WTI sold-off at $ 55 on mixed US-China trade headlines

According to the National Association of Realtors, outstanding real estate sales in July fell to their lowest level in nearly six years. The price of gold fell below $ 1,200 on Wednesday morning in Asia as investors shy away from precious metals amid concerns over the burgeoning US-China trade war. Daily end prices are updated every night at 20:00 CST and include the volume of the previous session and information on open positions. Overnight prices (Globex) are displayed on the page until 19:00 CST. After that, only trading activity will be listed for the next day. With oil prices plunging by around 50% since last summer, US oil companies have rapidly reduced their investment plans and shut down oil rigs. Intraday futures prices are delayed by 10 minutes according to the stock exchange rules and are listed in CST.

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The data for the chart above is from the short-term energy outlook for February and March. Long-lived commodity order data and the Chicago Fed’s National Activity Index will be released in US economic reports later today, but investors are unlikely to make major bets as they wait for new developments in the US-China trade dispute. EIA Crude Oil Data may have an impact on the oil price in the near term if they confirm the decline in inventories reported in last night’s API data.

Work to do Global trade may have peaked. Iranian production has been remarkably flat for about two and a half years. OPEC’s total crude oil production declined by 137,600 barrels per day in February. Production in Saudi Arabia has been relatively stable for about one and a half years. Currently, domestic oil production is still rising steadily.