The OPEC+ group will keep its oil production targets unchanged until the end of the year in view of the high level of uncertainty on the global markets and with global economic growth, Saudi Arabia’s Energy Minister, Prince Abdulaziz bin Salman, told Energy Intelligence in an interview this week. “There are those who continue …
Famed investor Carl Icahn believes the U.S. economy is in trouble because of poor corporate leadership and stubbornly high inflation. “The system is breaking down, and we absolutely have a major problem in our economy today,” Icahn said “One of the worst countries in the world as far as corporate governance.” Carl Icahn: “Our System Is …
The big three rating firm cited a “‘rapidly deteriorating operating environment” despite regulators’ efforts to shore up the industry. In a harsh blow to an already-reeling sector, Moody’s Investors Service cut its view on the entire banking system to negative from stable. The firm, part of the big three rating services, said Monday it was …
Continue reading “Moody’s cuts outlook on U.S. banking system to negative”
The Fed didn’t cause SVB to fail, but its aggressive interest-rate increases over the past year exposed the risky side of the bank’s business and may have doomed it to failure. Now the Fed is under pressure to stop raising rates, at least until the fallout from the SVB collapse is more clear. Some worry …
Continue reading “CPI shows little progress on cooling off high U.S. inflation”
Underlying gauge rose 0.5% in February, most in five months Shelter accounted for more than 70% of overall monthly gain Underlying US consumer prices rose in February by the most in five months, forcing a tough choice for Federal Reserve officials weighing still-rapid inflation against banking turmoil in their next interest-rate decision. The consumer price …
Chinese oil demand to fall by 180,000 bpd in 2022 OPEC Nov output fell by 744,000 bpd after OPEC+ cut pledge Says relaxation of China’s zero-COVID policy is potential upside OPEC on Tuesday said it expected to see robust global oil demand growth in 2023 with potential economic upside coming from a relaxation of China’s …
Continue reading “OPEC sees robust global oil demand growth in 2023 after 2022 Chinese contraction”
Crude oil prices fell as the sudden collapse of Silicon Valley bank sparked fears of contagion. The prices of oil continued to tumble on Tuesday as the latest events taking place in the United States banking sector revived fears over the crude demand outlook. Investors are seemingly concerned that the financial crisis might spill over …
Continue reading “Oil extends losses, WTI down over 2.5%…. SO! its a bargain buy more!!”
President Joe Biden spoke out Monday morning in an effort to reassure Americans there is no need for panic after federal agencies stepped in following the failures of two big banks over the weekend. “Americans can rest assured that our banking system is safe. Your deposits are safe. Let me also assure you, we will …
US authorities took extraordinary measures to shore up confidence in the financial system after the collapse of Silicon Valley Bank, introducing a new backstop for banks that Federal Reserve officials said was big enough to protect the nation’s deposits. The Sunday announcement by the Treasury Department, Federal Reserve and Federal Deposit Insurance Corp. followed a …
Continue reading “US Backstops Bank Deposits to Avert Crisis After SVB Failure”
The United States Federal Reserve issued on Sunday a statement together with the Treasury and the Federal Deposit Insurance Corporation (FDIC) stating that all depositors of the Silicon Valley Bank will be protected and “no losses will be borne by the taxpayer.” The regulators said this will apply to Signature Bank as well, which has …