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Oil prices rose on August 31 after a larger-than-expected U.S. crude inventory draw of 10.6 million barrels and expected Saudi extension of its 1 million bpd voluntary cut into October. Gains were capped by a Chinese factory PMI that remained in contraction.
Tighter U.S. stocks and OPEC+ restraint support crude prices, while weak Chinese manufacturing limits demand growth and caps the rally.
brecorder.comReutersAug 31, 2023Not enough comparable past events yet for a historical read.
Not enough comparable past events yet for a historical read.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
