Crude oil prices are under pressure again as global growth fears seem to outweigh oil production cutbacks. Weak industrial profits in China and the International Monetary potentially lowering its growth forecast.
After getting thwarted by the dollar, crude oil futures came roaring back on a mix of demand expectations and a slew of rumors. Traders had me look into rumors, like an early release of the American Petroleum Institue supply report, and talk that the Energy Information Administration was going to revise downward its crude oil inventories.
Greeks pulled more than 1 billion euros out of their banks in a single day, banking sources said on Friday, as the country edged closer to default despite assurances from Prime Minister Alexis Tsipras that the doomsayers are wrong.
Crude oil prices are stronger after bullish data from the American Petroleum Institute and some support from tropical storm Bill. Still, the biggest event for oil today may be the Fed meeting and any developments out of Greece.
Finance chiefs from the Group of Seven economic powers met on Thursday to discuss how to revive a faltering global recovery, with the United States leaning on Europe to reach a deal to avert a Greek bankruptcy.