Aug 02, 2018 (Euclid Infotech Ltd via COMTEX) -- Factory growth stuttered across the world in July, heightening concerns about the global economic outlook as an intensifying trade conflict between the United States and China sent shudders through trading partners.
NEW YORK: Oil prices strengthened Thursday, with U.S. crude gaining nearly 2 percent after traders saw an industry report suggesting domestic crude stockpiles would soon decline again after a surprise rise in the latest week.
Some of the surge in U.S. oil production this past spring might have been “a mirage.” On July 31, the EIA released monthly data on U.S. oil production, which revealed a decline in U.S. output of 30,000 bpd in May, compared to a month earlier. The dip is a surprise, given the widespread assumption that U.S. shale production was continuing to grow at a blistering pace.
Economic growth is expected to continue at a rapid pace in the third quarter, according to a preliminary forecast from the Atlanta Fed.
The Trump administration is considering another ramp up of the trade war with China, a move that could begin to rattle the global economy.
