Oil prices turn lower as glut concerns remain in focus
Today’s Press
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UK manufacturing data worse than expected, after mixed results from Europe and China
Its manufacturing PMI came in at 52.9, up from 51.3 in June and in line with the initial estimates. This is the highest level since October, with the employment index at its best since July 2015, which bodes well for Friday”s non-farm payroll numbers.
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UK interest rate cut expected on Thursday
The Bank of England is widely expected to cut interest rates this week from their seven-year record low of 0.5 per cent.
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Oil prices turn lower as glut concerns remain in focus
Light, sweet crude futures for delivery in September CLU6, -1.90% fell 51 cents, or 1.2%, to $41.08 a barrel, on the New York Mercantile Exchange. The October contract LCOV6, -1.88% of Brent crude on London”s ICE Futures exchange dropped 58 cents, or 1.3%, to $42.95 a barrel after the initial decline at the start of the session.
Next Trading Day’s Important Events
- 07:30 (GMT+3) RBA interest rate
Forex Quotes:
- USDJPY: 102.37
- EURUSD: 1.1164
Indices:
- S&P 500: 2,171.90
- NASDAQ : 5,176.34
Source:: Oil prices turn lower as glut concerns remain in focus