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According to sources, Boeing (BA.N) will cut approximately 300 supply chain jobs in its defense business unit and will notify affected employees this week.Federal Reserve Governor Lisa Cook will speak on monetary policy and the economic outlook in ten minutes.1. U.S. stock indexes closed mixed. The Dow Jones Industrial Average rose 0.53% to 49,501.3 points, the S&P 500 fell 0.51% to 6,882.72 points, and the Nasdaq Composite fell 1.51% to 22,904.58 points. Amgen rose over 8%, and Nike rose over 5%, leading the Dow Jones gains. The Wind U.S. Tech Big Seven Index fell 1.32%, Tesla fell nearly 4%, and Nvidia fell over 3%. The Nasdaq China Golden Dragon Index fell 1.95%, Kingsoft Cloud fell over 7%, and GDS Holdings fell nearly 7%. AMD plunged over 17%, dragging down the Nasdaq. 2. European stock indexes closed mixed. The German DAX fell 0.72% to 24,603.04 points, the French CAC40 rose 1.01% to 8,262.16 points, and the UK FTSE 100 rose 0.85% to 10,402.34 points. French stocks led the gains, boosted by a rebound in the luxury goods sector and the European Central Banks decision to keep interest rates stable; British stocks were lifted by a stronger pound; German stocks fell as difficulties in the auto parts industry and geopolitical concerns dampened investor sentiment. 3. The South Korean KOSPI index closed up 1.57% at 5371.1 points, setting a new record high. Samsung Electronics market capitalization surpassed 1000 trillion won, becoming the first listed company in South Korea to achieve this milestone. The Nikkei 225 index fell 0.78% to 54293.36 points, with semiconductor stocks collectively declining and auto stocks surging. 4. International precious metals futures generally closed higher, with COMEX gold futures rising 1.04% to $4986.40 per ounce and COMEX silver futures rising 5.36% to $87.77 per ounce. 5. The main WTI crude oil contract closed up 1.99% at $64.47 per barrel; the main Brent crude oil contract rose 2.09% to $68.74 per barrel. 6. U.S. Treasury yields were mixed. The 2-year Treasury yield fell 0.61 basis points to 3.555%, the 3-year Treasury yield fell 0.56 basis points to 3.632%, the 5-year Treasury yield fell 0.17 basis points to 3.830%, the 10-year Treasury yield rose 0.8 basis points to 4.274%, and the 30-year Treasury yield rose 2.38 basis points to 4.918%.February 5th - The China Federation of Logistics and Purchasing (CFLP) released its January 2026 China Logistics Industry Prosperity Index today (February 5th), indicating that the logistics business continues to expand. The January China Logistics Industry Prosperity Index was 51.2%, with the total business volume index, new orders index, logistics service price index, fixed asset investment completion index, employment index, and business activity expectation index all above 50%, indicating expansion.Alphabet (GOOG.O) has turned negative again, currently down 2%.

WTI recovers to $87.50 on Iran, OPEC+ buzz

Daniel Rogers

Sep 02, 2022 14:38

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WTI crude oil prices consolidate weekly losses near a two-week low in Friday's Asian session. The energy benchmark hails the expected output drop from major suppliers while ignoring US-Iran oil deal discussions. The market's consolidation before the US jobs data seems to favor the latest commodity bounce.

 

Reuters reports that OPEC+ will meet on September 5 amid a backdrop of dropping prices and demand, even as top producer Saudi Arabia claims supply remains tight. OPEC+ this week reduced its demand estimate, now projecting demand to lag supply by 400,000 bpd in 2022 and 300,000 bpd in 2023.

 

On a second page, Reuters sources Iranian official news as claiming Iran has given a 'constructive' response to US suggestions aimed at restoring the 2015 nuclear deal.

 

Covid-led lockdown in China's Chengdu joins gloomy Manufacturing PMIs and hawkish Fedbets to squeeze WTI crude oil prices.

 

US 10-year Treasury rates decrease one point from late June's highs to 3.25 percent, while two-year bond coupons fall from a 15-year high. The CME's FedWatch Tool predicts a 74% chance of a rate hike in September, up from 69%.

 

Looking ahead, oil traders will watch the US Nonfarm Payrolls (NFP) and Unemployment Rate for August for fresh impulse.

 

Although $85.30-50 horizontal support limits the black gold's immediate fall, recovery is elusive until reaching the 50-DMA and 200-DMA, around $95.15-30.