An internal report seen by Reuters showed today, Tuesday, that Russian crude oil production fell by about 9% to 9.16 million barrels per day, based on assessments of sources from OPEC +. The report stated that the commitment of members of the OPEC + group to production cuts rose to …
Read More »European woes undermine demand for EUR/USD
Geopolitically; EU ministers cannot reach an agreement on new sanctions against Russia as ECB’s Lagarde and Fed’s Powell get ready to deliver their speeches on Tuesday, meanwhile the EUR/USD pair holds modest gains above 1.0400, corrective advance could extend to 1.0470.The EUR/USD pair ended Monday achieving modest gains in the …
Read More »Agency: Russian oil production rises 1.7% month-on-month in May so far
Russia’s average production of oil and gas condensate increased by about 1.7 percent on a monthly basis to 1.4 million tons per day (10.25 million barrels per day) in the first half of May, Interfax news agency reported, citing a source. It also said that Russian oil exports – excluding …
Read More »Russian Ruble Best Gainer In 2022
The Russian currency has reportedly made large gains in spite of the sanctions imposed on Moscow by the United States and Washington’s allies.The US and EU attempted to cripple the Russian economy, but the value of the ruble is heading up. After two months of imposing state-crushing sanctions, the ruble …
Read More »Russian Ruble Best Gainer In 2022
The Russian currency has reportedly made large gains in spite of the sanctions imposed on Moscow by the United States and Washington’s allies.The US and EU attempted to cripple the Russian economy, but the value of the ruble is heading up. After two months of imposing state-crushing sanctions, the ruble …
Read More »Oil Exhibits Mixed Performance Amid Tight Supplies
On Thursday, crude oil prices exhibited mixed performance as supply fears as well as geopolitical tensions in Europe got the upper hand over the economic data related fears across financial markets as inflation is soaring globally.Trading has been thin and nobody knows what’s going to move the needle,” said John …
Read More »Market Drivers – US Session – Monday 9 May
Risk aversion dominated financial markets at the beginning of the trading week. Global stocks edged lower, while government bond yields soared during European trading hours, giving up some ground ahead of Wall Street’s close.The negative market sentiment came from the usual suspects. High inflation levels, increasing coronavirus cases, and tensions …
Read More »Hungary’s Orban Stalls EU Oil Embargo On Russia
EU Commission chief von der Leyen’s plan to travel to see Hungary’s Orban yielded no breakthrough. The president of the European Commission has wanted Hungary to agree to stop importing Russian oil, but eventually failed to reach agreement with Hungary on Monday to secure the country’s backing for an oil …
Read More »WTI Crude Trades Above $110
Oil prices rallied for a second straight session on Thursday, with front-month WTI futures briefly hitting their highest levels in more than one month above the $110 per barrel mark before more recently pulling back closer to $109.00. The WTI crude oil rallied above $110 to hit its highest levels …
Read More »Russia’s Natural Gas Too Big To Sanction
Russia’s wealth of commodities seems too big to sanction. Russia’s vast energy exports have been subject to unprecedented sanctions imposed by the Western nations in response to the invasion of Ukraine. In 2020, Russia produced 638.5 billion cubic meters of natural gas, decreasing the volume by approximately 40.5 billion cubic …
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