May 25 (UPI) — The United States on Wednesday sanctioned a sprawling international oil smuggling and money laundering network that the Biden administration said is led by Iran’s elite Islamic Revolutionary Guard Corps’ Qods Force and is supported by Russia. The U.S. departments of Treasury and State announced the blacklisting of 10 people from …
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Russia’s oil and gas revenues hit another record high despite sanctions designed to hurt the Russian economy. The removal of some Russian oil from markets only served to send oil prices higher, boosting revenues from the oil that it is able to sell. There is no way to remove Russian oil from the market entirely …
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Iran’s foreign minister said on Thursday that NATO’s “provocative activities” are to blame for Russia’s invasion of Ukraine, adding that Tehran does not view war as a solution. “NATO’s aggressive measures are at the basis of the Ukraine problem. Hossein Amir-Abdollahian, whose nation has close connections with Russia, remarked on Twitter, “We do not see …
Continue reading “Iran: US, NATO carried out provocative action in eastern Europe”
Oil prices rose on Thursday, extending a cautious rally this week on signs of tight supply while the European Union (EU) wrangles with Hungary over plans to ban imports from Russia, the world’s second-largest crude exporter, after it invaded Ukraine. A bigger-than-expected drawdown in U.S. crude inventories in the week to May 20, following soaring …
Continue reading “Oil climbs on tight supply, though EU ban on Russian supply still uncertain”
Federal Reserve officials are seeing increasing inflation risks due to coronavirus-related supply issues and higher energy prices, according to the highlights from the May meeting of the Federal Open Market Committee published on Wednesday. The implications of the Russian invasion on Ukraine for the United States economy remain uncertain, the report added, arguing COVID-19 lockdowns …
Continue reading “Fed sees rising inflation risks, officials favor 50 bp rate hikes”
A cryptic tweet from “Big Short” investor Michael Burry is adding to the grim mood on a day when markets are sliding and there are signs that the US housing boom is slowing down. As I said about 2008, it is like watching a plane crash. It hurts, it is not fun, and I’m not smiling. — Cassandra …
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Hedge funds globally are bracing for nearly $20 billion of investor redemptions for the rest of 2022, even after seeing a net inflow in the first quarter, according to a report from Citco Group Ltd. Investors are already scheduled to withdraw $13.5 billion from the industry in the current quarter and another $6.3 billion the …
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The American Petroleum Institute (API) reported a small build this week for crude oil of 567,000 barrels. The draw comes even as the Department of Energy released 6 million barrels from the Strategic Petroleum Reserves in Week Ending May 20. U.S. crude inventories have shed some 75 million barrels since the start of 2021 and …
Continue reading “WTI Spikes On Large Draw In Gasoline Inventories”
NEW YORK (Reuters) – Demand for the Federal Reserve’s reverse repurchase (RRP) facility has surged in the last few weeks, as the U.S. Treasury Department’s reduced supply of short-term bills left investors few options to park excess cash. Reverse repos are conducted by the New York Fed’s Open Market Trading Desk. In a reverse repo, …
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Billionaire George Soros warned that Russia’s invasion of Ukraine has rattled Europe and could be the start of another world war. “Other issues that concern all of humanity — fighting pandemics and climate change, avoiding nuclear war, maintaining global institutions — have had to take a back seat to that struggle,” Soros, 91, said Tuesday …
Continue reading “Soros Sees an EU Edge…… World War III started?”