Crude Oil Price Update, 31 August 2023: West Texas Intermediate (WTI) crude oil (कच्चा तेल) for October delivery was last seen up US$0.89 to US$82.52 per barrel, while October Brent crude, the global benchmark, was up US$0.84 to US$86.70.
The Energy Information Administration on Wednesday reported US oil inventories fell by 10.6-million barrels last week, as demand remained high while supply is tight following production cuts by OPEC+ and one-million barrels per day of production cuts from Saudi Arabia. The Saudi cut is scheduled to expire at the end of September, but may be extended again through October.
“With Brent prices having stalled in the mid-80’s … the prospect for those Saudi barrels returning to the market anytime soon looks slim and the impact is increasingly being felt across the world as commercial stock levels of crude and fuel products continue to drop,”.
The US Bureau of Economic Analysis on Thursday said the personal consumption expenditures index, the Federal Reserve’s preferred inflation measure, rose to 3.0% in July from 3.3% in June, while the core index rose 4.2%, matching expectations, up from 4.1% in June.
The higher reading pushed the dollar higher, with the ICE dollar index last seen up 0.36 points to 103.52 as the higher core PCE reading could mean the Federal Reserve will need to hike interest rates again.
“On a 12-month basis, core goods inflation remains well above its pre-pandemic level. Sustained progress is needed, and restrictive monetary policy is called for to achieve that progress,” Federal Reserve chair Jerome Powell said in the text of an Aug.25 speech.
Weak demand from China is checking prices, as the No.1 importer reported its manufacturing sector contracted again in July. China’s manufacturing Purchasing Managers Index stood at 49.7 in July, with a reading of under 50 showing lower activity.
सोने की कीमत में तीन दिन की विजयी बढ़त जारी है, लेकिन तेजी 1,950.00 डॉलर के करीब सीमित दिख रही है क्योंकि निवेशक श्रम बाजार की स्थितियों के बारे में गहन जानकारी प्राप्त करने के लिए यूएस एनएफपी डेटा का इंतजार कर रहे हैं। कीमती धातु कम समय सीमा पर गठित राइजिंग चैनल चार्ट पैटर्न का ब्रेकआउट देने के लिए ताकत जुटाती है। पीली धातु 20-दिवसीय और 50-दिवसीय एक्सपोनेंशियल मूविंग एवरेज (ईएमए) से ऊपर स्थिरता सुनिश्चित करती है, जो आगे और अधिक तेजी का समर्थन करती है।
Front-month US West Texas Intermediate crude oil was up 1.3% at $82.65 per barrel at the New York Mercantile Exchange. Global benchmark North Sea crude gained 0.8% to $86.70 per barrel, and natural gas futures were 1.1% lower at $2.77 per 1 million BTU.
*Gold dips but stays above mid-$1,900; Higher inflation read pre-U.S. jobs*
Gold prices held above the key mid-$1,900 level on Thursday but dipped slightly after a higher reading for inflation that sparked concerns about Fed rate hikes — even as forecasts showed a potentially sharp decline in U.S. job numbers for August.
*सोना गिरा लेकिन 1,900 डॉलर के मध्य से ऊपर बना रहा; उच्च मुद्रास्फीति पूर्व-यू.एस. पढ़े नौकरियां.
गुरुवार को सोने की कीमतें 1,900 डॉलर के मध्य स्तर से ऊपर रहीं, लेकिन मुद्रास्फीति की उच्च रीडिंग के बाद इसमें थोड़ी गिरावट आई, जिससे फेड रेट बढ़ोतरी के बारे में चिंताएं बढ़ गईं – यहां तक कि पूर्वानुमानों में अगस्त के लिए अमेरिकी नौकरियों की संख्या में संभावित तेज गिरावट देखी गई।