Market Update

Oil prices declined on Wednesday after data showed a decline in U.S. crude inventories last week. Earlier, the U.S. Energy Information Administration (EIA) reported that crude inventories in the United States fell by 400,000 barrels last week. Meanwhile, gasoline stockpiles declined by 1.4 million barrels and distillate inventories increased by …

Inflation in the US, as measured by the Consumer Price Index (CPI), stayed unchanged at 5.4% on a yearly basis in July, the data published by the US Bureau of Labor Statistics revealed on Wednesday. This reading came in slig

Oil fell below $70 a barrel, pressured by a CNBC report that the White House will call on OPEC and its allies to boost production in an effort to stem rising gasoline prices. And the price of Brent crude is up 35% since the beginning of this year, supported by …

Oil rose towards $71, as signs of increased fuel demand in the United States offset concerns about travel restrictions in Asia due to the spread of the Delta strain. Sector data showed a decline in US crude and gasoline stocks last week, while the US Energy Information Administration said that …

Senate Democrats have taken their first step toward passing a $3.5 trillion spending plan as the Democratic Party pushes forward with a massive economic agenda. More than 14 hours later, the Democratic-controlled US Senate voted 50-49 to pass the budget resolution. A bill would be drafted by the committees, which …

European shares hit record highs and are on track to post their longest winning streak in two months, with a rally in banks and mining companies boosting investor sentiment already high thanks to a strong earnings season. The pan-European STOXX 600 index rose 0.2%, hitting an all-time high for the …

Japanese stocks closed higher for the fourth consecutive session, helped by strong profits announced by Bridgestone and other companies, while the banking sector received support from the rise in US bond yields. The Nikkei index rose 0.65% to 28,070.51 points, the first close above the 28 thousand points level since …

US investment bank Goldman Sachs lowered its forecast for China’s oil demand in the next two months, citing mounting concerns about the impact of the next wave of COVID-19 infections. The US bank, which already trimmed its forecast last month for emerging market demand due to the delta mutant strain, …

The US dollar settled at a level slightly less than this year’s peak against the euro and touched a five-week peak against the yen before US inflation data, with a high inflation rate likely to pressure the Federal Reserve to reduce stimulus policies. The dollar received a boost from strong …

Auto sales in China declined by 11.9% in July, compared to the same month last year. Data from the China Automobile Manufacturers Association revealed that total sales in the world’s largest auto market amounted to 1.86 million vehicles in July. Sales of new energy vehicles, including battery-electric cars, gasoline-electric hybrid …