The Federal Reserve may have to raise its benchmark interest rate much higher than it has previously projected to get inflation under control, James Bullard, president of the Federal Reserve Bank of St. Louis, said Thursday. Bullard’s comments raised the prospect that the Fed’s rate hikes will make borrowing by consumers and businesses even costlier and …
“It’s beyond ironic that President Biden has single-handedly assured MBS can escape accountability when it was President Biden who promised the American people he would do everything to hold him accountable. Not even the Trump administration did this,” Whitson said. Lina al-Hathloul, head of monitoring and communications for ALQST, a nonprofit organization promoting human rights …
Continue reading “US Defends Grants Immunity to Saudi Crown Prince”
OPEC Secretary General Haitham al-Ghais said on Wednesday that the organization is ready to “intervene for the benefit of oil markets”, Saudi-owned Al-Arabiya TV reports, citing Ghais as saying that OPEC is aware, cautious and monitoring economic developments worldwide. In early October, OPEC+ announced plans to reduce oil production by 2 mb/d in November 2022 …
Metal markets are smiling as China begins to show signs that it may ease up on its controversial zero-Covid restrictions. News of the rumors sent metal markets soaring. Except for aluminum, almost all industrial metal markets seem to endorse China’s easing of COVID restrictions. It may be winter, but it feels like springtime for many …
Continue reading “Metal Markets Breathe Sigh Of Relief As China Eases Covid Restrictions”
European refiners now seem to have more crude oil than they need—with the early panic about Russia’s dwindling oil exports—and the world’s subsequent oil shortage—proving to be overblown. Crude oil traders have pointed to Europe’s ability to source crude oil from Latin America, the Middle East, and the United States as the main cause for …
Continue reading “European Refiners Now Have Too Much Oil… For Now”
WTI crude fell more than 4% on Thursday afternoon. Low liquidity in paper markets, easing geopolitical tensions and China’s ongoing struggle with COVID-19 weighed on crude prices. Rounding out the list of downward pressures is the rising dollar, with the dollar index DXY up 0.75% Oil prices plummeted on Thursday on a series of bearish …
Continue reading “Oil Falls More Than 4% As Traders Ditch The China Reopening Play”
NN Hunt confirmed the construction of the long-awaited Sizewell C nuclear power plant in Suffolk during his Autumn Statement on Thursday afternoon. Speaking in the Commons, Mr Hunt said the new plant would create 10,000 highly skilled jobs as well as providing reliable, low carbon energy to six million homes and will generate electricity for …
OPEC is “back in the driver’s seat” as the world’s most powerful swing producer, Hess Corp CEO John Hess said on Thursday at a Miami conference. According to Hess, U.S. crude oil production will average 13 million bpd over the next few years, where it will plateau, as investors pressure U.S. oil companies to focus …
Oil prices fell on Wednesday and continued lower on Thursday as NATO confirmed Russia did not fire missiles at Poland. The reduction in geopolitical tensions moved traders to focus on economic woes and the potential of Covid spikes in China during flu season. There is still plenty of upside in oil markets as the EU …
The Federal Reserve may have to raise its benchmark interest rate much higher than it has previously projected to get inflation under control, James Bullard, president of the Federal Reserve Bank of St. Louis, said Thursday. Bullard’s comments raised the prospect that the Fed’s rate hikes will make borrowing by consumers and businesses even costlier …
Continue reading “Fed official suggests substantial rate hikes may be needed”