Market Update

Federal Reserve Chairman Jerome Powell, in the second day of his semi-annual testimony before the US Congress, said that the rise in energy prices will work its way through to the US economy and there will subsequently be upwards pressure on inflation for a while. Key Quotes:“We could see people …

The headline ISM Services PMI figure slid to 56.5 in February from 59.9 in January, below the expected rise to 61.0, according to the latest release by the Institute for Supply Management.Economic activity in the services sector grew in February for the 21st month in a row, with the Services …

The International Energy Agency said on Thursday that Europe could reduce the import of Russian gas by more than a third within a year, and the agency announced a 10-point plan to reduce the European Union’s dependence on Russian gas. “Nobody is under any illusions anymore. Russia’s use of its …

Oil prices continued their rally on Thursday, with Brent crude heading towards $120 a barrel, its highest level in nearly a decade, due to US sanctions on Russian refiners, shipping disruptions, and a drop in US crude stocks to their lowest level in years. Brent crude futures prices rose to …

Gold prices firmed on Thursday as investors remained cautious about the conflict between Russia and Ukraine, which also boosted demand for the safe-haven precious metal, while supply fears pushed palladium to a seven-month high. Gold prices consolidated in spot transactions at $1926.10 an ounce. US gold futures rose 0.4 percent …

The UK services sector activity expanded less than expected in February, the final report from IHS Markit confirmed this Thursday. The seasonally adjusted IHS Markit/CIPS UK Services Purchasing Managers’ Index (PMI) was revised lower to 60.5 in February versus 60.8 expected and a 60.8 – last month’s flash reading.

A US Energy Information Administration report said on Wednesday that the US Strategic Crude Oil Reserve fell 2.4 million barrels last week to 580 million barrels, its lowest level since August 2002. At the crude delivery and storage center in Cushing, Oklahoma, stocks fell by 972,000 barrels last week to …

The European Union has removed seven Russian banks from the Swift messaging system that supports global transactions as part of its sanctions against Russia over its invasion of Ukraine, the Official Gazette of the European Union said on Wednesday. The banks, which will be given 10 days to phase out …

Oil prices jumped above $110 a barrel on Wednesday, extending their rally since Russia invaded Ukraine seven days ago, amid expectations that the market will remain in short supply for months following the imposition of tough sanctions on Moscow and the mass exodus of major companies’ investments in Russian oil …

The World Bank on Wednesday announced the suspension of all programs in Russia and Belarus with immediate effect in the wake of Russia’s invasion of Ukraine and “hostilities against the people of Ukraine.” The multilateral development bank said it had not approved any new loans or investments in Russia since …