Crude Corrects On Global Selloff

WTI Crude oil futures slipped today as profit selling hurt the commodity amid continued trade war fears. Traders also eyed protests in Hong Kong and a crash in Argentinas peso currency. PBOC lowered its official yuan midpoint for the ninth straight day to a fresh 11-year low at 7.066 per US dollar. This kept the sentiments stressed as major stock indices saw heavy losses in Asia and Europe. WTI Crude fell amid these pointers and currently trades at $ 54.48 per barrel, down 0.82% on the day. MCX Crude is also down 0.33% at Rs 3893 per barrel.

Meanwhile, the economic updates also stayed lukewarm. Germanys investor confidence dropped sharply in August to its lowest level since the end of 2011, survey data from the ZEW showed Tuesday. The ZEW Indicator of Economic Sentiment for Germany tumbled to -44.1 from -24.5 in July. Japanese machine tool orders continued to fall at a sharp rate in July. Machine tool orders fell 33% year-on-year in July after a 37.9% tumble in June. Japans tertiary industry activity also fell for the first time in three months in June. The tertiary industry activity index edged down 0.1% month-on-month in June.

Singapore economy is set to see weaker growth this year as deepening trade disputes and slow global growth weigh on the city-state. Singapore economy is forecast to expand in the range of 0.0 to 1.0% this year instead of 1.5 to 2.5% estimated previously, the Ministry of Trade and Industry said.