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On March 6, White House Press Secretary Levitt said that the United States will grant a one-month tariff exemption to any cars imported through the US-Mexico-Canada Agreement. On March 3, local time, US President Trump said that the USs 25% tariff on Mexican and Canadian goods will take effect on March 4. In his speech to a joint meeting of Congress on the 4th, Trump reiterated that reciprocal tariffs will be imposed starting on April 2.French President Emmanuel Macron: We will make fundamental military decisions at the next European conference.French President Emmanuel Macron: I hope to believe that the United States will continue to stand on our side, but we must also be prepared in case the United States no longer supports us.Federal Reserve Beige Book: Wages grew at a moderate to moderate pace, slightly slower than in previous reports, with several districts noting that wage pressures were easing.U.S. stocks extended their gains, with the Dow Jones Industrial Average up more than 1%, the Nasdaq up 1.1% and the S&P 500 up 0.9%.

WTI recovers to $87.50 on Iran, OPEC+ buzz

Daniel Rogers

Sep 02, 2022 14:38

 截屏2022-09-01 下午4.56.12_1024x576.png

 

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.

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