Showing posts from July 30, 2023

Oil Price: China's manufacturing PMI is slightly up in July!

  China's Manufacturing PMI - July 2023 Oil price has been on the increase and the production cuts announced by Russia and Saudi Arabia have already been attributed to the sudden spike that we see in the commodity markets. China has, meanwhile, released its much-awaited monthly report on its economy, including that of its Manufacturing Purchasing Managers' Index, also know as the PMI. According to the National Statistics Bureau of China, the PMI index has actually gone up: it is up by 0.3% since June to 49.3% during the month of July. Although it is still below the threshold, 50%, the fact that the PMI has been on the increase since May indicates that the manufacturing activities are consistently are on an upward trend. China is upbeat about the latest development despite that being just 0.3% rise, defying the critics, who saw just the exact opposite.    Investors certainly must have seen this coming, while gauging the potential impact on the markets by the production cuts anno

Oil price: the production cuts affect the markets - finally!

Oil price in July, 2023 The price of crude oil rose almost  by $6 this week, a development that can easily be attributed to the anxiety over the perceived shortage in supply due to the production cuts announced by Saudi Arabia and Russia. As  of 18:00 GMT on Friday, the prices of WTI and Brent were trading at $80.58 and $84.99 respectively. The US crude oil inventory data, meanwhile, stubbornly refuses to project any meaningful correlation between the crude stocks and the prices. It has been fluctuating, leaving the analysts high and dry for clues for months: if it is down in a certain week, it goes up in the next week or vice versa.  US Crude Stocks - API The inexplicable pattern has, in fact, resulted in doubts about the way data has been collected, analyzed and even using for future projections by the respective institutes in question.  The uncertainty in the crude oil markets got worse when Saudi Arabia and Russia said they would cut the crude oil production by 1.5 million bpd that

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