West Texas crude oil contract (WTI) New York market closed up last night (29 June) because of the disclosure of strong economic data of the US and China gives investors hope that The global economic and oil demand will recover. While investors keep an eye on the US crude oil stock report, scheduled for tomorrow.
WTI crude oil for delivery in August. Up 1.21 dollars, or 3.1 percent, to close at 39.70 dollars / barrel.
Brent crude oil contract for delivery in August. Rose 69 cents, or 1.7%, to close at 41.71 dollars / barrel.
Investors predict that The global economic and oil demand will recover. After the US and China officials revealed strong economic data. The National Association of Real Estate Brokers (NAR) revealed that the pending home sales index rose 44.3 percent in May on a monthly basis. This is the largest increase since NAR began collecting data in January 2001. And higher than the analysts expected at 15%
While the Federal Reserve (Fed) Dallas branch revealed that the survey said The Texas State Manufacturing Index rose to 13.6 in June from -28.0 in May, with the production index rising for the second month in June after collapsing. Down to a record low in April From the effects of the spread of the covid-19 virus
The National Bureau of Statistics (NBS) reported that Chinese industrial companies’ profits rose 6 percent in May to 5.8234 billion yuan (82 billion US dollars), the first rebound. Since Nov 2019 and is a sign that The Chinese economy is recovering from the effects of shutdowns during the Covid-19 virus. Spread heavily
In addition, the market was positive, according to a report by Baker Hugh, US oil service provider, which said that the US oil rig usage has decreased by 1 platform last week to the level of 188 pedestals
Investors keep an eye on the US weekly crude oil stock report. The United States Energy Information Administration (EIA) will release the data tomorrow at 9:30 pm Thai time.