WTI Edges Higher Ahead of Oil Inventory Data | German Factory Orders Rises
Published November 6, 2019
OPEC Secretary-General Mohammad Barkindo confirmed on Tuesday that they will be discussing deeper oil cuts at their last meeting of the year in December. WTI oil rose this morning and is trading at $57.03 a barrel. Markets will be closely eyeing the crude inventory data which will be released by Energy Information Administration (EIA), later in the session.
The German factory orders bounced in September as consumers spent more than previously expected, new figures revealed on Wednesday. Overall, the factory orders rose to 1.3 percent against the expectation of 0.1 percent on a monthly basis. The Euro was trading close to 1.1100 levels against the dollar after the release.
Robert Kaplan Dallas Federal Reserve President said that the recent steepening of the yield curve indicates that the US central bank’s policy is currently appropriate. On the risk of recession Kaplan said that it looks unlikely given the strong US customer.