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Amidst high inflation readings, asked about the most likely scenarios regarding the upcoming decisions by major central banks during the current trading week, and whether there be any interest rate cuts or unchanged rates, Mohammed Hashad, the Head of the Research and Development Department at Noor Capital and member of …
Read More »China’s CPI fell at the fastest pace since November 2020
Chinese stocks fell on Monday, December 11, after data showed continued deflationary pressures as the country’s economy suffers from weak domestic demand. In contrast, Japanese stocks jumped amid increasing bets that its central bank may not raise interest rates next week. Inflation figures for November in China showed a faster-than-expected …
Read More »Oil continues its gains as the United States seeks to buy strategic reserves
Oil prices rose on Monday, extending their gains for a second session as the United States sought to revive its strategic reserves, which provided some support, despite continuing fears of a glut in crude supply and weak growth in fuel demand next year. By 0119 GMT, Brent crude futures rose …
Read More »Market Drivers – US Session, Dec. 8
Gold price retreated below $2,000 for the first time since November 24, extending losses to 0.50%. The XAU/USD pair is trading at $1996, after hitting a daily high of $2034.00. The decline follows the latest US employment report, which showed the labor market is improving, with the economy creating 199K …
Read More »Oil could rebound post further voluntary cuts
As voluntary production cuts are demanded by Russia and Saudi Arabia, oil traders are expecting a recovery in the oil market. Due to gloomy weather forecasts, natural gas is trading below $2.60, while WTI oil has pared some of its weekly losses and is moving closer to $71.50. As of …
Read More »China pledges to strengthen fiscal policy to support economic recovery
The top decision-making body of China’s ruling Communist Party said the country’s fiscal policy “should be moderately strengthened” to stimulate economic recovery, the state-run Xinhua news agency reported. The Politburo meeting held on Friday, chaired by Chinese President Xi Jinping, analyzed the economic work to be undertaken in 2024. The …
Read More »Oil is trying to reduce losses 8/12/2023
Mixed trading characterized the US crude oil futures contracts in the previous session, ultimately registering a low at $68.83 per barrel. From a technical standpoint, the $68.80 level effectively mitigated the bearish inclination, prompting a rebound in oil prices. Presently, movements exhibit stability above the psychological barrier of $70.00. A …
Read More »China’s crude oil imports record their first year-on-year decline since April
Customs data showed on Thursday that China’s crude oil imports in November fell 9.2 percent year-on-year, the first annual decline since April as high inventory levels, weak economic indicators and a slowdown in orders from independent refineries weakened demand. According to the General Customs Administration, the total imported crude oil …
Read More »Oil continues to lose ground 7/12/2023
US crude oil futures prices incurred significant losses yesterday within the expected negative outlook during the previous technical report, touching the targets to be achieved at 70.70, recording its lowest level at $69.13 per barrel. Technically, by looking at the 240-minute time frame chart, we notice continued negative pressure coming …
Read More »Variation in oil prices as the market assesses OPEC+ cuts and Chinese demand concerns
Oil prices varied in Asian trading on Wednesday, after recording losses over four sessions, as markets evaluated the effectiveness of OPEC+ production cuts and concerns about the deteriorating demand prospects in China. By 0438 GMT, Brent crude futures rose one cent to $77.21 per barrel. US West Texas Intermediate crude …
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