Today oil prices are moving relatively stable around: Brent Oil Futures - Sep 15 (LCOU5) - $ 49.71, Crude Oil Futures - Sep 15 (CLU5) - $ 44.88. Yesterday's data on US - Inventories were mixed. Crude Oil Inventories fell by 4.407 million bar. While Gasoline Inventories rose 0.811 million. Oil production on a weekly basis rose by 0.5%. PMI and ISM data were higher than expectations and created optimism about the US economy, which is support for WTI.
Realy markets are awaiting data on US labor market. They will shape the consensus expectations for Fed actions on interest rates, which most determines the prospect of the value of the USD.
If the data is above the expected values, wewill see renewed pressure on commodity prices. According to today's analysis of Nordea Bank AB, in this scenario it is very likely Brent to slide down to $ 45 outside the current stable range between $ 48 and $ 52 a barrel.
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