Market Update

US WTI crude oil futures pared gains on Wednesday after a U.S. official said the country was continuing to consider tools to manage energy prices, and as government data pointed to weaker gasoline demand.WTI U.S. crude futures were trading $1.3, or 2.02%, higher at $67.51 a barrel at 12:04 p.m. …

The GBP/USD is trading at 1.3311 and higher by 0.12% on the day so far. The pair has recovered from a low of 1.3276 and has reached a high of 1.3352 so far.DXY, an index that measures the US dollar vs a basket of currencies spiked around 40 points during …

The ISM Manufacturing Index showed an improvement in November, in agreement with market expectations. According to Wells Fargo’s analysts, the report is the first sign of an easing of the supply chain crisis.Analysts still warn that it is too early to say that things are materially improving, but it is …

A weekly report published by the US Energy Information Administration (EIA) revealed on Wednesday that crude oil inventories in the US fell by 0.910 million barrels in the week ending November 26.This was smaller than the expected draw of 1.273 million barrels. Distillate stocks saw a larger than expected build …

Fed Chair Jerome Powell is currently testifying before the House Financial Services Committee alongside US Treasury Secretary Janet Yellen. More Wednesday’s Quotes:“We need to move on from the word transitory.”“The risks of higher inflation have moved up.”“Demand is very, very strong from fiscal policy and a quickly rebounding economy.”“The economy …

Fed Chair Jerome Powell returns to Capitol Hill on Wednesday for a second day of testimony. Markets will be looking for clues about how the central bank is thinking about plans to raise interest rates next year.Powell testified alongside Treasury Secretary Janet Yellen before the Senate Banking Committee on Tuesday, …

According to a survey compiled by the Institute of Supply Management, released Wednesday, US Manufacturing PMI rose to 61.1 in November from 60.8 in October. That was slightly above the expected reading of 61.0 and above October’s reading at 60.8. The employment index rose to 53.3 from 52.0, the new …

OPEC expected the oil surplus to increase to 2 million bpd in January, 3.4 million bpd in February and 3.8 million bpd in March 2022. The Organization of the Petroleum Exporting Countries, through a leaked document during today’s meeting, said that the demand for transport fuels in Europe may also …

OPEC and its allies will start two days of meetings on Wednesday to decide whether to pump more oil into the market or curb supplies amid slumping oil prices and concerns that the mutated Omicron strain of the coronavirus could dampen global energy demand. According to a document cited by …

European shares rose on Wednesday as bargain hunters returned from the November turmoil, but investors remain concerned about whether the emergence of the new mutated Omicron from the coronavirus will affect economic activity in the winter months. The pan-European Stoxx 600 index rose 0.8 percent by 0816 GMT, following in …