Core inflation in the Southeast Asian city-state came in at 3.4% year-on-year for the month of August, easing from July’s figures. China’s exports have fallen on a year-on-year basis every month this year starting in May. The last positive print for imports on a year-on-year basis was in September last year.
- Events such as war, financial crises and elections can affect oil policy and costs.
- The spike in demand stems from the outbreak of war in the Middle East between Hamas and Israel – an armed conflict now moving into its third day.
- They’ll be followed by Bank of America Corp. and Goldman Sachs on 17 October, and Morgan Stanley on 18 October.
- „An easing in food and fuel inflation likely drove a softening in the headline rate,” a Barclays report dated early October forecasts.
The move follows the release of September’s consumer price index, which matched economists’ estimates when stripping out food and energy costs. The U.K.-traded shares of natural gas company Energean are down 18% week to date, marking the largest declines out of the oil companies who engage in offshore drilling at Israeli gas fields. Crude oil is by far the world’s most important energy source and the price of oil therefore plays an important role in industrial and economic development. The most important type of crude oil used in Europe is Brent Crude, named after the North Sea oilfield where it is extracted. Brent Crude is a particularly light crude oil which is carried from the North Sea to the Sullom Voe Terminal on Mainland, Shetland by an underwater pipeline.
Interactive chart showing the daily closing price for West Texas Intermediate (NYMEX) Crude Oil over the last 10 years. The current price of WTI crude oil as of October 13, 2023 is $87.69 per barrel. Major stock indexes opened slightly higher on Thursday, after the latest consumer price index came out higher than expected. just2trade broker review U.S.-traded shares of LVMH shed 1.8% Wednesday, bringing it lower 8.4% week to date. Hermes and Kering’s U.S.-traded shares lost around 2% for the day, followed by Hermes down 1.6%. U.S. weekly crude production soared by 300,000 barrels per day (bpd) last week to a record high of 13.2 million bpd, EIA said.
The value of shares and ETFs bought through a share dealing account can fall as well as rise, which could mean getting back less than you originally put in. Calculate your hypothetical P&L if you had opened a CFD trade on a certain date (select a date) and closed on a different date (select a date).
Oil – US Crude Forecast
Browse news and quotes for dozens of commodity futures, or select a commodity for charting and rate data. India’s inflation data rose 5.02% year-on-year for September, easing to a three-month low on the back of lower vegetable prices. China reported a smaller-than-expected decline in exports in September compared to a year ago, while imports missed, according to customs data released Friday. JD.com shares sank 12.1% to HK$27.83 in early Friday trade in Hong Kong, underperforming the 2.1% loss on the benchmark Hang Seng Index.
The concern is that the prices of petrol, rental accommodation, and gas and electricity prices will continue to climb, pressuring the Reserve Bank to lift interest rates higher. However, Dr Oliver says he expects the price of oil to rise further, and the price of petrol for Australian motorists to follow higher. „[If Israel does not formally enter the war] the impact [on the oil price] will be minor as this is not 1973 (where many Arab countries were involved and cut supplies to the US),” Dr Oliver said. The price of oil – both Brent and West Texas Intermediate (WTI Crude) – have surged on Monday.
The conflict comes close to the 50th anniversary of the Yom Kippur War – an armed conflict fought between Israel and a coalition of Arab states led by Egypt and Syria. Microsoft — The tech company dipped 0.5%on reports that the Internal Revenue Service is seeking an additional $28.9 billion in taxes from the company. Microsoft said it would contest the claims and will take the issue to court if necessary. Simpson added that he is selling the stock on account of its underperformance compared to its relative price movement.
„Micro drivers are strong and should speed up the profit cycle over the next six months before the start of a consumer downturn. Overweight S&P 500 vs Russell 2000, Long Nasdaq Equal Weighted on US-10yr yield consolidation.” She also views estimates as „conservative” given expectations for accelerating growth in the eyewear industry and the proper playbook in place to take advantage of this market. All of the sectors in the S&P 500 are headed toward a winning week, with the exception of consumer staples. Homebuilder stocks fell sharply on Friday as Treasury yields moved higher, which will likely making it even harder for Americans to afford new houses.
