Asian stocks at two speeds, while the oil rally continues unabated. 7:30 pm Italian Nikkei was up 0.53% (also closed + 0.1%), Hong Kong red to 0.29% and Shanghai 0.86% flexed. The traders are cashing of the gains made in recent days, considering that the weak economic growth in China will not guarantee a successful streak of rises too long.
In the past few hours as oil prices have risen to levels the highest in the last six months later to rebalance supply and demand thanks to the steady decline in the production of American shale.
and so the Brent rose 30 cents in Asia on 50, the $ 04 a barrel, the highest since last November and also the American WTI point is trying to reach the threshold of $ 50: fee $ 49.89 a barrel, up 0.69% from the start of Tokyo session.
the collapse in oil prices, which in two years has gone from 100 to 25 US dollars a barrel in early 2016, has pushed energy giants to reduce investment, particularly in the upstream sector, resulting in a slowdown in the growth of global production. Add to this the interruptions in North America and in Africa (some major Canadian plants have been in focus, while tensions persist in Libya), as well as the decrease in productivity in Latin America.
The EIA (Energy Information Administration of the United States) said on Wednesday that US crude stocks fell by 4.2 million barrels last week. Analysts polled by the Wall Street Journal had predicted a drop of 2.5 million barrels. In April, the US production fell for the eleventh straight week to 8.8 million barrels a day from a peak of 9.7 million barrels per day in 2015.
However, some analysts say it is unlikely that the long hard rally, as major manufacturers, and especially those of the Organization of petroleum exporting countries, intends to retain the extraction of crude oil to the maximum.
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