Rising oil prices boosted by rising stock markets and improved demand outlook

 [10:33 AM, 7/30/2021] +65 3165 7233: Oil prices posted their biggest one-week gain on Thursday, as investors expected strong demand.  New York crude oil futures rose 1.7%.  US stocks rose to record highs;  in the second quarter, US GDP growth was slower than expected and household spending posted its biggest increase in decades, highlighting demand for oil and other commodities;  Crude oil prices were also supported by a weaker US dollar.

 TD Bart Melek, head of commodities and equities strategy, said that there is almost no doubt that risk appetite has increased across the board, which is certainly boosting the market.

 Oil prices fluctuated in July and are likely to post a second-month decline since October. Rising production and a rebound in the new crown epidemic have put pressure on;  The spread of delta strains has led to the re-implementation of restrictions in some areas.  It is expected that global markets will remain tight into the end of the year.

 At the same time, investors are still paying attention to the financial reports of the US oil industry.  Although oil companies maintain discipline and focus on shareholder returns, rising oil prices can encourage increased production;  Rob Haworth, senior investment strategist at Bank of America Wealth Management, said that it is only a matter of time before output increases in the US, not that it will or will not;

 West Texas Intermediate September futures rose $1.23 to $73.62 a barrel;  Brent oil for September delivery rose $1.31 to close at $76.05 per barrel.  The contract expires on Friday.

[10:34 AM, 7/30/2021] +65 3165 7233: US dollar drops to one-month low on dovish Fed tone and weaker-than-expected US GDP data

 The US dollar fell to a one-month low on Thursday. A day before the Federal Reserve announced that the US job market still needed to "make some progress" before support measures.  economic support is withdrawn, the US dollar continues to gain momentum in a month has lost momentum.

 Edward Moya, senior market analyst at OANDA Americas, said: "The strength of the US dollar against the euro appears to be over, as the economy slows to make significant progress in the job market.  and the Fed seems a long way from scaling back its debt purchases."

 The US dollar index is still up 1.6% since the Fed's June meeting, after the Fed switched to a hawkish stance.  The US GDP data released on Thursday gave little support to the index.

 The data showed that despite the strong growth of the US economy in the second quarter thanks to large-scale government support, the growth rate remained lower than analysts expected.

 On Thursday, the US Commerce Department announced last quarter's quarterly GDP growth rate of 6.5%, much lower than the 8.5% forecasted by economists surveyed by Reuters.  .

 Simon Harvey, senior forex market analyst at Monex Europe, said, “Due to the stability of the risk environment and the market digesting Fed Chair Powell's dovish remarks yesterday, the dollar  The US dollar was under pressure today and interest rate GDP growth in the second quarter was almost two percentage points lower than expected.  This has barely alleviated the pressure on the dollar.

 “If the yield curve continues to slope slowly and risk appetite persists, the dollar decline could accelerate over the next few weeks,” OANDA’s Moya said.

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