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Crude Oil, WTI, Brent, SPR, China, US Dollar, Federal Reserve, TOPIX – Talking Points Crude oil has staged a comeback this week with the help of reserve buying Chinese data continues to underwhelm as concerns grow for its economic health The US debt ceiling is grabbing the headlines. How long will the deadlock remain? Trade Smarter – Sign up for the DailyFX Newsletter Receive timely and compelling market commentary from the DailyFX team Crude oil nudged slightly higher on Tuesday after notable gains in the North American session after it was announced 3 million barrels will be bought to replenish the depleted supplies at the Special Petroleum Reserve (SPR). The WTI futures contract is near US$ 71.50 bbl while the Brent contract is a touch above US$ 75.50 bbl. The rally was little impeded despite soft Chinese data revealing that the reopening from Covid -19 restrictions is yet to deliver the economic expansion that the government and the market had been hoping for. Chinese industrial production came in at 5.6% year-over-year to the end of April against the 10.9% anticipated and 3.9% prior. Retail sales for the same period were 18.4%, instead of the 21.9% forecast and 10.6% previously. […]
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