WTI crude oil pares the biggest daily gains in a week amid downbeat mood Commodities
ing so, the black gold bears the burden of the downbeat China data, as well as challenges to sentiment, amid a sluggish Asian session on Wednesday.
That said, China’s Caixin Services PMI for June eased to 53.9 versus 57.1 prior. Earlier in the week, China’s Caixin Manufacturing PMI eased to 50.5 for the said month, versus 50.9 prior and 50.2 market forecasts.
Furthermore, the latest developments about the US-China ties are risk-negative and exert additional downside pressure on the energy benchmark due to these countries' status as major oil users. Recently, China announced abrupt controls on exports of some gallium and germanium products, effective from August 1. The dragon nation’s latest retaliation is in reaction to the US curb on AI chips’ shipments to Beijing.
Above all, Russia and Saudi Arabia’s readiness for further output cuts, as well as the US Dollar’s struggle to defend the latest run-up, keep the Oil buyers hopeful as markets await the weekly private inventory data, as well as the Federal Open Market Committee Minutes for the June meeting.A convergence of the five-week-old descending resistance line and 50-DMA, around $71.
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