Trading Oil Price: Chinaâs Weak Economic Data Impacts Demand Oil prices faced further declines on Wednesday as worries over weakening demand from China, the worldâs largest trading oil importer, overshadowed positive progress on the US debt ceiling bill. Brent crude futures for August delivery slipped 15 cents to $73.56 a barrel, while US West Texas Intermediate crude (WTI) fell 14 cents to $69.32 a barrel. Both benchmarks experienced more than a 4% drop on Tuesday, with Brentâs July contract and WTI on track for monthly declines of over 7% and 9%, respectively. Chinaâs manufacturing activity contracted more than anticipated in May, signaling weakening demand. The official manufacturing purchasing managersâ index (PMI) dropped to 48.8 from Aprilâs 49.2, falling below the forecast of 49.4. This unexpected decline raised concerns about Chinaâs commodity demand as industrial output and fixed-asset investment grew slower than expected. Analysts worry that Chinaâs commodity demand may be weakening at a faster pace than initially anticipated. US Debt Ceiling Bill Progress Fails to Offset Chinaâs Economic Data Despite positive developments regarding the US debt ceiling bill, trader sentiment remained cautious. The legislation, aiming to lift the $31.4 trillion US debt ceiling and include federal spending cuts, passed a crucial hurdle and advanced to the full House of Representatives for debate and an expected vote on Wednesday. However, the impact of Chinaâs weak economic data outweighed the positive news, leading to continued losses in domestic oil prices. Traders maintained caution ahead of further news developments. The upcoming OPEC+ meeting coincides closely with the debt deadline, adding to uncertainty in the market. Crude oil traders are unsure whether the group will increase output cuts, given the current slump in prices. Saudi Arabiaâs Energy Minister, Abdulaziz bin Salman, warned short sellers betting on the falling price of domestic heating oil to âwatch out,â hinting that OPEC+ may consider reducing output. However, Russian oil officials and sources suggest that Russia favors leaving output levels unchanged. The market remains uncertain about the outcome of the OPEC+ meeting. Saudi Aramcoâs Decision for Crude Grades to Asia: Near-Term Technical Analysis Saudi Arabiaâs heavy fuel oil giant, Saudi Aramco, is contemplating a reduction in the official selling prices for all crude grades to Asia in July. A Reuters poll indicates a potential $1 per barrel decrease, the lowest since November 2021. This move adds to the mixed signals surrounding output expectations in the market. WTI crude trading oil prices are expected to face continued pressure in the near term due to concerns over reduced demand from China and the negative impact of weak economic data. Although positive developments on the US debt ceiling bill provide some optimism, the market is still influenced by Chinaâs economic data, leading to further losses. The upcoming OPEC+ meeting and debt deadline introduce uncertainty, with traders uncertain about potential production cuts. Mixed signals from Saudi Arabia and Russia regarding output levels contribute to market confusion. Additionally, the potential reduction in Saudi Aramcoâs official selling prices to Asia could further weigh on prices. Technical analysis suggests a bearish outlook, with the next support levels to watch. The post Trading Oil Price: Chinaâs Weak Economic Data Impacts Demand appeared first on FinanceBrokerage. [Image] Here are Some More Investing Tips and Resources. Enjoy! Sponsored
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[Privacy Policy/Disclosures]( [Trading Oil Price: Chinaâs Weak Economic Data Impacts Demand]( Trading Oil Price: Chinaâs Weak Economic Data Impacts Demand Oil prices faced further declines on Wednesday as worries over weakening demand from China, the worldâs largest trading oil importer, overshadowed positive progress on the US debt ceiling bill. Brent crude futures for August delivery slipped 15 cents to $73.56 a barrel, while US West Texas Intermediate crude (WTI) fell 14 cents to $69.32 a barrel. Both benchmarks experienced more than a 4% drop on Tuesday, with Brentâs July contract and WTI on track for monthly declines of over 7% and 9%, respectively. Chinaâs manufacturing activity contracted more than anticipated in May, signaling weakening demand. The official manufacturing purchasing managersâ index (PMI) dropped to 48.8 from Aprilâs 49.2, falling below the forecast of 49.4. This unexpected decline raised concerns about Chinaâs commodity demand as industrial output and fixed-asset investment grew slower than expected. Analysts worry that Chinaâs commodity demand may be weakening at a faster pace than initially anticipated. US Debt Ceiling Bill Progress Fails to Offset Chinaâs Economic Data Despite positive developments regarding the US debt ceiling bill, trader sentiment remained cautious. The legislation, aiming to lift the $31.4 trillion US debt ceiling and include federal spending cuts, passed a crucial hurdle and advanced to the full House of Representatives for debate and an expected vote on Wednesday. However, the impact of Chinaâs weak economic data outweighed the positive news, leading to continued losses in domestic oil prices. Traders maintained caution ahead of further news developments. The upcoming OPEC+ meeting coincides closely with the debt deadline, adding to uncertainty in the market. Crude oil traders are unsure whether the group will increase output cuts, given the current slump in prices. Saudi Arabiaâs Energy Minister, Abdulaziz bin Salman, warned short sellers betting on the falling price of domestic heating oil to âwatch out,â hinting that OPEC+ may consider reducing output. However, Russian oil officials and sources suggest that Russia favors leaving output levels unchanged. The market remains uncertain about the outcome of the OPEC+ meeting. Saudi Aramcoâs Decision for Crude Grades to Asia: Near-Term Technical Analysis Saudi Arabiaâs heavy fuel oil giant, Saudi Aramco, is contemplating a reduction in the official selling prices for all crude grades to Asia in July. A Reuters poll indicates a potential $1 per barrel decrease, the lowest since November 2021. This move adds to the mixed signals surrounding output expectations in the market. WTI crude trading oil prices are expected to face continued pressure in the near term due to concerns over reduced demand from China and the negative impact of weak economic data. Although positive developments on the US debt ceiling bill provide some optimism, the market is still influenced by Chinaâs economic data, leading to further losses. The upcoming OPEC+ meeting and debt deadline introduce uncertainty, with traders uncertain about potential production cuts. Mixed signals from Saudi Arabia and Russia regarding output levels contribute to market confusion. Additionally, the potential reduction in Saudi Aramcoâs official selling prices to Asia could further weigh on prices. Technical analysis suggests a bearish outlook, with the next support levels to watch. The post Trading Oil Price: Chinaâs Weak Economic Data Impacts Demand appeared first on FinanceBrokerage. [Continue Reading...]( [Trading Oil Price: Chinaâs Weak Economic Data Impacts
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