Mid-Week Review – September 2, 2020
Oil gains on U.S. stock draw, economic recovery optimism
Crude oil futures extended gains on Wednesday after a bigger-than-expected draw in U.S. crude stockpiles and as solid U.S. and Chinese factory activity fueled optimism of a recovery from the pandemic, boosting investor risk appetite. Click here to read more from CNBC.
Saudi cutting oil deliveries to U.S. as it tightens supply
For Saudi Arabia, cutting oil shipments into the U.S. is the quickest way to telegraph to the wider market that it’s tightening supply. The U.S. government is alone among major oil-consuming nations in publishing weekly data on crude stocks and imports, which carries enormous influence among oil traders. Click here to read more from Bloomberg.
A stronger Gulf of Mexico means a stronger America
For more than six decades, offshore workers and companies have made up the fabric of communities, up and down the Gulf Coast and throughout America. America cannot take this success for granted. Click here to read more from World Oil.
Oil gains on weak dollar
Oil rose to trade near $43 a barrel in New York with support from a weaker dollar, while U.S. crude stockpiles are expected to fall further. Futures added 1.2% after the U.S. currency extended losses to the lowest level since May 2018, making commodities priced in the dollar more appealing. Click here to read more from Rigzone.
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