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(Reuters) - Risks of a new COVID hit to economic activity are clobbering expectations for rate hikes next year from the world's major central banks, a potential setback for the dollar and other currencies where wagers had been most aggressive. Money markets no longer fully price a 25-basis-point interest rate rise by the Federal Reserve... Continue Reading →
(WO) Oil crashed more than 10% in both London and New York as a new coronavirus strain sparked fears that renewed lockdowns will threaten the global recovery in demand. Both benchmarks tumbled on Friday with the emergence of the new variant representing the biggest threat to the recovery in oil consumption in several months, with... Continue Reading →
Brent slid nearly 4% to below $80 a barrel on Friday as a new COVID-19 variant spooked investors, adding to concerns that a global supply surplus could swell in the first quarter following the release of crude reserves by the United States and others. Oil fell in tandem with other financial markets on fears that... Continue Reading →
(Rigzone) Oil traders are betting that longer-term crude prices could be set to spike because of a lack of investment in future supply. Since hitting their high for the year last month, the most-active oil futures have fallen almost 5%. By comparison, those for late 2022 and 2023 have barely moved, sticking above $70 a... Continue Reading →
(Reuters) - Brazilian central bank chief Roberto Campos Neto said on Wednesday he was surprised by stubborn price pressures that had resulted in worse-than-expected inflation, while reaffirming the bank's aim to bring inflation down to its target range. The comments came amid growing market expectations that inflation next year could exceed the target of 3.5%,... Continue Reading →
(Reuters) - Oil prices were steady on Wednesday as investors questioned the effectiveness of a U.S.-led release of oil from strategic reserves and turned their focus to how producers will respond. Brent crude futures were down 27 cents, or 0.3%, to $82.04 a barrel at 1000 GMT, after rising 3.3% on Tuesday. U.S. West Texas... Continue Reading →
The United States said on Tuesday it would release millions of barrels of oil from strategic reserves in coordination with China, India, South Korea, Japan and Britain, to try to cool prices after OPEC+ producers repeatedly ignored calls for more crude. U.S. President Joe Biden, facing low approval ratings amid rising inflation ahead of next... Continue Reading →
(Reuters) - OPEC+ has produced less oil than its agreed output targets, drawing scrutiny from the United States and other major consumers which want more crude from the group. read more The International Energy Agency (IEA) said OPEC+ production was below its target in both September and October by more than 700,000 barrels per day (bpd)... Continue Reading →
(Reuters) - Barclays raised its 2022 oil price forecasts on Tuesday as it expects a faster-than-expected inventory drawdown and cautious supply response to offset a modest surplus next year. The bank raised its 2022 average price forecast by $3 to $80 and $77 per barrel for Brent and West Texas Intermediate (WTI) respectively. Oil prices... Continue Reading →
(Reuters) - Oil prices dropped by more than 1% on Tuesday ahead of the expected release of U.S. crude reserves to cool the market while resurgent COVID-19 cases in Europe also weighed on demand. The United States' planned release of emergency oil reserves is part of a plan that President Joe Biden's administration has hashed... Continue Reading →
Brazil Energy Insight 