Oil prices rose about 2% on Tuesday as tight global supply outweighed worries that fuel demand would be hit by a possible recession and fresh COVID-19 curbs in China. Brent crude futures rose $2.60, or 2.1%, to $124.87 a barrel at 1405 GMT, while U.S. West Texas Intermediate (WTI) crude rose $2.42, or 2% to
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Dollar is paring some gains today as markets digest near term moves. But the greenback remains the strongest for the week, as markets are adding bets to more aggressive rate hikes by Fed this week, and at next month’s meeting. Yen is so far the next strongest, as supported by risk aversion. Aussie is so
Headlines: Markets: CHF leads, AUD lags on the day European equities lower; S&P 500 futures up 0.2% US 10-year yields down 5.3 bps to 3.316% Gold up 0.2% to $1,822.32 WTI crude up 0.7% to $121.83 Bitcoin down 5.9% to $21,845 The rout in markets took a bit of a breather in European morning trade
Gold prices in the national capital on Tuesday tumbled by Rs 547 to Rs 50,471 per 10 grams amid rupee appreciation, according to Securities. In the previous trade, the precious metal settled at Rs 51,018 per 10 grams. Silver also dipped by Rs 864 to Rs 59,874 per kg from Rs 60,738 per kg in
Sterling’s selloff resumes today, after job data added to expectation that BoE would lag far behind Fed in tightening. Weak market sentiment sends commodity currencies lower. Thanks to buying against the Pound, Euro is so far the strongest one for today, leading Dollar, Yen and Swiss Franc. But still, Euro is far behind the greenback
A note via ANZ (this in brief) is a good summary of where oil is at: The European ban on Russian oil is expected to tighten the market further, even without a strong rebound in demand from China. Inventories continue to fall in most major consuming nations The lack of response from oil producers to
Gold prices declined by Rs 321 to Rs 51,270 per 10 grams in the national capital on Monday in line with lower global prices, according to HDFC Securities. In the previous trade, the precious metal settled at Rs 51,591 per 10 grams. Silver also tumbled by Rs 874 to Rs 60,745 per kg from Rs
Sterling falls broadly today after GDP unexpected contracted for the second month in April. Chance of an overall contract in Q2 is raised while there are few positive signs for Q3 for now. Meanwhile, the remaining chance of a 50bps hike by BoE later this week is basically priced out. Aussie and Kiwi are the
Headlines: Markets: USD leads, AUD lags on the day European equities lower; S&P 500 futures down 2.3% US 10-year yields up 9.6 bps to 3.25% Gold down 0.8% to $1,855.53 WTI crude down 1.5% to $118.82 Bitcoin down 13% to $23,608 The market is carrying over the selloff from last week through to this week,
New Delhi: Crude oil and gasoline prices have been a hot topic for almost everyone recently as the basket of crude oil that India buys has hit a decade high of $121 per barrel. Last week the international oil prices hit near a 13-week high, underpinned by robust demand from key buyers like the US.
Dollar rises broadly as the week starts as risk aversion extended into Asia session. But Yen is not benefiting much this time, as recovery lost momentum. Commodity currencies are also weak together with Euro. Swiss Franc and Sterling are just slightly better the others, but still weak against the greenback. The meetings of four major
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Russia’s Rosneft is holding back on signing new crude oil deals with two Indian state refiners, three sources with knowledge of the matter said, as it has committed sales to other customers. Indian refiners have been snapping up cheap Russian oil, shunned by western companies and countries since sanctions were imposed against Moscow for its
Beijing has reintroduced a few minor restrictions (all off-campus and “offline” sports activities for teens would be cancelled starting Sunday). Earlier a spokesperson for the city’s government said a recent outbreak “The recent outbreak … is strongly explosive in nature and widespread in scope“. Which does not sound too good at all. Even Chinese Communist
Oil bulls are starting to picture a world in which China, the engine of demand growth, comes back to the market. And if their analysis is right, the summer is going to be painful for oil consumers everywhere who’re already facing spiraling prices — whether that’s Americans paying about $5 a gallon gasoline, or Brits
MON: UK GDP Estimate (Apr). TUE: UK Jobs Data (Apr/May); Swedish CPI (May); German ZEW Survey (Jun); US PPI (May); OPEC MOMR. WED: FOMC Announcement; BCB Announcement; Chinese Industrial Production and Retail Sales (May), French CPI (May), US Retail Sales (May), New Zealand GDP (Q1); IEA OMR. THU: BoE Announcement; SNB Announcement; Australian Labour Market
Oil prices held near 13-week highs on Thursday, underpinned by robust demand in the world’s top consumer United States while demand is expected to rebound in China as COVID-19 curbs across major cities are relaxed. Brent crude futures for August nudged up 12 cents to $123.70 a barrel by 0033 GMT, while U.S. West Texas
The stronger than expected CPI reversed premarket stock gains and pushed the major indices lower. A weaker Michigan consumer sentiment didn’t help with the overall sentiment. The weekly percentage declines in the Dow, S&P, and NASDAQ weeks was the worst since January 21 Major indices closed near lows for the day Dow Jones is down