The oil producer group OPEC+ meets today in Vienna and a large cut in output is expected in a move to support prices.
The monthly deficit in goods and services for July is expected to narrow for the fifth month in a row to $67.7 billion. That would be the smallest since May 2021, and a steep reversal from $107.6 billion in March,The Institute for Supply Management releases its non-manufacturing PMI for September. This key gauge of services sector activity is expected to slip to 56.0.
That’s after rising unexpectedly in August to the highest since April on solid growth in new orders. Keep in mind 50 is the dividing line between an expanding and contracting services sector.The DOE’s Energy Information Administration will release its inventory report for last week. Crude stockpiles are expected to rise just over 2 million barrels, following a slight but unexpected draw of 215,000 barrels the previous week.
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U.S. pushing OPEC+ not to cut oil output -sourceThe United States is pushing OPEC+ nations not to proceed with potential deep oil output cuts, a source familiar with the matter told Reuters, as President Joe Biden seeks to prevent U.S. gasoline prices from rising.
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