On Friday, oil prices declined, driven by market confidence in alternative transport links for Middle Eastern oil, which balanced out anxieties over clashes between Saudi Arabia and the Houthi movement in Yemen.
Markets remained largely unconcerned by potential supply risks. A prolonged closure of the pipeline to Yanbu could cut off as much as 4% of global oil supply, traders have said.
JPMorgan said it does not have a clear baseline view for oil markets for the first time since the start of the war on Iran, though Trump signalled again Tehran is open to a deal.
US crude oil inventories saw a decrease of 600,000 barrels during the week ending 11 September, said the EIA. They are now 1% above with the five-year average for this time of year.
China tapped into its extensive crude oil reserves in August, marking the third drawdown in four months, as a surge in refinery activity outpaced a minor rise in oil imports.
Refinery utilization in the country was lowered to a level that satisfied domestic demand without producing enough surplus to support the export of refined fuels.
EBC Financial Group analyst says Brent crude exhibited a pattern resembling a loose evening star pattern. The $100 mark is a critical psychological threshold, and a push below the level would likely lead the price to $94.
Asset Recap
As of market close on 17 September, among EBC major products, Intel shares led gains. SK Hynix is reportedly in talks with Intel to manufacture its memory chips in the US for the first time.
T-Mobile US shares slid amid renewed industry pricing pressure. Competitors Verizon and AT&T introduced aggressive new pricing plans that narrowed T-Mobile's retail price advantage on core budget tiers.
Gold prices are sharply higher as a softer dollar, lower crude oil prices and easing Treasury yields helped precious metals extend their rebound after the Fed's first rate hike in more than 3 years.
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EBC Financial Group Disclaimer: This material is for general information purposes only and is not intended as (and should not be considered to be) financial, investment or other advice on which reliance should be placed. No opinion given in the material constitutes a recommendation by EBC Global Financial Collaboration or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person.
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