Precious metals prices declined Monday as the dollar’s value increased. At 12:10 am ET, the dollar index was up 0.43% to 103.0272, while the greenback increased by 0.48% against the euro to sell for 0.92658. The American currency started the week higher after the OPEC+ announcement that it would reduce the production of the commodity …
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Crude oil futures rose 7% on Monday during early trading in Asia after OPEC+ made a surprise announcement to cut oil production by more than 1 million barrels per day. Saudi Arabia first said it would cut supply by 500,000 barrels per day. Then, other members, such as Kuwait, the United Arab Emirates, and Algeria, …
Saudi leads cartel with its own 500,000 supply reduction Members including Iraq, Kuwait, UAE, Russia also contribute OPEC+ announced a surprise oil production cut that will exceed 1 million barrels a day, abandoning previous assurances that it would hold supply steady to maintain a stable market. That’s a significant reduction for a market where — …
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Crude oil prices are on their way up, despite the market panic caused by the collapse of two U.S. banks, the global head of commodities for Goldman Sachs said on Friday in a Bloomberg Television interview. “We would argue you are buying the dip at this point,” Jeff Currie said, adding, “I have never seen …
Former United States President Donald Trump’s campaign disclosed that he raised over $4 million in the 24 hours after a grand jury in the state of New York voted to indict him, presumably over alleged falsifying of business records. “Most notably, over 25% of donations came from first-time donors to the Trump Campaign, further solidifying …
(Bloomberg) — Optimism about imminent rate cuts is stirring animal spirits — and unease — in equal measure at the end of a turbulent quarter in markets. Prominent money managers have stopped chasing the latest stock rally, reasoning that expectations for easier Federal Reserve monetary policy are overblown with inflation still running hot. Should any …
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The US inflationary picture has worsened since the start of the year, which could prolong the Federal Reserve’s ongoing fight against rising prices, a top Fed official warned Friday. The central bank “may have more work to do,” in its inflation fight if the data “show continued strength in the economy and slower disinflation,” Lisa …
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Nouriel Roubini, CEO at Roubini Macro Associates, explains the “megathreat” he sees from higher interest rates, why he expects an economic and financial crash, and US labor market issues. He speaks from Cernobbio, Italy. BlackRock Expects Fed to Keep Hiking Rates (Bloomberg) — The Federal Reserve will press on with interest-rate hikes despite the collapse …
The US Bureau of Economic Analysis reported on Friday inflation in the US, as measured by the Personal Consumption Expenditures (PCE) Price Index rose 5% on a year over year bases. The Core PCE inflation index the Federal Reserve’s preferred gauge of inflation rose rose 4.6%. On a monthly basis, Core PCE inflation and PCE …
Heavy crude oil traditionally trades at a significant discount to lighter and sweeter grades, but the price of heavy crude is climbing. The main factor driving the uptick in heavy crude prices is a new mega-refinery in China which has contracted at least 8 million barrels of heavy crude. As well as China’s mega-refinery, constrained …