Market Update

Oil prices rose on Thursday, supported by the extension of crude output cuts by OPEC+ until the end of April. Brent crude futures for May delivery rose by $2.67, or 4.2%, to close at $66.74 per barrel, recording its highest finishing level since February 25. Meanwhile, the West Texas Intermediate …

The Organization of the Petroleum Exporting Countries (OPEC) and its partners, forming an alliance known as OPEC+, agreed on Thursday to extend most crude oil production cuts until the end of next month. While Russia and Kazakhstan were allowed limited eases in output curbs, of 130,000 barrels per day (b/d) …

Gold prices declined on Thursday, as the U.S. Dollar (USD) continued to rise due to rising Treasury yields. U.S. Treasury bond yields continued to rise today, as Federal Reserve Chairman Jerome Powell suggested that the Fed is closely monitoring changes in the bond market but said that current increases are …

Goldman Sachs has raised its Treasury bond yield target, expecting the benchmark 10-year bond rate to reach 1.90% by the end of 2021, according to a research note on Thursday. The forecast comes amid a selloff in the bond market, MarketWatch noted. “The already material repricing in global yields will, …

Treasury bond yields in the United States continued to noticeably rise on Thursday, after the Chairman of the U.S. Federal Reserve, Jerome Powell, noted that the Fed is monitoring the debt market to observe any tightening conditions. Powell said that some inflationary pressures are expected in the coming period, but …

European stocks declined on Thursday as Treasury yields rose, with the pan-European STOXX 600 index losing 0.38%, after falling by 1% earlier in the session. The basic resources sector fell by 4.3%, while the utilities sector gained 1.7%. The French CAC40 index closed marginally higher by 0.01%, while the German …

The U.S. Dollar (USD) rose on Thursday against safe-haven currencies, such as the Japanese Yen (JPY) and the Swiss Franc (CHF), supported by the increase in Treasury yields. The USD/JPY pair is up for the day by 0.57%, trading at 107.620. The pair has been moving today in a range …

Natural gas inventories in the United States decreased by 98 billion cubic feet (bscf) last week, data by the U.S. Energy Information Administration (EIA) showed on Thursday. The decline in natural gas supplies came below market expectations that pointed to a drop of 137 bscf for the week ending on …

Factory orders in the United States increased by 2.6% in January, data by the U.S. Census Bureau showed on Thursday. The reading exceeds that of market expectations, as a recent Dow Jones and Wall Street Journal poll of market experts expected a 2.3% increase in factory orders. The manufacturing sector …

There were 745,000 initial claims for unemployment benefits in the US during the week ending February 27, the data published by the US Department of Labor (DOL) showed on Thursday. This reading followed the previous one of 736,000 and came in better expectation of 750,000.