DTN Oil Update
Oil futures rose on Tuesday, Oct. 21, morning as market participants counted on the potential for a trade agreement between the United States and China that could ease some of the bearish sentiment affecting energy demand.
Oil futures rose on Tuesday, Oct. 21, morning as market participants counted on the potential for a trade agreement between the United States and China that could ease some of the bearish sentiment affecting energy demand.
Oil futures prices edged down at the start of the week on Monday, Oct. 20, after reaching $56.35 bbl during the day, following three consecutive weekly losses.
Oil prices steadied Friday, Oct. 17, morning and were on track to their third consecutive weekly decline as oversupply woes outweighed geopolitical risks.
Oil futures fell for a third straight day on Thursday, Oct. 16, after the third consecutive weekly build in U.S. crude stockpiles reported by the Energy Information Administration.
Crude futures edged higher on Thursday, Oct. 16, morning as traders focused on supply-side risks after the U.S. and its allies stepped up efforts to reduce Russian oil exports.
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Macro reports for Friday include September Consumer Price Index data which will be published to determine the Social Security Cost of Living Adjustment. This will give investors an update on inflation ahead of the Federal Reserve interest rate decision next week. Meanwhile, trade negotiations between Chinese and U.S. officials will be underway in Malaysia starting Friday, which will be watched closely for updates by grains and oilseed traders.
WeatherA system is moving into the Southern Plains and is producing areas of heavy rain and thunderstorms Friday morning. Showers and storms will continue to develop throughout the day, which may lead to flooding in some areas of Oklahoma and Texas. Severe storms may also be a possibility in parts of Texas throughout the day as well.
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