Oil finds no direction on mixed signals

2023-10-25
Summary:

Oil prices stabilize after three consecutive falls, with discouraging European economic data casting uncertainty on fuel demand.

Oil prices digest their loss on Wednesday after falling for three sessions in a row. A flurry of disappointing economic data from Europe cloud the outlook for fuel demand.

In contrast, S&P Global said its flash US composite PMI rose to 51.0 in October from a final September reading of 50.2. It was the highest level since July.


China is considering implementing fresh fiscal stimulus measures in order to support its economic recovery with $137 billion in extra sovereign debt issuance for infrastructure development.


The API reportedly shows a draw of around 2.7 million barrels of oil in US crude supplies for the week ending 20 Oct. Analysts expected an increase of about 20,000 barrels.


Countries including the US, Canada, Russia and Arab states pushed for a pause or ceasefire in fighting between Israel and Hamas in the Gaza Strip to ensure humanitarian aid could be delivered.


Israel has yet to agree a detailed plan for post-war Gaza, raising fears that a ground operation against Hamas could begin without adequate preparation for its aftermath.

XBRUSD

Brent crude has been on the back foot after hitting the 92 level. After breaking below its 50 EMA, price could head towards the monthly low around 83.


Disclaimer: This material is for general information purposes only and is not intended as (and should not be considered to be) financial, investment or other advice on which reliance should be placed. No opinion given in the material constitutes a recommendation by EBC or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person.

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EBC Financial Group is a co-brand shared by a group of entities including:
EBC Financial Group (SVG) LLC is authorized by the St.Vincent and the Grenadines Financial Services Authority(SVGFSA),and the company registration number is 353 LLC 2020. with registered address at Euro House, Richmond Hill Road, Kingstown, VC0100, St. Vincent and the Grenadines.
Other Relevant Entities
EBC Financial Group (UK) Limited is authorised and regulated by the Financial Conduct Authority. Reference Number: 927552. Website: www.ebcfin.co.uk
EBC Financial Group (Australia) Pty Ltd (ACN: 619 073 237) is authorised and regulated by the Australian Securities and Investments Commission (Number: 500991). EBC Financial Group (Australia) Pty Ltd is a related entity of EBC Financial Group (SVG) LLC. The two entities are managed separately. The financial products and services offered on this website are NOT provided by the Australian entity and no recourse against the Australian entity is available.
EBC Financial Group (Cayman) Limited is licensed and regulated by the Cayman Islands Monetary Authority (Number: 2038223). Website: www.ebcgroup.ky
Business Address: The Leadenhall Building, 122 Leadenhall Street, London, United Kingdom, EC3V 4AB. Email Address : [email protected]. Telephone : +44 20 3376 9662
Disclaimer: EBC Financial Group explicitly does not participate in any cryptocurrency activities or offer Crypto Contracts for Difference (CFDs). Our financial services solely pertain to traditional instruments. Clients are advised that any references to crypto-related services using the EBC name are inaccurate and unauthorized. Any reference to past performance is not indicative of future performance. The information contained in this website is provided for reference only and does not constitute any investment advice.
Regional Restrictions: EBC does not offer any services to citizens and residents of certain jurisdictions including: Afghanistan, Belarus, Burma (Myanmar), Canada, Central African Republic, Congo, Cuba, Democratic Republic of the Congo, Eritrea, Haiti, Iran, Iraq, Lebanon, Libya, Malaysia, Mali, North Korea (Democratic People's Republic of Korea), Russia, Somalia, Sudan, South Sudan, Syria, Ukraine (including Crimea, Donetsk, and Luhansk Regions), the United States, Venezuela, and Yemen. For more information, please check out our FAQs.
Compliance Disclosure：The website can be accessed globally and is not specific to any entity. Your actual rights and obligations will be determined based on the entity and jurisdiction that you choose to be regulated.There may be local laws and regulations which prohibit or limit your rights to access, download, distribute, disseminate, share or otherwise use any or all of the documents and information published on this website.
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