he latest Market Talks covering Commodities. Published exclusively on Dow Jones Newswires throughout the day.
0822 ET – US benchmark oil prices are little changed early in NY at $42.23/bbl and are on track for a 2.5% weekly increase, though they still basically remain in the low-$40s range they’ve been in since early July. “Supplies are coming down which suggests there is summer demand worldwide and a re-opening of the economy,” says Peter Cardillo at Spartan Capital. “But on the other side, you have production going back up from OPEC and Russia and what not, as those emergency production cuts are ended.” As such, Cardillo says the market remains locked in this $38-$43 range between. At 1 pm ET, investors will watch for the Baker Hughes rig-count report.