{"id":51700,"date":"2014-05-23T09:34:46","date_gmt":"2014-05-23T13:34:46","guid":{"rendered":"http:\/\/countingpips.com\/?p=51700"},"modified":"2014-05-23T09:47:38","modified_gmt":"2014-05-23T13:47:38","slug":"crude-prices-heads-for-second-weekly-gain","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/forex\/2014\/05\/crude-prices-heads-for-second-weekly-gain\/","title":{"rendered":"Crude Prices Heads for Second Weekly Gain"},"content":{"rendered":"
May 23, 2014<\/div>
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By HY Markets Forex Blog<\/a><\/u><\/strong> <\/p>\n

Crude prices continue to climb higher on the last day of the trading week, as it heads for a second weekly gain amid falling US crude stockpiles. Positive economic data from the US and China, the world’s two largest oil consumers, boosted the commodity\u2019s prices higher. As investors focus on Ukraine\u2019s upcoming presidential elections scheduled for Sunday, the violence in Libya has also weighed on oil prices.<\/span><\/p>\n

Futures for the North American West Texas Intermediate for July delivery edged 0.11% lower, trading at $103.86 a barrel on the New York Mercantile Exchange at the time of writing. While the European benchmark Brent crude for July settlement rose 0.07% higher to $110.45 a barrel on the ICE Futures Europe exchange at the time of writing.<\/p>\n

US Crude Supplies <\/span><\/h2>\n

Data from the US department of Energy released on Wednesday showed that crude oil inventories dropped by 7.2 million barrels in the week ending May 16, falling lower than analysts\u2019 estimates of a drop by 5.6 million barrels.<\/p>\n

Supplies at Cushing, Oklahoma, the delivery point for WTI, dropped by 225,000 barrels to 23.2 million in the last week, data from EI showed.<\/p>\n

“The destocking was largely due to developments on the US Gulf Coast, where crude oil stocks declined by 5.7 million barrels from a record level. Imports plunging to a 17-year low were chiefly responsible for the inventory draw,” according to an analyst note from Commerzbank Corporates & Markets.<\/p>

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China<\/span><\/h2>\n

The Chinese flash Purchasing Managers\u2019 Index (PMI) released by HSBC Holdings and Markit Economics showed a preliminary reading of 49.7 in May, rising from the previous figure of 48.1 seen in April and beating analysts\u2019 estimates. A reading above 50 indicates expansion, while a reading below signifies contraction.<\/p>\n

Libya<\/span><\/h2>\n

The ongoing violence in Libya continues to weigh on global oil prices, as fights broke out in the nation\u2019s capital Tripoli on Wednesday.<\/p>\n

Libya oil\u2019s production dropped to 210,000 barrels per day, compared to 300,000 barrels per day recorded last week, according to analysts.\u00a0 Libya\u2019s output levels were at 1.4 million barrels per day last year. Meanwhile the nation\u2019s major oilfields of El Sharara and El Feet remains shut, despite the government\u2019s plans to reopen them.<\/p>\n

Ukraine<\/span><\/h2>\n

Ukraine will be the main focus for traders this weekend, as the country will be holding its presidential election on May 25, which is expected to spark more protests.<\/p>\n

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The post Crude Prices Heads for Second Weekly Gain<\/a> appeared first on | HY Markets Official blog<\/a>.<\/p>\n

Article provided by HY Markets Forex Blog<\/a><\/u><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

By HY Markets Forex Blog Crude prices continue to climb higher on the last day of the trading week, as it heads for a second weekly gain amid falling US crude stockpiles. Positive economic data from the US and China, the world’s two largest oil consumers, boosted the commodity\u2019s prices higher. As investors focus on […]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-51700","post","type-post","status-publish","format-standard","hentry","no-post-thumbnail"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/51700","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/comments?post=51700"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/51700\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/media?parent=51700"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/categories?post=51700"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/tags?post=51700"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}