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 »
Oil prices retreated after hitting a two-session high, with investors again expressing concern over a possible U.S. recession and lower oil demand. Brent oil prices retreated by 19 cents, or 0.22%, to $87.15 per barrel. U.S. West Texas Intermediate fell 11 cents or 0.12%. Both benchmarks advanced 2% to record highs on Wednesday, as a …
Oil prices retreated after increasing for 2 sessions Read More »
Oil prices held steady as the market awaited the U.S. inflation report later in the day, which will greatly impact the Federal Reserve’s policy on raising interest rates. Brent crude oil prices were up 14 cents, or 0.2%, at $85.76 a barrel, while U.S. West Texas Intermediate was up 10 cents, or 0.11%, at $81.64 …
Oil prices steadied as the market waited for U.S. inflation data Read More »
The IMF signaled that risks are skewed to the downside and marginally lowered its global growth projections for the year, yet the oil market nonetheless managed to close higher yesterday. ICE On the day, Brent ended 1.7% higher. Not only did oil benefit from a weaker USD, but also the larger commodities complex. However, today’s …
Oil prices advanced, meaning they continued their recent positive tone, ahead of the industry’s data on weekly U.S. crude inventories as well as easing U.S. inflation. U.S. crude futures advanced 0.92% to $80.43 a barrel, while Brent futures advanced 0.52% to $84.63 a barrel. The American Petroleum Institute will release its weekly statistics on U.S. …
Oil prices rose, continuing the recent positive tone Read More »
Oil prices advanced after three straight weeks of gains, as expected supply cuts from Saudi Arabia and other OPEC+ producers offset expectations of a slowdown in global growth that could drag back fuel demand. Crude oil prices rallied more than 6% last week after OPEC+ surprised the market with a new move to cut production …
Russia exported a record amount of oil products in March as Moscow successfully developed alternative routes for its supply a month after Western sanctions came into force. Marine crude shipments in March 2023 totaled 3.12 million bpd, according to Kpler, up 31.2% year-on-year and slightly higher than the previous peak of 3.12 million bpd exported …
Crude oil prices advanced, lifting the Dow and offering investors fresh results as a weekend OPEC+ oil supply glut rattled markets ahead of the start of the second quarter. Shortly after the opening bell, the S&P 500 advanced 0.42%, the Dow Jones Industrial was up 1%, and the tech-heavy Nasdaq Composite was off 0.4%. Crude …
Oil prices advanced of the release of key U.S. inflation statistics, which could point to expected changes in interest rates. Oil was down to its lowest level since November in the month. Brent futures, which have advanced nearly 6.3% this week, were up 33 cents, or 0.4%, at a high of $79.62. West Texas Intermediate U.S. …
Oil prices advanced as a surprise draw in U.S. crude inventories, and a pause in exports from Iraq’s Kurdistan region offset a smaller-than-expected cut in Russian supplies. Brent crude futures advanced 58 cents, or 0.72%, to $78.87 a barrel. Meanwhile, West Texas Intermediate crude futures advanced 71 cents, or 1%, to $73.68 a barrel. U.S. …
Oil prices rose due to a surprise drop in U.S. crude stockpiles Read More »
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