Consensus is growing for an idea first proposed by Saudi Arabia that it could pump fewer barrels OPEC+ Is a Big Winner of Russia’s War in Ukraine. High oil prices have been beneficial for OPEC+, an alliance of oil-producing countries that controls more than half of the world’s output. Momentum is building among …
Continue reading “OPEC president backs Saudi plan to cut oil output”
The gross domestic product (GDP) of the United States shrank by 0.6% in the second quarter of 2022 compared to the same period the previous year, according to the second estimate from the Bureau of Economic Analysis published on Thursday. The latest figure has been revised in comparison to the first estimate, which put the …
Continue reading “US GDP contracts 0.6% in Q2….. PCE price index climbed a whopping 7.1%”
Federal Reserve Bank of Atlanta President Raphael Bostic that the central bank could opt for a third consecutive 0.75 percentage point increase in the federal funds rate if labor data stays strong and the inflation rate does not ease before the next policy meeting in September. However, Bostic also said in a Wall Street Journal …
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The euro regained momentum against the US dollar on Thursday as it strengthened above parity, reaching an intraday high of $1.000345. From today, Fed officials and banking figures from around the world will meet for the annual Jackson Hole symposium until August 27. The dollar’s retreat from a nearly two-decade high comes just as investors …
https://youtu.be/5hiQyK_4eGc WASHINGTON, Aug 24 (Reuters) – President Joe Biden said on Wednesday the U.S. government will forgive $10,000 in student loans for millions of debt-saddled former college students, keeping a pledge he made in the 2020 campaign for the White House. The move could boost support for his fellow Democrats in the November congressional elections, …
Continue reading “Biden forgives millions of student loans; critics fear inflation”
Reuters) – Oil prices ended Wednesday higher after a volatile trading session on concerns that the United States will not consider additional concessions to Iran in its response to a draft agreement that would restore Tehran’s nuclear deal – and potentially the OPEC member’s crude exports. Iran said it had received a response from the …
Continue reading “Oil up after US reportedly rejects Iran’s demands”
The U.S. dollar trimmed recent losses against a basket of currencies on Wednesday, after Minneapolis Federal Reserve Head Neel Kashkari said the central bank would keep tightening policy until it saw clear signs of easing inflation. Kashkari, who has become one of the Fed’s most hawkish members in recent months, said the bank’s biggest priority …
Continue reading “Fed can relax on rate hikes when CPI nears 2% – Kashkari”
The price of retail gasoline just dipped below $4 per gallon, AAA data showed on Thursday, but prices could rise to $5 per gallon by the end of the year, Goldman Sach’s Head of Energy Research Damien Courvalin said. “We think that’s the level at which we need to see sustained pricing to eventually solve …
Continue reading “Goldman Sees $5 Gasoline, $130 Brent By Year End”
The United States’ Strategic Petroleum Reserve (SPR) now has only 453.1 million barrels in its inventory, following another significant drop in the past week that puts the emergency reserve at a low not seen in three and a half decades, Reuters reports, citing the Department of Energy. In the week ending August 19th, the SPR …