$Rex Intl (5WH.SG)$$RH PetroGas (T13.SG)$$Dyna-Mac (NO4.SG)$...
Oil prices rose in Asian trade on Fri but were headed for a 4th straight week of losses as concerns over slowing economic growth and demand largely offset a brief boost from worsening tensions in the Middle East.
Crude prices tumbled in the prior session, cutting short a brief recovery after a raft of weaker-than-expected purchasing managers index data from the U.S. ramped up concerns over a slowdown in global economic growth. The data followed dismal readings from top oil importer China.
The weak economic prints saw markets largely look past heightened tensions in the Middle East after the killing of a Hamas leader in Iran earlier in the week. Concerns over a bigger war in the region helped crude prices recover from near 2-month lows.
Oil markets took cues from OPEC+, where it made no changes to its production policies and reiterated that it could pause plans to increase output from Oct.
Brent oil futures expiring in Oct rose 0.4% to USD79.84 a barrel, while WTI crude futures rose 0.4% to USD75.71 a barrel by 21:24 ET (01:24 GMT).
Brent and WTI prices were set to lose between 0.4% and 0.9% this week, after sinking to near 2-month lows in the week.
Weakness in oil was driven chiefly by growing concerns that an economic slowdown will batter oil demand in the coming months. This was furthered by weak manufacturing PMIs from both the US and China this week.
China provided scant details on how it planned to shore up economic growth in the world's biggest oil importer.
The Fedsignaled a potential interest rate cut in Sep. But traders feared that the cut would be too late for the U.S. economy to still see a soft landing.
Crude prices did curb a bulk of their weekly losses on concerns over an all-out war in the Middle East.
Israel allegedly killed Hamas leader Ismail Haniyeh in Iran, ramping up concerns over retaliation by them and Iran.
Earlier in the week, Israel said it had killed Hezbollah commander Fouad Shukur in an airstrike, drawing ire from the Lebanon-based, Iran-backed group.
The prospect of an all-out war between Israel and its surrounding states saw traders attach some risk premium to oil prices, on the prospect of potential supply disruptions in the Middle East.
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TheTeh C : When enter later drop
JATrader : 7600 or below good price entry but if break and hold 7700, potentially crude back to 7900 range
All About AI : DIP buy for coffee
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bullrider_21 OP All About AI : Possible if Rex's loss is not as bad as expected.
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