EUR/USD 1.16005
-0.259%
Gold 4459.82
-0.624%
Oil 94.001
2.546%
USD/JPY 159.881
-0.027%
GBP/USD 1.34328
-0.232%
GBP/JPY 214.770
-0.261%
Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
June 3rd - In May, U.S. businesses added the most jobs since January 2025, suggesting the labor market may be accelerating despite rising energy costs due to the Iran war. ADP data supports the view that after months of uneven hiring, the labor market may be gradually improving, with job openings increasing while layoffs remain low. If this trend is confirmed in official government data, it could lead to speculation that the Federal Reserve is more likely to raise interest rates than cut them in the coming months.June 3rd - Yardeni, one of Wall Streets most optimistic forecasting firms, has set a target of 8250 for the S&P 500. Despite the index having already surpassed 7600, the firm recently indicated it will become more cautious. The firm cites factors such as tensions in the Middle East, risks of tight oil supplies, potential tightening by the Federal Reserve, and upcoming IPOs as reasons for market volatility. However, the firm remains optimistic about the future, believing that strong earnings growth and AI-driven economic growth will drive market development.Irans Islamic Revolutionary Guard Corps: New satellite images confirm that an aircraft shelter at the Ali Salim Air Base in Kuwait has been destroyed following Irans missile and drone attacks earlier today. U.S. Central Command stated that all attacks were intercepted.June 3 (CNBC) – U.S. private sector hiring remained robust in May, further indicating a stable labor market. Data released Wednesday by ADP showed that U.S. businesses added more jobs than expected that month. The payroll processing agency said private sector employment increased by 122,000 in May, the strongest monthly increase since January 2025. Aprils figure was revised down by 4,000 from the initial estimate. Unlike previous months where job growth was mainly concentrated in a few sectors such as healthcare, Mays job gains showed a broader spread. Eight of the ten industries tracked by ADP saw job growth, and hiring activity was relatively evenly distributed across company size and region. By industry: Education and healthcare services added 57,000 jobs, continuing to be the largest contributor; trade, transportation, and utilities added 36,000; professional and business services added 11,000; and construction and leisure and hospitality each added 8,000.ADP Report: Construction employment increased by 8,000 in May, compared to 10,000 in April. ADP Report: Manufacturing employment increased by 3,000 in May, compared to 2,000 in April. ADP Report: Trade/Transportation/Utilities employment increased by 36,000 in May, compared to 25,000 in April. ADP Report: Financial Services employment increased by 7,000 in May, compared to 9,000 in April. ADP Report: Professional/Business Services employment increased by 11,000 in May, compared to a decrease of 8,000 in April.

Oil Quiet As Price Cap Suggestion Assists in Relieving Supply Concerns

Skylar Williams

Nov 25, 2022 14:48

118.png


Benchmark Brent oil declined on Thursday, while West Texas Intermediate (WTI) crude remained unchanged, hovering at two-month lows due to uncertainty about the degree to which a proposed G7 restriction on the price of Russian oil would limit supply.


A larger-than-anticipated rise in gasoline inventories in the United States and an expansion of COVID-19 limitations in China also knocked on oil prices.


At 15.15 p.m. ET (2015 GMT), Brent oil prices decreased 29 cents, or 0.3%, to $85.12 per barrel, while U.S. WTI crude futures decreased 2 cents, to $77.96 per barrel.


Due to the Thanksgiving break in the United States, trade volumes were quite low.


The announcement on Wednesday that the expected price ceiling for Russian oil may surpass the current market level triggered a decrease of about 3 percent for both benchmarks.


European Union nations remained divided over what level to cap Russian oil prices to limit Moscow's ability to pay for its battle in Ukraine without causing a global oil supply shock; if positions converge on Friday, more conversations are possible.


A European official claimed that the G7 is discussing a cap of $65-$70 per barrel for Russian oil transported by sea, but European Union member states have not yet reached an agreement on a price.


A higher price ceiling might encourage Russia to continue selling its oil, decreasing the possibility of a global oil supply shortage.


According to two sources, several Indian refiners are discounting Russian Urals crude by between $25 and $35 per barrel compared to the worldwide benchmark Brent oil. Urals is Russia's principal crude export.


Despite the obstacles, Bart Melek, global head of commodities market strategy at TD Securities, is rather optimistic about oil. "The Russian price ceiling is another aspect that contributed to the current price fall," he stated.


The Energy Information Administration (EIA) said on Wednesday that gasoline and distillate inventories in the United States climbed substantially during the previous week. [EIA/S]


In contrast, oil stockpiles decreased by 3.7 million barrels to 431.7 million barrels in the week ending November 18, despite a Reuters survey predicting a reduction of 1.1 million barrels.


China reported the highest daily number of COVID-19 cases since the outbreak began over three years ago on Wednesday. Local officials intensified measures to remove the breakouts, raising investor anxiety over the economy and demand for fuel.

Suggestion