Wall Street opens in scattered order, calm market for a shortened session
July 5, 2023
1847 Announces Pricing of $1.869 Million Public Offering
July 5, 2023US crude futures are near the top of a tight, weeks-long price range, with the front-month contract recently up 3.1% at $71.93 a barrel. “Oil prices are rising, reacting to yesterday’s move to the upside in Europe after Russia and the Saudis extended cuts for another month,” says Spartan Capital’s Peter Cardillo in a note. “The rise today is technical as short covering is mostly responsible. However, China’s PMI showed further contraction, therefore reawakening the demand problem.” Next up for the market are weekly US oil inventory reports, first from trade group API this afternoon, then official EIA data tomorrow. Brent crude gains 0.6% to $76.71.
