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Oil Prices Fall on Increased US Shale Production; US Congress Avoids Government Shutdown

Published May 1, 2017
  • US Congress came to an agreement on a $1 trillion funding deal to finance the US government late on Sunday night; the US Senate is expected to pass the deal later this week in order to avoid a government shutdown under the Trump administration
  • Oil prices are lower this morning as US shale production continues to add to concerns of oversupply of oil
  • The Baker Hughes rig count showed that the number of active US oil rigs rose by 9 to 697; this marks the 15th week in a row for increased US activity and the highest level of active rigs since August 2015
  • Growth in China’s manufacturing sector fell faster than expected last month; any moderation in economic growth and commodity demand in China adds pressure to already sluggish commodity prices
  • US data on personal income, consumer spending and an index on the change in price of goods and services are set to be released at 8:30 AM EST while US manufacturing and construction spending data will be released at 9:45 AM & 10:00 AM EST; analysts will look for indications on the health of the US economy with these data releases
  • US Treasury Secretary Steven Mnuchin also speaks today at the Milken Conference in Los Angeles at 7:45 AM EST