In this week, Saudi Arabia is acting a good role as the head of OPEC members, protecting their profits in the oil market. They did announce one more opinion to the market, saying that OPEC will lower the production numbers when Iran is back into the official crude oil market without economic sanctions. If Iran is officially back into the oil market, that will blow every oil player’s position strategies.
China is in bad shape, the US’s PMI number is the lowest in 2 years, and the EU is in chaos again with an additional Russian threat.
All of sudden, the world is worried about recessions and possible over-supplies of crude oil.
The US stock market reacted as it was supposed to do in a natural way.
DJ Index was downed by 0.4%, S&P Index was downed by 0.03% and NASDAQ index was up 0.3%.
Poor PMI number could mean the elimination of the FED’s strong will to raise the rate by more than 0.5% in Sep.
Some talks in the Jackson Hall meeting will show the direction anyway and the US Stock market is preparing the possible big support.
Apple was downed by 0.2%, MS was downed by 0.5% but Amazon was up 0.3% with Tesla’s big 2.3% jump.
US Dollar index was downed by 0.5%, ending at 108.52 with Euro’s small recovery in a technical way.
The crude oil market jumped 3.8%, back into $100 per barrel regions. The Brent oil futures were ending at $100.17 per barrel, up 3.8% with Saudi Arabia’s big announcement.
