oilprices
Less than a week after Iranian aerial attacks on Israel, the latter retaliated by striking some military targets in Iran overnight. The attack was described as 'limited,' with no significant damage or casualties reported. However, this development surprised the markets, especially following extensive diplomatic efforts by the United States and its European allies to prevent further tensions in the Middle East. Following the news, oil prices and gold saw an increase, whereas European stock markets dipped this Friday. This turn of events has prompted investors to ponder if this recent flare-up b...
Euronews (English)
Both oil benchmarks gained in early trading, initially jumping over 3% on news of explosions in Iran. Global benchmark Brent traded 1.73% higher at $88.62 a barrel after topping $90 earlier, while US West Texas Intermediate (WTI) rose 1.75% to $84.1 per barrel. The price of gold also rose to a fresh all-time high of $2,411.09 per ounce, as investors turned to the deemed safe haven asset. "Financial markets had a rough week amid escalating tensions in the Middle East after reports of explosions and a possible Israeli airstrike in Iran. This added to investor concerns following disappointing cor...
Euronews (English)
By the afternoon, the FTSE 100 lost some steam, however, and hovered around 7,948.52. The blue-chip index was boosted by mining and commodity stocks with shares in BP and Shell both jumping around 3%, supported by higher oil prices. Oil prices rise: What's pushing up the cost of crude? Shares in mining stocks Fresnillo, Anglo American and Glencore also helped lift the FTSE 100, up 7%, 4% and 3%, respectively. “The ongoing rise in oil prices amid a tighter supply outlook is a worry for corporates and consumers as it is a major inflationary force,” Russ Mould, investment director at AJ Bell, sai...
Euronews (English)
The Houthi, a rebel movement in Yemen, has been attacking merchant ships in the Red Sea for over two months now, impacting a crucial waterway that represents 12% of global trade traffic - and there's concerns the growing tensions could impact the course of inflation as energy prices fluctuate. For the majority-Shiite Islamist group, the vow has been clear: to join the Hamas-Israel war, protect Palestinians, and target all vessels bound for Israel by launching missiles and naval drones. Equally evident is the impact that the attacks are having on shipping in the Suez Canal, which has been facil...
Euronews (English)
A drone attack over the weekend on the Tower 22 US base on the Jordan-Syria border has killed three US troops and injured several others. The White House has blamed the attack on "radical Iran-backed militant groups" but has not yet said which group it believes to be responsible. Following the attack, crude oil prices inched up 0.27% to $78.2 (€72.2) on Monday morning, with a weekly rise of 4.73%. Brent crude oil prices were up 0.05% to $82.9 on Monday, seeing a weekly gain of 3.70%. President Biden on Sunday announced in South Carolina that his country would "hold all those responsible to acc...
Euronews (English)
European stocks started the week on a weak note, ahead of a slew of economic data expected in the coming days. Key amongst these is the US Federal Reserve (Fed) interest rate decision, due on Wednesday. Unlike speculations that the European Central Bank (ECB) will start to cut rates soon, investors have very low expectations of the Fed doing the same. Escalating geopolitical tensions in the Middle East, following a drone attack on US troops in Jordan over the weekend also added to the sombre mood. Although the White House is reported to suspect Iran-backed militias for this, it is unclear what...
Euronews (English)
ValueWalk
While the capital markets are expecting the U.S. Federal Reserve to maintain its hawkishness, they don’t think it will be for long. The anticipation of rate cuts should prop up prices for oil as demand increases. Furthermore, economic data is supporting the notion that rate cuts could be on the way. The Fed could see incoming data and pivot from their tightening monetary policy. This could be to the benefit of bullish oil traders. “With the manufacturing sector languishing and inflation showing encouraging signs of slowing, the widely-anticipated July Federal Reserve interest rate hike may be ...
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In his podcast addressing the markets today, Louis Navellier offered the following commentary. Strong EconomyThe Labor Department on Thursday reported that weekly unemployment claims rose to 242,000 in the latest week, up from a revised 229,000 in the previous week. Continuing unemployment claims declined to 1.805 million, down from a revised 1.843 million in the previous week. This drop in continuing claims was good news, since in the previous week, it was at the highest level in 16 months. Then on Friday, the Labor Department reported that 253,000 payroll jobs were added in April, which was ...
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A Mixed Bag Of News On The Inflation FrontOn the inflation front, we have a mixed bag of news early this week. A surprise announcement from OPEC+ to reduce output by one million barrels per day led to a jump in prices. Oil prices were leaking through mid-March with growing recession risk on the horizon in light of the recent banking crisis, so this price bump certainly isn’t great news for either the Fed or consumers’ wallets. Q1 2023 hedge fund letters, conferences and more Market analysts generally note that supply and demand for oil are currently locked in a delicate balance at this point g...
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