Due to tension in Iraq over the advance of the terrorist group ISIS and the refusal of the former prime minister to leave office, oil is at risk of climbing substantially. However, the black liquid has remained low due to structural changes in the oil market that are just begging to take place. Due to the increase in hydraulic fracking – a process which produces oil from shale rock – the US has been producing 3 million more barrels a day since 2008. Thus, as the world’s largest economy imports less, prices across the world tend to drop. At 14:30 GMT, crude supply data will be published, which could dictate short term movements in the price. Oil is currently trading at $97.25 per barrel.
US Indices
US Indices futures are rising today, mostly due to anticipation ahead of US retail sales data coming out at 12:30 GMT. A lot of the bullish sentiment stems from previous positive GDP reports and the expectation that good retail sales data will foreshadow good Q3 GDP data. Furthermore, companies like Macy’s and Cisco Systems are releasing earnings reports today, indicating that we could see a lot of movement in US markets.
August 13, 2014 – Daily Market News
Oil
Due to tension in Iraq over the advance of the terrorist group ISIS and the refusal of the former prime minister to leave office, oil is at risk of climbing substantially. However, the black liquid has remained low due to structural changes in the oil market that are just begging to take place. Due to the increase in hydraulic fracking – a process which produces oil from shale rock – the US has been producing 3 million more barrels a day since 2008. Thus, as the world’s largest economy imports less, prices across the world tend to drop. At 14:30 GMT, crude supply data will be published, which could dictate short term movements in the price. Oil is currently trading at $97.25 per barrel.
US Indices
US Indices futures are rising today, mostly due to anticipation ahead of US retail sales data coming out at 12:30 GMT. A lot of the bullish sentiment stems from previous positive GDP reports and the expectation that good retail sales data will foreshadow good Q3 GDP data. Furthermore, companies like Macy’s and Cisco Systems are releasing earnings reports today, indicating that we could see a lot of movement in US markets.
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