Today a new record inflation data was known in the euro zone. The European Central Bank (ECB) had already been in favor of promoting a interest rate hike significant to return to its goal of 2% annual inflation. The United States Federal Reserve was also in favor of a new rate hike given the persistence of inflation.
OPEC analyzes cutting its production to avoid a sustained drop in prices at the request of its members. In parallel, there is a situation of surplus supply and low demand: the OPEC Technical Committee indicated that its base scenario is a daily surplus of 900,000 barrels per day, 100,000 more than projected the previous month.
“The latest signs of faltering growth are the contraction of Chinese factory activity in August and the slower-than-expected expansion of the country’s service sector,” said Tamas Varga, an analyst at PVM Oil Associates. The Chinese industrial activity fell in August due to new cases of Covid-19 and heat waves.
Source: Ambito
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