Oil Higher Ahead of Key Data, Iran Talks Not a Surprise
Tweet
Share
E-mail
United States Oil (NYSE: USO) is moving higher in early trading on Tuesday as crude oil inventories in the U.S. are forecast to have fallen by 1 million barrels last week, according to a Reuters poll. Traders are keying off the poll data and taking positions ahead of reports. API will release its report later today and the key energy department report will be out Wednesday.
In Moscow, talks with Iran haven't resulted in a breakthrough. Iran continues to complain about sanctions but so far is unwilling to take steps to end its nuclear program. For now, as long as tensions remain at current levels, traders are more concerned with weakening global growth. Oil prices, which have collapsed recently, risk declining further as economic data throughout the world continues to show slowing growth.
In Moscow, talks with Iran haven't resulted in a breakthrough. Iran continues to complain about sanctions but so far is unwilling to take steps to end its nuclear program. For now, as long as tensions remain at current levels, traders are more concerned with weakening global growth. Oil prices, which have collapsed recently, risk declining further as economic data throughout the world continues to show slowing growth.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- U.S. Navy-led JMIC: U.S. military will begin enforcement of a naval blockade of all Iranian ports and Iranian coastal areas at 2000 GMT on 14 July
- Natural Gas Inventory 61 bcf vs 56 bcf Expected
- Ship traffic through Hormuz drops 60% amid renewed fighting, Kpler says
Create E-mail Alert Related Categories
Commodities, ETFsRelated Entities
Oil Inventories, Crude OilSign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
