Crude Oil Daily Topics: Norway, China, Iran (USO)
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The price of Brent crude declined in early trading on Tuesday after the government in Norway halted a strike, avoiding a potential supply disruption that may have lasted for weeks. As a result, Brent traded below $99 per barrel.
United States Oil Fund LP ETF (NYSE: USO) is trading slightly lower on continued fears that a slowdown in the global economy is imminent. China crude oil imports fell in June to the lowest this year as demand slumped. The decline was a contraction from a record high last month, and if it continues it could add to the supply imbalance in crude oil that sunk prices last month.
Energy traders are paying special attention to the situation in Iran today. An oil embargo by the European Union took effect on July 1, and this is forcing China and India to soak up Iranian production. However, a ban on insuring Iranian shipments is creating difficulties. Overall, Iran production is expected to be cut in half.
The American Petroleum Institute will release its report on oil stocks in the U.S. late on Tuesday, with EIA data out on Wednesday. United States Oil Fund LP ETF (NYSE: USO) recovered 2.5 percent in the past 5 days but is still lower by 16.5 percent in the past 3 months.
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United States Oil Fund LP ETF (NYSE: USO) is trading slightly lower on continued fears that a slowdown in the global economy is imminent. China crude oil imports fell in June to the lowest this year as demand slumped. The decline was a contraction from a record high last month, and if it continues it could add to the supply imbalance in crude oil that sunk prices last month.
Energy traders are paying special attention to the situation in Iran today. An oil embargo by the European Union took effect on July 1, and this is forcing China and India to soak up Iranian production. However, a ban on insuring Iranian shipments is creating difficulties. Overall, Iran production is expected to be cut in half.
The American Petroleum Institute will release its report on oil stocks in the U.S. late on Tuesday, with EIA data out on Wednesday. United States Oil Fund LP ETF (NYSE: USO) recovered 2.5 percent in the past 5 days but is still lower by 16.5 percent in the past 3 months.
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