SHANGHAI, Jun. 7 (SMM) – US crude oil inventories and MBA 30-year fixed mortgage rate in the US last week will be released today. Base metals will face great volatility today.
Saudi Arabia, Bahrain, United Arab Emirates, Yemen, Libya's eastern-based government and Maldives all severed their ties with Qatar, growing tensions in the Middle East. Oil prices may continue to face challenges.
API’s crude oil inventories for the US last week fell 4.62 million barrels, but big growth in gasoline and refined oil inventories weighed down oil prices. NYMEX July oil prices dropped. But API’s crude oil inventories in the US decreased for 9 weeks in a row, and oil inventories in Cushing also declined noticeably, posting the biggest drop from October 2016. This allowed NYMEX July oil prices to rally later the day.