The OPEC+ alliance ministerial meeting decided to delay the decision on output policy until Friday, according to recent media reports. It was reported that the alliance was near an agreement on raising production levels by about two million barrels per day between August and December through an increase of about …

The OPEC+ alliance is expected to decide on another production increase for the coming months during its meeting on Thursday. Despite media reports pointing to another output increase, crude prices are surging with the global and U.S. benchmark crude futures rising by about $2 earlier. Brent and Nymex futures remain …

Construction spending in the United States declined last month against market expectations, despite the increasing private homebuilding activity, amid decline in public and nonresidential, data showed on Thursday. Construction spending fell by 0.3% in May, following a slight increase of 0.1% in April, according to the U.S. Department of Commerce. …

Manufacturing activity in the U.S. expanded last month, however, employment declined for the first time in seven months, data showed on Thursday. The manufacturing purchasing managers’ index (PMI) leveled down to 60.6 in June, from 61.2 in May, according to the Institute for Supply Management (ISM). The PMI reached its …

Manufacturing activity in the United States stabilized in June, according to recent data. The seasonally adjusted IHS Markit U.S. Manufacturing Purchasing Managers’ Index (PMI) registered 62.1 in June, maintaining its reading in May. However, the reading came below the previous flash estimate of 62.6. Operating conditions registered its best improvement, …

President of the Federal Reserve Bank of Dallas, Robert Kaplan, hopes tapering could begin soon, telling Bloomberg on Wednesday that the reducing asset purchases will be smooth and not shock the market. “I want it to get out into the market, and I think this debate we’re having at the …

Ford Motor plans to shut down several of its factories in North America due to the global shortage of semiconductors. The closure will take place for a few weeks over the course of July and August. The supply disruption might cost the company as much as $2.5 billion this year, …

The main indices of the New York Stock Exchange (NYSE) continued to show a mostly strong performance on Wednesday, with the S&P 500 index registering its 34th record close this year, and while the Nasdaq declined and failed to continue to the record breaking activity, the Dow Jones came close …

The U.S. Dollar (USD) rose on Wednesday to its highest level in about two and a half months to score large monthly gains against major peers. The greenback in June registered its biggest rise since November 2016, rising by about 3%. The Dollar Index (DXY), which measures the USD’s performance …

Oil prices finished higher on Wednesday, after data showed that U.S. crude inventories declined for the sixth consecutive week. Markets are anticipating the decision by members of the Organization of the Petroleum Exporting Countries (OPEC) and its OPEC+ allies on output curbs. Brent crude futures for September delivery gained 34 …