Oil futures fluctuated in a narrow range tilted to the upside during the Asian session, to witness the rebound of the Nymex contracts for the fifth session in seven sessions from the lowest since May 24, and the rebound of Brent crude contracts for the sixth session in seven sessions from the lowest since the same day, ignoring the The US dollar index rebounded for the second session from its lowest since July 15, according to the inverse relationship between them.
This comes on the cusp of developments and economic data expected today, Wednesday, by the American economy, the largest producer and consumer of oil in the world, which includes the disclosure of the Energy Information Administration’s report for the last week of July 23, which may show a deficit of 2.6 million barrels compared to a surplus of 2.1 million barrels, in conjunction with The events of the Federal Open Market Committee meeting in Washington and with markets pricing in the developments of the Corona pandemic.
At exactly 05:46 am GMT, the NYMEX crude oil futures contract for September delivery rose 0.25% to trade at levels of $72.08 a barrel, compared to the opening at $71.90 a barrel, knowing that the contracts started the session’s trading on an upward price gap. After it ended yesterday's trading at $71.65 a barrel.
Brent crude futures for September delivery also rose 0.25% to trade at $74.85 a barrel, compared to the opening at $74.66 a barrel, knowing that the contracts also started trading on an upward price gap after closing yesterday’s trading at $74.48 a barrel, while The US dollar index rose 0.01% to 92.47 compared to the opening at 92.56 levels, knowing that the index ended yesterday's trading at 92.43.
Investors are currently awaiting the release of the merchandise trade balance index reading, which may reflect the deficit shrinking to $88.0 billion compared to $88.1 billion last May, and this comes in conjunction with the disclosure of the preliminary reading of the wholesale inventories index, which may It shows a slowdown in the growth rate to 1.2%, compared to 1.3% in June.
This comes in conjunction with the activities of the Federal Open Market Committee meeting in Washington, during which the interest rate is expected to be kept at its lowest ever, between zero and 0.25%, and the bond purchase program of more than $ 120 billion, before we witness the activities of the press conference that Fed Governor Jerome Powell will convene it half an hour after the meeting to comment on the committee's decisions and directions.
Otherwise, market concerns about the Corona pandemic in the Asia-Pacific region remain, and we would like to point out, because earlier this week some report indicated that the number of people infected with the coronavirus in China had reached its highest level since January, as announced by the agency. South Korea's Yonhap local government announced on Monday that the second-highest level of restrictions for need will be applied to non-capital areas from Tuesday.
According to the latest figures issued by the World Health Organization, which were updated yesterday, Tuesday at 03:54 pm GMT, the number of cases infected with the coronavirus has increased to nearly 194.61 million infected cases, and about 4,170,155 people have died, while the number of vaccine doses given, according to the latest update. As of last Monday, more than 3,696 million doses were given by WHO.
We would like to point out, because the weekly report of Baker Hughes showed last Friday that drilling and oil drilling rigs operating in the United States of America rose by 7 rigs to 387 rigs, to reflect their fourth consecutive weekly rise, and the longest weekly gains since May, and also reflect Also its highest level since April 2020.
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