Crude oil futures are slightly higher, demand expectations in response to US GDP and concerns surrounding the Asian economy are serious
July 26, 2024 at 10:07 AM GMT+9 (some excerpts)
Crude oil futures were slightly higher in Asian time. In response to the fact that the gross domestic product (GDP) of the United States exceeded expectations, the view that demand for crude oil in the same country would expand strengthened.
However, concerns about the weak economy in China and Japan suppressed the upper price.
As of 0014 GMT (9:14 a.m. Japan time), North Sea Brent futures for the September term are 0.07 dollars higher per barrel = 82.44 dollars. US WTI futures for the September term are 78.32 dollars, which is 0.04 dollars higher.
The preliminary GDP value for the 2nd quarter announced by the U.S. Department of Commerce on the 25th increased 2.8% from the previous fiscal year in terms of an annualized rate, which exceeded market expectations of 2.0%. The growth rate accelerated from 1.4% in the first quarter against the backdrop of steady growth in private consumption and capital investment.
However, concerns about the weak economy in China and Japan suppressed the upper price.
As of 0014 GMT (9:14 a.m. Japan time), North Sea Brent futures for the September term are 0.07 dollars higher per barrel = 82.44 dollars. US WTI futures for the September term are 78.32 dollars, which is 0.04 dollars higher.
The preliminary GDP value for the 2nd quarter announced by the U.S. Department of Commerce on the 25th increased 2.8% from the previous fiscal year in terms of an annualized rate, which exceeded market expectations of 2.0%. The growth rate accelerated from 1.4% in the first quarter against the backdrop of steady growth in private consumption and capital investment.
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