InfoQuest – West Texas Crude Oil (WTI) futures in New York closed positive on Tuesday (April 23), supported by the weakening of the dollar. As investors turn to keep an eye on global economic trends. and the overall picture of oil demand and supply in the market.
The WTI crude oil contract will be delivered in June. Increased $1.46 or 1.78% to close at $83.36/barrel.
and Brent crude oil contract (BRENT) for delivery in June. Increased $1.42 or 1.63% to close at $88.42/barrel.
which is an index measuring the movement of the dollar against six major currencies in the basket of currencies, fell 0.38% to 105.676, which was a factor supporting the oil market. Due to the weakening of the dollar, crude oil contracts which are priced in dollars are They are attractively priced for investors holding other currencies.
The market is also supported by reports that The April Eurozone Purchasing Managers’ Index (PMI) including services and primary manufacturing rose to 51.4 from 50.3 in March, with the April PMI index expanding rapidly. The highest in nearly a year and higher than analysts expected at 50.7.
Andrew Lipow, president of Lipow Oil Associates, said investors are beginning to overlook the geopolitical situation. and turned to keeping an eye on economic indicators Including an overview of the balance between oil supply and demand in the market.
Investors are keeping an eye on the release of 1Q2024 Gross Domestic Product (GDP) figures and the Personal Consumption Expenditures (PCE) Price Index for March in the United States this week.
The American Petroleum Institute (API) said U.S. crude oil stocks fell 3.230 million barrels in the week ended April 19, as investors kept an eye on official crude stock figures from the Energy Information Administration. US Government (EIA) today
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