Oil (Brent) News
Shares of LVMH fell to their largest intraday selloff in nearly two years on Wednesday, also bringing down luxury peers Richemont, Kering SA and Hermes International. A report from Freddie Mac on Thursday showed that the average for a fxcm canada review 30-year fixed rate mortgage rose to 7.57%, the fifth straight week that the rate has increased. Shares of Walgreens traded 7% higher on Thursday after the pharmacy chain reported narrower losses and progress in its cost-cutting plans.
Pfizer slashes revenue forecast on lower COVID sales, will cut costs
While the Fed tends to use core inflation, which factors out food and energy prices, rising oil prices can trickle into other areas of the economy. Last month, the year-on-year CPI clocked in at 3.7%, well above the Fed’s desired 2%. Use WTI Crude Oil futures to hedge against adverse oil price moves or speculate on whether WTI oil prices will rise or fall. Our diverse WTI futures and options suite provides more flexibility to trade oil with WTI Crude Oil price discovery. Gain direct exposure to the crude oil market using CME Group West Texas Intermediate (WTI) Light Sweet Crude Oil futures, the world’s most liquid oil contract.
CNBC Pro: Birkenstock’s IPO is set to help boost another footwear stock by 65%, analyst says
However recent analysis from Deutsche Bank says while wages growth remains limited, Australian household incomes are rising as people work longer hours and take on multiple jobs. „[We would] normally see an initial shock [in the price of oil] like this in these circumstances,” spokesperson Peter Khoury said. The spike in demand stems from the outbreak of war in the Middle East between Hamas and Israel – an armed conflict now moving into its third day. Generally speaking, the oil price is up roughly 4 to 5 per cent at mid-afternoon AEDT. Kenvue and Instacart are also among the stocks trading below their offering price. Kenvue has tumbled 11% since it started trading, while Instacart is off nearly 17% since its debut.
The strait is considered to be the world’s most important oil transit chokepoint, and sits between Oman and Iran. Crude oil can be refined into a variety of forms such as petroleum naphtha, gasoline, diesel fuel, asphalt base, heating oil, kerosene, liquefied petroleum gas, jet fuel and fuel oils, which expand the market pool and increase demand. Trading can be done either by speculating on its market price, or exchanging the physical commodity.
Dow closes more than 150 points lower as inflation data reignites interest rate fears: Live updates
Stocks fell Thursday, pressured by rising Treasury yields, as traders fretted over new data showing persistent U.S. inflation. The Israel-Hamas conflict is just the latest driver of crude prices, which have seen big swings in recent weeks. Gasoline deliveries have plunged to two-decade lows after OPEC pushed crude prices too high, the International Energy Agency reported.
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The data follows a stronger-than-expected producer price index reading for September. In December 2005 the global demand for crude oil was 83.3 million barrels per day according to the International Energy Agency (IEA) and will rise further. On an international level there are a number of different types of crude oil, each of which have different properties and prices. The different types of crude oil come from regions as diverse as Alaska North Lope, Arab Light or Zueitina in Libya. For the purposes of trading on futures exchanges in London or New York, however, reference oils are used. These are standardized products used to determine the prices for all other types.
JPMorgan Chase & Co, Citigroup, BlackRock, and Wells Fargo will kick off the financial sector’s reporting season this Friday, 13 October, before the opening bell. They’ll be followed by Bank of America Corp. and Goldman Sachs on 17 October, and Morgan Stanley on 18 October. With regard to the price of US crude oil, the commodity has witnessed a lot of volatility throughout its history, hitting some dramatic peaks and bottoms. Even though WTI is considered game development software engineer careers the highest-quality light sweet crude available, it is not the most used oil worldwide. This is due to the land-locked supply allocation, which makes its transportation around the globe more difficult and expensive than that of water-borne Brent. The counter-argument to this is that wages growth has remained relatively benign, meaning consumer demand should weaken further and already announced RBA interest rate hikes work their way through the system.
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