The prices of oil futures recovered from yesterday’s slump on Tuesday as Saudi Arabia dismissed a report released by media, claiming that OPEC+ was considering upping the production of the crude by 500,000 barrels per day ahead of the December meeting. “It is well known that OPEC+ does not discuss any decisions ahead of its …
US stocks dropped as investors parsed comments from San Francisco Federal Reserve President Mary Daly, who warned that too much tightening could be “unnecessarily painful” for the economy. Mounting concerns that China may tighten Covid curbs after a string of reported deaths also continued to weigh on investors. The S&P 500 and the Nasdaq 100 …
Continue reading “US Stocks Drop as Traders Digest Latest Fedspeak”
Saudi Arabia and other OPEC producers eye output increase -WSJ Chinese demand fears and strong dollar also weigh on prices LONDON, Nov 21 (Reuters) – Oil prices dropped to their lowest since early January on Monday after the Wall Street Journal reported that Saudi Arabia and other OPEC oil producers are discussing an output increase. …
China registered 27,095 new COVID-19 cases on November 20, surpassing the number reported the previous day by 2,660, the country’s National Health Commission stated on Monday. The country also saw two new deaths, raising the total toll to 5,229 since the beginning of the pandemic. The latest statistic comes as the Baiyun district in the …
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”