empty
17.05.2023 11:27 PM
Oil prices are being supported

This image is no longer relevant

Oil prices were rising on Wednesday. As of 17:36 London time, June futures for WTI rose by 2.91%, to $72.92.

The US Department of Energy published data, according to which commercial crude oil inventories in the US increased by 5 million barrels in the last week to 467.6 million barrels, compared to analysts' expectations for a drop of 900,000.

Meanwhile, US gasoline stocks fell more than forecast by 1.4 million barrels - to 218.3 million.

The US Department of Labor will report on the state of the labor market in the country, specifically on the number of initial applications for unemployment benefits submitted last week. The last time the number of applications increased by 22,000 to 264,000, which is already the highest level since October 2021. This time, analysts expect the indicator to decrease by 10,000.

After the release of these data, it will become clear what the current economic situation is in the US. This question has been very acute lately, as the world's largest economy is one of the main factors causing concern in the markets.

Oil suffered from the eurozone macro data. It turned out that Eurostat maintained its estimate of Eurozone GDP growth in the past quarter at 1.3% in annual terms. The index of investor confidence in the German economy fell to -10.7 points (from 4.1 points a month earlier).

Data from China also had a significant impact on the quotes. For instance, the volume of industrial production in China last month increased by only 5.6% in annual terms.

This indicator was worse than analysts' forecasts, who expected a much more significant increase by 10.9%. Retail sales in the country also grew insignificantly by 18.4%, although an increase of 21% was forecasted. As we can see, the Chinese economy is on a recovery trajectory, but its pace is not pleasing.

On the other hand, US plans to buy volumes of oil for the strategic petroleum reserve is seen as positive for the oil sector. We're talking about just 3 million barrels. Nonetheless, purchases for the strategic reserve should create additional demand, and consequently, contribute to price growth.

Generally, bulls have been waiting for this announcement since President Joe Biden approved the first sales of oil from the US strategic oil reserve in November of the year before last. Over eight months, almost 250 million barrels were sold from the reserve - a record amount for the 50 years of the reserve's existence. Now the Biden administration is planning to replenish the stocks.

In addition, the holiday season and car travel season are approaching, which means that the demand for oil will increase. Thus, support for oil prices is maintained. If there are no negative news from the US financial sector, then the price of oil, say, of the Brent benchmark, could easily jump to $80 per barrel.

Andreeva Natalya,
Experto analítico de InstaForex
© 2007-2025
Summary
Urgency
Analytic
Andreeva Natalya
Start trade
Gana con los cambios en el valor de las criptomonedas con InstaForex.
Descarga MetaTrader 4 y abre tu primera operación.
  • Depósito al azar
    ¡Haga un depósito en su cuenta de $3,000 y obtenga $4000 más!
    ¡En Julio, sorteamos $4000 dentro de la campaña Depósito afortunado!
    Obtenga la oportunidad de ganar depositando $3,000 en una cuenta de operaciones. Tras haber cumplido esta condición, se convertirá en un participante de la campaña.
    UNIRSE AL CONCURSO

Recommended Stories

El euro se desploma tras un acuerdo desigual entre la UE y EE. UU.

En la noche del martes, el euro se desplomó frente al dólar un 1,3% de inmediato. La razón fue el resultado de un acuerdo ruidoso y extremadamente desigual entre

Аlena Ivannitskaya 07:41 2025-07-29 UTC+2

El futuro del bitcoin, ¿predecible? Disminución de la volatilidad y una negociación "aburrida"

Según algunos criptoanalistas, el futuro de la primera criptomoneda parece predecible y en parte aburrido. Los expertos creen que el uso del Bitcoin en los ETF bursátiles

Larisa Kolesnikova 12:01 2025-07-28 UTC+2

El Bitcoin enfrenta predicciones de caída. Trampas para los traders en el BTC

Actualmente, el mercado de criptomonedas experimenta cierta volatilidad, aunque muchos analistas anticipan una intensificación de la tormenta. Advierten a los traders sobre posibles trampas de precios en la dinámica

Larisa Kolesnikova 13:03 2025-07-24 UTC+2

15 % en lugar de 30 %: Trump y la UE están cerca de un acuerdo sobre aranceles

La UE y Estados Unidos finalmente se acercan a la línea de meta en las negociaciones sobre los aranceles comerciales: se está discutiendo una tarifa de compromiso del 15 %

Аlena Ivannitskaya 07:59 2025-07-24 UTC+2

Nuevo récord en Wall Street: el S&P 500 y el Nasdaq se disparan gracias a Alphabet

Los índices bursátiles estadounidenses S&P 500 y Nasdaq cerraron el lunes en máximos históricos. La razón fue un aumento del interés de los inversores en las acciones de los líderes

11:58 2025-07-22 UTC+2

Los índices estadounidenses irrumpen en el verano: sexto récord del S&P 500 y auge de los chips

El S&P 500 estableció su sexto récord. El Nasdaq mostró seis de los mejores resultados. Las acciones de empresas de chips se dispararon. Las acciones de PepsiCo y United Airlines

11:20 2025-07-18 UTC+2

Turbulencia del bitcoin: de $123 000 a $115 000. El criptomercado se mantiene en silencio

La primera criptomoneda volvió a demostrar maravillas de volatilidad: en un par de días el Bitcoin experimentó un ascenso hasta los $123 000 y una caída hasta los $115

Larisa Kolesnikova 11:47 2025-07-16 UTC+2

El Bitcoin supera los $120 000, el Nasdaq alcanza nuevos máximos: el mercado ansía impulso

El martes abre una serie de datos económicos clave y la temporada de informes. El Nasdaq muestra su séptimo cierre récord desde el 27 de junio. Las acciones de criptomonedas

11:59 2025-07-15 UTC+2

Boom bursátil: Nvidia supera los $4 billones, el Bitcoin no se queda atrás, Dow y S&P suben

Los índices suben: el Dow Jones creció un 0,43 %, el S&P 500 un 0,27 %, y el Nasdaq un 0,09 %. Nvidia cerró la sesión. Pronóstico positivo de Delta

10:33 2025-07-11 UTC+2

Trump vuelve al ataque: arancel del 50% sobre el cobre y nuevos golpes a China y la UE

Trump anunció aranceles del 50% sobre la importación de cobre, nuevos aranceles sobre semiconductores y productos farmacéuticos. Declaró que las negociaciones con la UE y China son exitosas. Japón

10:28 2025-07-09 UTC+2
¿No puede hablar ahora mismo?
Ingrese su pregunta en el chat.
Widget callback
 

Dear visitor,

Your IP address shows that you are currently located in the USA. If you are a resident of the United States, you are prohibited from using the services of InstaFintech Group including online trading, online transfers, deposit/withdrawal of funds, etc.

If you think you are seeing this message by mistake and your location is not the US, kindly proceed to the website. Otherwise, you must leave the website in order to comply with government restrictions.

Why does your IP address show your location as the USA?

  • - you are using a VPN provided by a hosting company based in the United States;
  • - your IP does not have proper WHOIS records;
  • - an error occurred in the WHOIS geolocation database.

Please confirm whether you are a US resident or not by clicking the relevant button below. If you choose the wrong option, being a US resident, you will not be able to open an account with InstaForex anyway.

We are sorry for any inconvenience caused by this message.