Welcome back to Singapore and all those who have also adhered to the Singaporean holiday regime, we hope you had a good day off. If you have been off, we can reliably inform you that you have missed absolutely nothing.
Remember reading reports of concerns about global economy, Trump throwing a spanner into trade talks, and then OPEC going “oh crap” and pushing out that they could agree further cuts? Well nothing has changed.
The good news then is that you are already all caught up, all you need is a coffee, bit of breakfast and then straight back into trading, no need for long stretches of finding out what has been going on.
U.S. oil output from seven major shale formations is expected to rise by 85,000 barrels per day (bpd) in September, to a record 8.77 million bpd, the U.S. EIA forecast in a report.
China’s central bank lowered its official yuan midpoint for the ninth straight day to a fresh 11-year low on Tuesday to reflect broad weakness in the local unit. Russia aims to continue its cooperation with the Organization of Petroleum Exporting Countries in the interests of the oil market, the nation’s energy ministry said in a statement, adding that growing uncertainties about the US-China trade dispute is having an impact.