Overview: oil tries to return above $60
The oil price (January Brent futures) on Friday, November 1, increased by 1.5% to $60.53 per barrel compared to the previous closing level by 17.06 Moscow time.
The market of “black gold” rises on the background of positive assessments of the Caixin business edition, which recorded the index of business activity (PMI) in the industrial sector of China in October at the level of 51.7 points against the September 51.4 points and the consensus forecast of 51 points.
However, fears of a trade truce between the U.S. and China and a week-long increase in commercial fuel reserves in America are holding back the growth of the oil market.
At the same time, the downward trend that prevailed in recent days helped one of the Forex Club traders to earn more than $17.7 thousand over the past day on short positions in the futures of the Brent brand.
Meanwhile, the data of the Ministry of Energy of the Russian Federation, the Department of Energy Information of the U.S. Ministry of Energy and the OPEC report recorded the consolidation of the U.S. global leadership in oil production in August with the result of 12.365 million barrels per day (+5.1% by July).
In August, Russia grew by 1.3% to 11.304 million barrels per day, and Saudi Arabia by 1.6% to 9.844 million barrels per day.
Chevron’s net profit for 9 months decreased by 14% (year-on-year) to $9.534 billion. In terms of earnings per share, it was $5.02 compared to $5.79 a year earlier. The company’s total revenue decreased by 11% to $110.166 billion. Profit fell by 36% (year-on-year) to $2.58 billion in the third quarter. Earnings per share declined to $1.36 against $2.11 a year ago, with a consensus forecast of $1.49. At the same time, Chevron’s revenues decreased by 18% to $36.116 billion, with expectations of $38.8 billion.
ExxonMobil’s net profit for 9 months decreased 1.7 times compared to last year’s level to $8.65 billion, while its revenue decreased by 9% to $197.765 billion. Earnings per share were $2.03 compared to $3.47 a year earlier. In the 3rd quarter, ExxonMobil halved its net profit to $3.17 billion. Earnings per share were $0.75 vs. $1.46 a year ago with a consensus forecast of $0.69. Quarterly revenue fell by 15% to $65.049 billion with a consensus forecast of $61 billion.
The euro will stabilize slightly above the $1.115 level. The pressure on the U.S. currency is put by the weak growth of the U.S. industrial business activity index (ISM Manufacturing) in October – up to 48.3 points from 47.8 points in September and with a consensus forecast of 48.9 points.
By 17.19 Moscow time the European currency appreciated by 0.06% to $1.1157 against the previous fixing.