Yesterday, oil markets closed on the positive territory after markets received good news about the state of the economy.
The Institute for Supply Management published August's Manufacturing PMI for the United States, which stood at 56 after being at 54.2 in the previous month and over the analysts' expectations who foresaw it to be at 54.5. The figure indicates a quicker than expected expansion of the sector. For the Eurozone, the figure was at 51.7, remaining unchanged from the previous month's figure and in line with the analysts' expectations, in the same manner, the manufacturing PMI for the UK also showed an expansion in the sector, at 55.2, though slower compared to the previous month's figure, which stood at 55.3. The Manufacturing PMI for China also showed a quicker expansion of the sector, at 53.1 in August after being at 52.8 on the previous month, and over the analysts' expectations who foresaw it to be at 52.6.
The American Petroleum Institute reported that U.S. crude stockpiles went down by 6.4 million barrels in the week ending August 28, the figure was over the analysts' expectations who foresaw a 1.9 million barrels draw.
This positive data pushed up expectations for an eventual oil demand recovery, which had positive effects on the market's performance during Tuesday's session. The West Texas Intermediate crude oil futures gained 0.35 percent, closing the session at the 42.76 level, while the Brent oil futures lost 0.66 percent during the session, closing at the 45.58 level. In the same way, the oil markets opened on Wednesday on a positive tone, by 7:29 GMT the West Texas Intermediate crude oil futures gained 0.82 percent during the session, hitting the 43.11 level, while the Brent oil futures advanced 0.75 percent during the session, hitting the 45.92 level.
The coronavirus outbreak continues advancing around the world, infecting about 25,909,531 and killing 861,346. The United States leads in the number of reported infections, with 6,257,938 total cases as well as 188,902 total deaths, followed by Brazil, India, and Russia.
The US stock markets closed on the positive territory at the end of Tuesday's session. The Dow Jones Industrial Average gained 0.76 percent during the session, closing at the 28,645.66 level, while the Nasdaq 100 advanced 1.50 percent, closing the session at the 12,292.86 level. In the same way, the S&P 500 gained 0.75 percent during the session, closing at the 3,526.65 level.