Followers | 689 |
Posts | 143817 |
Boards Moderated | 35 |
Alias Born | 03/10/2004 |
Tuesday, September 21, 2021 9:17:08 AM
By: Reuters | September 21, 2021
LONDON (Reuters) -Oil prices rose on Tuesday, after sharp losses the previous session, amid tighter U.S. supplies, ending days of losses as global markets remain haunted by the potential impact on China's economy of a crisis at heavily indebted property group China Evergrande.
Brent crude gained 70 cents, or 1%, to $74.62 a barrel by 1239 GMT, having fallen by almost 2% on Monday. The October West Texas Intermediate (WTI) contract, which expires later on Tuesday, was up 61 cents, or 0.9%, at $70.90, after dropping 2.3% in the previous session. The more active November contract gained 72 cents a barrel to $70.86.
Growing concerns over U.S. production "seem to be outpacing other factors ... such as the uncertainty over the outcome of the Federal Reserve monetary policy committee meeting and fears that the Evergrande issue may trigger a wider crisis," ActivTrades analyst Ricardo Evangelista said.
Royal Dutch Shell (LON:RDSa), the largest U.S. Gulf of Mexico oil producer, said on Monday that damage to offshore transfer facilities from Hurricane Ida will cut production into early next year.
About 18% of the U.S. Gulf's oil and 27% of its natural gas production remained offline on Monday, more than three weeks after Hurricane Ida, regulator Bureau of Safety and Environmental Enforcement (BSEE) said.
Still, investors across financial assets have been rocked by the fallout from heavily indebted Evergrande and the threat of a wider market shakeout in the longer term. [MKTS/GLOB]
While that view of the state of China's economy is weighing on markets, the U.S. Federal Reserve is also expected to start tightening monetary policy - likely to make investors warier of riskier assets such as oil.
Read Full Story »»»
DiscoverGold
Information posted to this board is not meant to suggest any specific action, but to point out the technical signs that can help our readers make their own specific decisions. Caveat emptor!
• DiscoverGold
VHAI - Vocodia Partners with Leading Political Super PACs to Revolutionize Fundraising Efforts • VHAI • Sep 19, 2024 11:48 AM
Dear Cashmere Group Holding Co. AKA Swifty Global Signs Binding Letter of Intent to be Acquired by Signing Day Sports • DRCR • Sep 19, 2024 10:26 AM
HealthLynked Launches Virtual Urgent Care Through Partnership with Lyric Health. • HLYK • Sep 19, 2024 8:00 AM
Element79 Gold Corp. Appoints Kevin Arias as Advisor to the Board of Directors, Strengthening Strategic Leadership • ELMGF • Sep 18, 2024 10:29 AM
Mawson Finland Limited Further Expands the Known Mineralized Zones at Rajapalot: Palokas step-out drills 7 metres @ 9.1 g/t gold & 706 ppm cobalt • MFL • Sep 17, 2024 9:02 AM
PickleJar Announces Integration With OptCulture to Deliver Holistic Fan Experiences at Venue Point of Sale • PKLE • Sep 17, 2024 8:00 AM