Economic Report

Saudi Arabia decided to raise the official selling prices for the month of August for all oil crudes designated to be sold to Asia. Saudi Arabia, the world’s largest oil exporter, set the August official selling price for its Arab Light crude at $2.70 a barrel, above the Oman/Dubai average …

After talks that lasted for two days, the OPEC+ meetings ended without an agreement, as the group’s ministers canceled talks related to production after a dispute that erupted last week when the UAE objected to a proposed extension of production restrictions for an additional eight months, but in return it …

Oil prices surged on Monday, for the fifth consecutive session, with markets anticipating the outcomes of the ongoing OPEC+ negotiations regarding output cuts. Brent crude futures for September delivery gained 99 cents, or 1.30%, to close at $77.16 per barrel, to log a new highest closing level since October 29, …

Many markets around the globe are lifting lockdowns and preventive measures against the coronavirus (COVID-19), but the global pandemic continues to raise uncertainty after the recent increase in the number of new cases infected with the Delta variant. Some vaccines are reportedly effective against the variant, including J&J and Moderna, …

Friday, July 2nd, the US dollar hit a three-month high against other major currencies, as traders are betting that strong US labor market data could push the currency higher. And the dollar index is on track to achieve another weekly gain of about 1%. The rise is the fourth in …

Non-farm Payrolls is due on Friday, July 2 at 12:30 GMT and as we get closer to the release time, here are the forecasts by the economists and researchers of 3 major banks ING “Consensus is paring its expectations down from million-plus figures last month to 700K now. Our house …

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 …

The dollar hit a 15-maonth high against the yen and hovered near a multi-month peak against other major peer currencies on Thursday, July 1, ahead of a major US jobs report that could provide clues as to when the Fed will begin to scale back stimulus. The US currency rose …

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 dollar is set to record its best monthly gain since March on Wednesday, June 30, supported by traders’ concerns ahead of hard-to-predict US jobs data and concern that the delta strain of the Coronavirus will delay the recovery from the pandemic. The dollar gained about 2.5% against a basket …