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Oil prices turn lower as glut concerns remain in focus

Today's Press

  • Its manufacturing PMI came in at 52.9, up from 51.3 in June and in line with the initial estimates. This is the highest level since October, with the employment index at its best since July 2015, which bodes well for Friday’s non-farm payroll numbers.

  • The Bank of England is widely expected to cut interest rates this week from their seven-year record low of 0.5 per cent.

  • Light, sweet crude futures for delivery in September CLU6, -1.90%  fell 51 cents, or 1.2%, to $41.08 a barrel, on the New York Mercantile Exchange. The October contract LCOV6, -1.88%   of Brent crude on London’s ICE Futures exchange dropped 58 cents, or 1.3%, to $42.95 a barrel after the initial decline at the start of the session.

Next Trading Day's Important Events

Forex Quotes:

  • USDJPY: 102.37
  • EURUSD: 1.1164

Indices:

  • S&P 500: 2,171.90
  • NASDAQ : 5,176.34

 


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