For example, US Secretary of State Mike Pompeo questioned the special status of the former British Crown Colony because of Chinese security laws for the Special Administrative Region. As a result, the Hong Kong economy has so far been exempt from US punitive tariffs. In addition, visa restrictions for the country are being discussed in the USA. Crisis protection could also receive new impulses in the afternoon when important economic indicators such as GDP growth in the US economy, the order intake of durable goods and the weekly initial applications for unemployment benefits are published across the Atlantic.
Oil price: API update comes as a negative surprise
The American Petroleum Institute’s weekly report, published on Tuesday evening, came as a negative surprise, generating considerable selling pressure on the oil markets. Instead of a forecast decline in inventories, a strong plus of 8.7 million barrels was reported. Gasoline (plus 1.1 million barrels) and distillates (6.9 million barrels) also reported higher than expected increases in inventories. However, the Fed’s economic report (“Beige Book”) published on the previous evening, in which the twelve central banks describe the economic situation in their region, also caused a bad mood.On Thursday morning, the oil price presented itself with falling prices. Until about 7.15 a.m. (CEST), the next due WTI future fell by $ 1.01 to $ 31.80, while its counterpart on Brent fell by $ 0.64 to $ 34.81.