oil prices
Big Jump in Fossil Fuel Prices Marks U.S. Holiday
October 11, 2021
Financial market depth today will be diminished by holidays in Canada (Thanksgiving) and the United States (formerly known as Columbus Day but renamed Indigenous Peoples’ Day in many states). Inflationary concerns around the world are being inflamed by a 3.3% overnight additional leap in the price of WTI oil to around $82/barrel. That price hadn’t […] More
Oil Prices Sink Sharply to One-Year Low
November 23, 2018
The price of West Texas Intermediate crude oil dived 6.9% to $50.44 per barrel. Gold has fallen 0.4%. There was no trading in Japan due to the Labor Thanksgiving holiday. The dollar edged 0.2% lower against the yen overnight but rose 0.4% against the euro, 0.3% relative to sterling, and 0.2% vis-a-vis the Swiss franc. […] More
A Focus on Italy, Korea, Turkey & Oil Prices as U.S. and Britain Observing Holidays
May 28, 2018
Italian President Mattarella rejected the League/5-Star choice for economy/finance minister, whereupon that coalition withdrew its bid to lead Italy’s government and called for Mattarella’s impeachment and immediate election. Mattarella then asked former IMF Director of Fiscal Policy Cottarelli to form a provisional governing coalition. Elections likely no later than the autumn. Italian share prices dived 1.3%, […] More
Sub-$40 Oil Spreads Gloom to Other Markets
August 3, 2016
WTI oil got a little bounce after yesterday’s drop but remains below the critical $40 level at $39.85 per barrel. Rippling damage from the U.K. Brexit vote in June was evident in the U.K. services purchasing managers survey, which slumped to an 88-month low of 47.4 in July from 52.3 in June and 53.5 in […] More
Firmer Commodity Prices
May 26, 2016
Crude oil (+0.7%) and a wide spectrum of industrial metal prices firmed overnight. WTI touched a high of $49.97 per barrel, and brent surpassed $50.00. St. Louis Fed President James Bullard is the latest Fed official to indicate that a June interest rate hike may be in play. He spoke of tightening U.S. labor market […] More
Several Pieces of Good News
May 25, 2016
Yesterday’s strong performance in North American equities carried over into Pacific Rim and European markets today. Japan’s Nikkei closed 1.6% higher. Shares also climbed 2.7% in Hong Kong, 2.3% in India, 1.5% in Australia, 1.3% in Indonesia, 1.2% in South Korea and Taiwan and 0.7% in New Zealand. The Shanghai composite index dipped 0.2%, however, […] More
Dollar Little Affected by Risk Aversion in Other Markets
April 20, 2016
Stocks in China, Hong Kong and Taiwan slumped 2.3%, 1.5%, and 1.4%. A Chinese central bank official implied lessening inclination to ease. West Texas Intermediate crude oil dropped 2.3% to $40.14 per barrel on news that Kuwaiti workers called off their strike. The 10-year Japanese JGB yield dipped another basis point to a record low […] More
Oil Price Retreat Extended
March 29, 2016
West Texas Intermediate crude oil slid another 2% and is trading about 7% below last Wednesday’s close. Gold (down 0.3%) and most metals are lower, too, adding to the heaviness of commodity-sensitive currencies. A narrowly mixed dollar is down 0.5% against the New Zealand dollar and shows losses of 0.2% against the loonie and sterling […] More
WTI Oil Extends Rise Above $40 Level
March 18, 2016
West Texas Intermediate oil has climbed another 1.8% to $40.93 per barrel. There has been a rebound of 56.6% since February 11 when oil touched its lowest level since May 2003. The rebound in oil has maintained a bid tone in share prices. The DOW is 0.7% higher. Stocks have risen 0.5% in Spain and […] More
Markets Tugged One Way by Oil and Another by Clarifying Super Tuesday Results
March 2, 2016
West Texas Intermediate crude oil dropped back 2.1% to $33.67 per barrel, depressing U.S. stock futures. Weekly U.S. oil inventories get reported today. Comex gold, the ultimate haven beneficiary, edged 0.2% lower to $1,230.25 per ounce. Trump won Alabama, Massachusetts, Virginia, Tennessee, Georgia, Vermont and Arkansas and now leads Cruz in the Republican delegate count […] More
