With relief, crude oil investors accepted the decision of OPEC + states on production quotas. The North Sea variety Brent cut losses and recently fell 0.4% to $ 71.39 a barrel. The same is true for US oil WTI, listed down 0.1% to 68.45 dollars. OPEC + has not yielded to pressure from the USA for a rapid increase in production volumes and is sticking to their plan to increase quotas by 400,000 barrels per day. US President Joe Biden had campaigned for a significant increase in quotas to lower gasoline prices and thereby stimulate the global economy. According to insiders, the group’s experts expect demand for oil to increase by 4.2 million barrels per day in 2022 from the previously estimated 3.3 million. US crude oil inventories fell more sharply than expected, according to data from the American Petroleum Institute. This makes investors bullish and supports prices, said Avtar Sandu, a commodities trader at Phillips Futures.
Investors viewed with mixed feelings the first drop in Chinese industry output since the outbreak of the Corona crisis in early 2020. Copper numbers had sparked a sell off, commodities trader Anna Stablum said. of the brokerage firm Marex Spectron. The industrial metal was cheaper by up to 2.6% at $ 9,275 per tonne.
In anticipation of a prolonged influx of money from the US Federal Reserve, investors left the global reserve currency. In return, the euro rose 0.4% to $ 1.1850. Speculation was fueled by disappointing data from the US labor market. According to the private employment agency ADP, 374,000 jobs were created in August, about half as many as expected. These numbers give a taste of official data for Friday, which will be important for the Fed’s monetary policy.