WTI Crude oil recovers losses

Worries about limited global supply helped WTI crude futures rise 2% to $80, pulling away from 9-month lows at $76 earlier this week. Hurricane Ian caused a reduction in US crude output of around 190,000 barrels per day, or 11% of the Gulf’s total.

More market movers from category

WTI oil moves higher πŸ“ˆ

WTI crude oil increased toward $80 after a decline in US crude inventory by 8 million barrels last week. An upcoming OPEC+ meeting sparked fears of further output restrictions, as OPEC+ is supposed to meet on Dec. 4th to decide on output strategy. Rumors that the cartel will reduce output further in response to market weakness are gaining momentum.

WTI oil dives below $74 〽️

WTI crude oil fell more than 3% below $74, the lowest price in one year. Widespread protests in China over its strict zero-Covid policy hurt investor confidence and the outlook for demand. Oil prices were also pushed down by reports that the US had granted Chevron Corp permission to restart oil production in Venezuela.

US natural gas surges 10% πŸ”₯

US natural gas jumped more than 10% above $7.5 on Wednesday to levels not seen since early October. Strong domestic and international demand in advance of the upcoming winter season is fueling the growth. Additionally, Europe is yearning for US exports due to Russia’s threat to further reduce supply.

Copper continues to decline πŸ“‰

Copper futures fell below $3.6 after almost reaching $4 on November 11th. Other metals also declined as signals of weak demand and a strengthening US dollar overshadowed impending supply deficit worries. Moreover, industrial production fell more than anticipated in October from the world’s largest consumer, China.

WTI Crude oil tumbles πŸ“‰

WTI crude oil fell to $79 on Friday, the lowest level in four weeks. Oil is down by more than 11% lower in one week as a deteriorating demand outlook eclipsed supply-side worries. Recurring Covid outbreaks in China crushed reopening expectations and cast doubt on the demand outlook in the top world’s crude importer.

WTI Crude oil continues to fall πŸ“‰

WTI Crude oil fell 6% this week and 2.5% today. Oil dropped despite inventories falling by 5.4 million barrels compared with market expectations 0.44 million barrel decrease. Following a brief interruption, the Druzhba pipeline is operating normally, and the fear of COVID outbreaks in China may draw oil prices even lower.

More market movers

EU inflation eases to 10%

The annual inflation rate in the Euro Area decreased back to 10% from a record high of 10.6% in October. The result exceeded market expectations by 10.4%, finally declining after several increases.

WTI oil moves higher πŸ“ˆ

WTI crude oil increased toward $80 after a decline in US crude inventory by 8 million barrels last week. An upcoming OPEC+ meeting sparked fears of further output restrictions, as OPEC+ is supposed to meet on Dec. 4th to decide on output strategy. Rumors that the cartel will reduce output further in response to market weakness are gaining momentum.

Australia’s inflation decreases to 6.9%

Australia’s annual inflation rate fell to 6.9% in October 2022. It decreased from September’s record high of 7.3% and fell short of expectations of 7.4% due to a lower increase in food prices.

Phantom expands its reach

One of the largest Solana-based wallets Phantom is expanding to other blockchains. The wallet will expand to Polygon and Ethereum, threatning the market leader Metamask. Phantom reportedly now has more than 3 million users.

India starts the test of digital rupee

The Reserve Bank of India will start testing its central bank digital currency (CBDC) on December 1st. The testing will run in Mumbai, New Delhi, Bengaluru and Bhubaneswar. Some of the major banks, such as the State Bank of India, ICICI Bank, Yes Bank, and IDFC First Bank, will participate.

CAD weakens after GDP results

The Canadian dollar weakened aboveΒ $1.35β€”a level not seen since early November after the GDP results. The Canadian economy increased by 2.9% annually in Q3Β of 2022, beating expectations for a modest 1.5% growth.

News

More than 215 million people can officially pay with crypto
BTC
2.7%

More than 215 million people can officially pay with crypto

While Brazil has allowed cryptocurrencies as a form of payment, they haven't been accepted as legal tender just yet.

Rolls-Royce successfully tests its hydrogen jet engine

Rolls-Royce and easyJet have achieved a new aviation milestone with the world's first hydrogen-fuelled modern jet engine.
A good day for oil, not so good for stocks and dollar
EURUSD
-0.1%

A good day for oil, not so good for stocks and dollar

Markets saw oil gain second day in a row caused by OPEC+ speculations. Stocks were mostly down as production may halt again in China.

Hibbett dumps after horrific earnings

A massive decline for the stock price amid worsening fundamental situation.