Commodities Analysis by Investing.com (Barani Krishnan) covering: Brent Oil Futures, Crude Oil WTI Futures, ProShares UltraShort Bloomberg Crude Oil, ProShares Ultra Bloomberg Crude Oil. Read Investing.com (Barani Krishnan)'s latest article on Investing.com
The move came as data from oil cargo tracker Kpler indicated a dramatic drop in crude exports from OPEC+ in the first 15 days of August.
WTI for the front-month September contract was actually down 5 cents at $81.20 per barrel by 01:00 ET . WTI finished last week down 2.3% after a near 20% gain over seven previous weeks. Evergrande, one of China’s biggest names in real estate, filed Thursday for Chapter 15 bankruptcy, which is a way for foreign companies to use US bankruptcy law to restructure debt. The process will take time, as Evergrande has roughly $19 billion in offshore debts.
But a sudden shift in policy by China’s leaders two years ago has left the country’s property developers scrambling for cash, compounding financial risks within the world’s second-largest economy. July was a particularly woeful month for China, with one bad patch of economic data after another, from bank loans at a 14-year low and exports sliding the most since February 2020. Theunexpectedly cut short and medium-term lending rates earlier this week, but investors are calling for more targeted fiscal measures.Analysts at New Zealand bank ANZ said in a note carried by Reuters:
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