Spreadex Market Update
Oil prices recover, eBay profit forecast falls short
Prices of oil have been recovering overnight and into this morning’s trading after the commodity had suffered steep losses yesterday. The rally is due to a slight dip in US crude inventories and it is hoped that the push to rein in the global oversupply might finally be gathering some momentum.
Brent crude future is currently trading around the $53.30 mark which represents a 0.72% improvement from yesterday’s close. Light crude is showing similar improvement at $51 a barrel.
"Stocks were reported to have fallen by 1 million barrels last week although the new figure of 532.34 million is still near record highs."
Stocks were reported to have fallen by 1 million barrels last week although the new figure of 532.34 million is still near record highs. Indeed US crude oil production has risen to 9.25 million barrels per day which is an almost 10% increase since mid-2016. This surge saw the price fall by 3.5% in yesterday’s trading.
Elsewhere, online retail giant, eBay, has forecasted second-quarter profit that falls short of estimates by various analysts. Their lack of confidence is down to the heavy increase in spending as the company looks to revamp its platform to cope with the stiff opposition that Amazon pose.
The cautiousness of eBay was not missed by investors as shares in the company fell by 2.5% after the bell last night. The revamp includes a shift away from online auctions and towards fixed-price sales; the thinking being that this will put the company more into direct competition with Amazon and attract more customers to their site.
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