs of economic weakness against the cut extensions, as well as FOMC minutes released overnight hinting at further rate hikes.
- Gold Flat, Investors Await US Data for Fed’s Rate Cues
- Copper, Zinc and All Base Metals Slip on Weak Demand Outlook
- Silver Trades in Narrow Range as Markets Wait for Fed Minutes
- Base Metals Declined; After new signs of China’s Faltering Economic Recovery Emerged
- Copper Slip on Dollar Strength, Downbeat China Data
- Federal Reserve: The ‘Dots’ as Interest Rate Anchors
Pia says fears that demand may falter in 2H as the global economy keeps feeling the impact of central bank tightening could be curbing the impact of the recent cuts, which haven’t had the same effect as preceding ones.
He notes that recent global PMI data have disappointed, including the China Caixin services PMI. Front-month WTI (West Texas Intermediate) edges up 0.1% to $71.87/bbl while Brent crude is flat at $76.62/bbl.
