U.S. Crude Oil Inventories Rise Amid Market Anticipation: Data from the American Petroleum Institute (API)
reported an increase in U.S. crude oil inventories by approximately 1.2 million barrels during the week ending November 29.
Gasoline inventories rose by 4.6 million barrels, while distillate stocks, including diesel and heating oil, increased by over 1 million.
Content
U.S. Crude Oil Inventories Rise
China’s Service Sector
Bank of England Governor
U.S. Crude Oil Inventories Rise Amid Market Anticipation
Data from the American Petroleum Institute (API) reported an increase in U.S. crude oil inventories
by approximately 1.2 million barrels during the week ending November 29.
Gasoline inventories rose by 4.6 million barrels, while distillate stocks, including diesel and heating oil, increased by over 1 million.
Markets eagerly await official data from the U.S. Energy Information Administration (EIA),
which is expected to decrease crude oil inventories by about 2 million barrels.
These figures will likely influence crude oil prices during today’s trading sessions.
Slowing Growth in China’s Service Sector Amid New Trade Concerns
Growth in China’s service sector slowed in November as new business activity contracted.
This coincided with concerns over potential trade policies under U.S. President-elect Donald Trump,
which may include additional tariffs on Chinese exports.
A survey conducted by S&P Global revealed that the Caixin Services Purchasing Managers’ Index (PMI)
dropped to 51.5 in November from 52 in October. Despite the decline, the index remained above the 50-point threshold, which indicates growth.
The results align with official data for the non-manufacturing sector, where the PMI fell to 50 earlier.
Economist Wang Zhi from Caixin Insight noted that service providers in China expressed
optimism about market improvement due to government support measures, despite concerns about the future trade environment.
The survey also highlighted a decline in new business activity to 51.8 from 52.1
due to weakened external demand. However, the service sector continued
to add jobs for the third consecutive month to meet work pressures,
while business confidence reached its highest level in seven months.
Bank of England Governor Expects Gradual Rate Cuts Next Year
Andrew Bailey, Governor of the Bank of England, stated in an interview with the Financial Times
that the central bank might implement up to four interest rate cuts next year,
contingent on continuing current economic expectations.
He explained that inflation had decreased faster than anticipated compared to last year,
reflecting significant improvements in the UK’s overall financial performance.
Bailey emphasized that the Bank of England is exploring multiple potential economic
scenarios but remains committed to a gradual rate-cutting strategy to stabilize prices and boost economic recovery.
This approach aims to balance fostering economic growth and maintaining financial stability, which remains a key priority for the bank.
He also noted that future challenges might require more direct bank
Intervention through stronger measures is needed to ensure
the gradual decline in inflation continues, and long-term economic sustainability is maintained.
Previously, Bailey reiterated the Bank of England’s commitment to supporting the British economy,
fostering growth and maintaining financial stability as its primary objective.
U.S. Crude Oil Inventories Rise