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Fear stalks Europe

Published Friday, July 25th, 2014

China delivered its best flash manufacturing PMI for 18 months yesterday but it did not feed through into oil prices with Brent giving away 96cts/bbl (107.07) and WTI $1.05/bbl (102.07)

The composite flash number for the Eurozone was better-than-expected at 54. Before getting too excited, Markit calculate that if continued at this level for the rest of the quarter it will generate a growth rate of all of 0.4%.

The US came in below expectations at 56.3 which was down on June. However, weekly jobless claims fell to their lowest level for over eight years. On the other hand new home sales fell by 8.1% last month.

As always a little something for everyone and the IMF weighed in with yet another cut in its global growth forecast for the year, reducing it from 3.7% to 3.4%. Perhaps this is what weighed on oil prices.

to read the rest of the report, please click here 

Posted by David Hufton