Petroleum futures secure in the middle of greater US rig count, US-China tension
Singapore-- Crude oil futures were greatly stable in mid-morning sell Asia Monday as the marketplace absorbed a higher US rig count and also a weekend uptick in trade stress between the United States and also China.
At 10:34 am Singapore time (0234 GMT), November ICE Brent crude futures were down 2 cents/b (0.03%) from Friday's settle at $78.07/ b, while the NYMEX October light sweet crude agreement was 4 cents/b (0.06%) lower at $68.95/ b.
Baker Hughes Friday reported the biggest week-on-week increase in the United States oil rig matter in a month, up 7 to 867 in the week ended September 14. The count has actually bounced between the high 850s to 869 since late Might.
In biocide products , the United States' most active oil and also gas creating location, the rig count dropped by one to 483, Baker Hughes stated.
This came as United States stress with China showed up to ratchet up over the weekend.
" Trades stress in between the United States and China is readied to intensify this week after the Wall Street Journal reported Saturday that President Trump plans to introduce within days brand-new tolls on an additional $200 billion of Chinese items, and to enter into result within weeks," UOB said in a note.
" This comes ahead of top-level set up profession talks with Beijing later this month. The tolls will certainly be evaluated 10%, according to people knowledgeable about the matter, listed below the original 25% degree introduced in early August," UOB added.
OCBC Bank product financial expert Barnabas Gan claimed: "With US Head of state Trump threatening to proceed with the following tranche of $200 billion of tolls on Chinese imports, this is likely to put a dampener on Treasury Assistant Mnuchin's overtures to the reboot US-Sino profession talks. China is also thinking about declining the US trade talk offer later this month, according to a Wall surface Street Journal record."
"One more round of buck toughness left greenback-denominated commodities trending lower right into the previous trading day, equally as market-watchers likely view the uptick in risk hunger to be temporal after the hype over additional US-Sino trade talks discolored," Gan included.
As of 0234 GMT, the United States Dollar Index was 0.27% higher at 94.805.
At 10:34 am Singapore time (0234 GMT), November ICE Brent crude futures were down 2 cents/b (0.03%) from Friday's settle at $78.07/ b, while the NYMEX October light sweet crude agreement was 4 cents/b (0.06%) lower at $68.95/ b.
Baker Hughes Friday reported the biggest week-on-week increase in the United States oil rig matter in a month, up 7 to 867 in the week ended September 14. The count has actually bounced between the high 850s to 869 since late Might.
In biocide products , the United States' most active oil and also gas creating location, the rig count dropped by one to 483, Baker Hughes stated.
This came as United States stress with China showed up to ratchet up over the weekend.
" Trades stress in between the United States and China is readied to intensify this week after the Wall Street Journal reported Saturday that President Trump plans to introduce within days brand-new tolls on an additional $200 billion of Chinese items, and to enter into result within weeks," UOB said in a note.
" This comes ahead of top-level set up profession talks with Beijing later this month. The tolls will certainly be evaluated 10%, according to people knowledgeable about the matter, listed below the original 25% degree introduced in early August," UOB added.
OCBC Bank product financial expert Barnabas Gan claimed: "With US Head of state Trump threatening to proceed with the following tranche of $200 billion of tolls on Chinese imports, this is likely to put a dampener on Treasury Assistant Mnuchin's overtures to the reboot US-Sino profession talks. China is also thinking about declining the US trade talk offer later this month, according to a Wall surface Street Journal record."
"One more round of buck toughness left greenback-denominated commodities trending lower right into the previous trading day, equally as market-watchers likely view the uptick in risk hunger to be temporal after the hype over additional US-Sino trade talks discolored," Gan included.
As of 0234 GMT, the United States Dollar Index was 0.27% higher at 94.805.
