- Crude oil prices changed trend after reporting personal income and spending.
- Market focus on Jerome Powell’s speech.
- The dollar falls on all fronts.
The prices of Petroleum erased the day’s gains after the US personal income and spending report. The expectation now turns to Powell’s speech.
The barrel of WTI (trading platforms) went from close to $94.00 to fall as low as $91.38, the lowest in three days after the US data. Both income and spending rose below expectations and inflation indicators showed a slowdown.
The foregoing generated a drop in the price of the dollar that could not be taken advantage of by oil, which remains negative and continues to cut weekly gains.
Gone is the area of prices above $95.00 to which it advanced on Wednesday after statements by the Saudi official about a cut in production due to market conditions. It had also been boosted by larger-than-expected drawdowns in oil inventories in the US.
In minutes Jerome Powellthe chairman of the Fed will speak at the Jackson Hole symposium and is expected to generate great volatility in the financial markets.
Technical levels
Source: Fx Street
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