West Texas Intermediate (WTI), futures on NYMEX, cling to gains near the psychological resistance of $80.00 in Tuesday’s European session.
The Oil price remains firm near $80.00 as expectations for the Fed reduce interest rates twice this year. Investors digested voluntary production cuts announced in the OPEC meeting. Summer vacation season in the Northern Hemisphere strengthens the Oil demand outlook. West Texas Intermediate , futures on NYMEX, cling to gains near the psychological resistance of $80.00 in Tuesday’s European session.
The Retail Sales data is estimated to have grown by 0.2% after remaining flat in April. Meanwhile, investors have also shrugged off voluntary cuts in overall oil production by communicated by OPEC+ members after their meeting in the first week of June. The Oil price remains firm even though China’s economic data for May missed estimates. In May, the House Price Index deflated by 3.9%, and Industrial Production and YTD Fixed Asset Investment grew slower than expected by 5.6% and 4%, respectively.
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