OPEC+ Ignore the US calls

OPEC+ Ignore the US calls
Analysis
Ahura Chalki
Author:
Ahura Chalki
Published on: 16.08.2021 19:29 (UTC)
Post reading time: 0.95 min
140

Oil fall and rebound


Earlier today, with Chinese weaker than expected economic data, including Retail Sales and Industrial production, affected the market sentiment to discourage investors and market participants from the economic rebound. 

After last week's US producer inflation hike, these data, then a sharp drop in the US consumer sentiment and expectations, seriously caused some concern about the next steps of economic recovery. 

These data and news caused a free-fall in the oil market to send the US cruse Oil deeper to $65.53 with a 3.55% loss. After this data, a report from Reuters helped the market to regain. Reuters reported that despite the US request, OPEC+ does not see that market needs more Oil than their supply plan at the moment. 


Market reaction

Crude oil prices rebound more than 3% again to trade at $67.45. On the overall outlook, Oil still moves in a clear downtrend and under trend line. Last week's US inventories also decreased less than expectations, which is negative for the Oil price. So, our outlook in the short term is the same, Side movement around this area, with descending tendency. 


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