New York Empire State Manufacturing Release Affect on Oil
A “Terrible” New York Empire State Manufacturing Release: Tyler Richey Quoted in MarketWatch on MSN
Oil prices finish lower as U.S. crude supplies mark a 2-week climb of more than 17 million barrels
WTI crude-oil futures had been trading lower ahead of the inventory data as investors digested a “terrible” New York Empire State Manufacturing release, said Tyler Richey, co-editor at Sevens Report Research.
The economic data “poured some cold water on soft economic landing hopes, while the ongoing conflict between Israel and Hamas has yet to have a meaningful impact on the global oil markets,” he told MarketWatch.
“As such, the fear-bid in oil has been slowly but steadily unwinding over the last month,” he said.
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