WTI climbs early Tuesday, Brent weaker - 21 Aug 2018
- NYMEX WTI futures were firming early Tuesday in Asia amid expectations of a drawdown in US commercial crude inventories last week, but Brent was marginally weaker, tracking uncertainty in the financial markets due to trade wars and US sanctions against several countries.
- US President Donald Trump jawboned the US dollar lower, again. Trump said on Monday that he was “not thrilled” with the Federal Reserve for raising interest rates and that the US central bank should do more to help the national economy.
- Meanwhile, Trump said he did not expect much progress in the mid-level trade talks with China scheduled for later this week. Stock markets had opened mixed in Asia Tuesday. Japan, Australia, New Zealand and Singapore were in the red, while China, South Korea, Taiwan and Malaysia were higher versus Monday’s close.
- Shell has shut the 100,000 b/d Trans Ramos pipeline, which feeds into Nigeria’s Forcados crude export terminal, following an oil spill.
- China is said to have begun using National Iranian Tanker Company’s oil tankers to import crude from Iran.
To read the full two-page report, sign up for a fee trial by clicking the button below.
Or subscribe for just a dollar a day!