Ministers of OPEC oil producers and allies, including Russia, agreed on Sunday in Vienna to maintain the current reduction in the “black gold” production until the end of this year. The countries backed out of the new cut, as Saudi Arabia voluntarily agreed to reduce its production. Saudi Arabia’s Energy Minister Prince Abdulaziz bin Salman …
Saudi Arabia Is Voluntarily Reducing Oil Production Read More »
Oil prices rose to $77 on international markets on Friday, boosted by estimates that the White House and Congress will agree to raise the US debt ceiling and remove the threat of payment problems. On the London market, the price of a barrel was 1.15 dollars higher around noon than at the close of trading …
Oil Prices on International Markets Rose to 77 Dollars Read More »
Ukraine, Russia, Turkey, and the United Nations (UN) failed to reach an agreement during negotiations on Black Sea grain exports. According to Reuters, UN spokesperson Farhan Haq stated that there had been no new authorizations for ships to export grain across the Black Sea. Additionally, he mentioned that previously authorized ships are undergoing daily inspections. …
No New Ship Is Allowed to Export Grain Across the Black Sea Read More »
Oil market sentiment remained gloomy. ICE Brent fell more than 5% Wednesday, settling in the $75/bbl range. This is the greatest daily percentage drop since early January and the lowest level since March. There are a few new factors to warrant the sell-off. However, investors appear to be becoming concerned about the macroeconomic outlook and …
On Tuesday, oil prices fell to their lowest level since late March. According to the disappointing Chinese economic data, predictions of interest rates rose significantly. The US Federal Reserve and the European Central Bank (ECB) expressed concerns about sufficient supply this week. Brent crude slid $2.41, or 3.04%, to $76.90 a barrel by 1404 GMT. …
Oil prices fell as the short-covering surge spurred by OPEC+’s unexpected output goal drop ended. Oil prices fell as the short-covering surge spurred by OPEC+’s unexpected output goal drop ended. Therefore, global economic fears prompted a wave of profit-taking and new short sells. Within the time period of the previous seven days until April 25, …
The export went down in the first month of the current Iranian calendar year (March 21-April 20). The value of Iran’s non-oil trade was $6.732 billion. Compared to the previous year, the country exported 10.471 million tons of non-oil products worth $3.645 billion. It shows a 12.93 percent decrease in value and a 17.76 percent …
Commodities feed: Non-oil trade exceeds $6.7 billion Read More »
According to a new World Bank analysis, global food, energy, and metals prices will likely continue to fall in 2023. However, consumers won’t likely get much respite if commodity prices remain above pre-pandemic levels. Along with all that, inflation pressures are still quite high. Since the year’s beginning, commodity prices have gone down significantly. The …
A global decline in commodities by the end of 2023 Read More »
The commodity market received pressure from outside factors that led to major commodities fluctuating. Oil was unable to evade the broader market impact seen yesterday. The lower US consumer confidence and a stronger USD pressured the risk assets. ICE Prices for Brent remained roughly 2.4% lower for the day, holding slightly above US$80/bbl. The oil …
According to Morgan Stanley, the US housing market is on its way to the bottom. Apparently, it should provide a soft landing for the economy. While property prices somewhat dropped, the mortgage rates gradually increased to 6%. The real estate activity is showing no significant activity. Overall, the housing cycle is bottoming. However, Morgan Stanley …
Oil prices slid down further, having dipped in the past two days, and nearing their weekly low levels, stirring concerns of a coming recession and a decline in global oil requirements amidst surplus U.S. gasoline stocks. June Brent futures dropped 14 cents, representing a 0.22% decline, ending at $80.97 per barrel. June delivery of West …
Anyone who ships goods to the nation with the most significant population, China, should feel optimistic now. The dragon is back and running at full speed. This week, China gave tanker and dry bulk owners many encouraging data points. Now, it is free of the constraints of COVID. Data from the National Bureau of Statistics …
A recent drop in commodity prices would only help Tesla Inc’s battered margins in the year’s second half. It is a further short-term pain for the electric-car maker. Besides, Tesla has been busy slashing prices to boost sales for a while now. Tesla’s Chief Financial Officer Zachary Kirkhorn expressed his thoughts on the matter. He …
Tesla: Commodity cost pressures through the second half of 2023 Read More »
Oil prices retreated as a potential U.S. interest rate hike, which could slow growth and pause oil consumption, weighed on strong economic data from China. Brent crude futures were down $1.83, or 2.23%, at $82.94 a barrel, while West Texas Intermediate was down $1.83. The U.S. Federal Reserve is likely to make another interest rate …
Oil prices fell as potential U.S. interest rate hikes could slow growth Read More »
In April, India and China bought most of the Russian oil at prices above $60 a barrel in the West. This means that the Kremlin enjoys stronger revenues, despite Western sanctions to limit funds for Russian military operations in Ukraine. Western price caps should remain stable for now, despite pressure from some EU countries, such as …
India snapped up the vast majority of Russian oil Read More »
