Author: DaniKroger

Wall Street dropped ahead of the FOMC minutes and the beginning of the earnings season. Mixed economic data gave little clue to the outlook. Stocks experienced the biggest drop in 2-months with the DJIA and the S&P 500 indices losing -0.69% and -0.70% respectively. In the commodity sector, crude oil remained pressured with the Brent crude contract fell for a 7th straight day to a 1-month low. EIA’s downgrade of its 2014 world demand growth forecast exacerbated the weakness.

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EIA Downgrades Global Oil Demand for 2014

Crude oil price continues to move lower amidst profit-taking after the rally earlier this month. The drop was also driven by the ease in Libyan tensions with rebels reopening the country’s biggest ports. Currently trading at 104, the front-month WTI contract has been down -3.5% from the 9-month high made on June 20 because of concerns over disruption of Iraqi oil production.

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Crude Oil Prices Softened as Geopolitical Tensions Eased

The front-month contract for WTI crude oil jumped to a 1-month high as US inventory surprisingly plummeted last week. The Brent crude contract also soared to the highest level in almost 2 months as Russia and China finally signed a gas deal.

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Crude Prices Soared as Stock Declined. FOMC Minutes Unveiled Discussions over Normalization