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Indian government: Diesel sales in India rose 4.7% year-on-year in November, while gasoline sales rose 2.6% year-on-year.On December 6th, European Central Bank (ECB) Governing Council member Rehn stated that the medium-term inflation risks in the Eurozone are slightly tilted to the downside. He cited "relatively low energy prices, the appreciation of the euro, and expectations of slower inflation in the services and wage sectors" as downside factors. Factors pushing up inflation include "potential impacts on supply chains from geoeconomic fragmentation" and a stronger-than-expected economic rebound that could lower the savings rate. Rehn said, "We need to pay attention to both upside and downside risks." He refuted suggestions from some colleagues that another rate cut should be subject to high thresholds. Rehn stated, "We shouldnt impose any unnecessary constraints on our monetary policy, whether high or low thresholds. Its best to follow our strategy and be consistent in word and deed. I believe we will." When asked about ECB President Lagardes recent comments that the central bank is in a "good but not fixed" position regarding interest rates, Rehn agreed.December 6th - According to the Gaza Strip Media Office, since the ceasefire agreement took effect this year, Gaza has experienced a severe gas shortage. Originally, 660 gas delivery trucks were scheduled to enter Gaza, but only 104 have been approved so far, representing only about 16% of the agreed demand. This shortfall directly affects 2.4 million residents of Gaza, impacting essential sectors such as homes, hospitals, bakeries, and public kitchens. Currently, gas in Gaza is allocated based on the actual number of registered households to ensure fairness. Each household is allocated an 8kg gas cylinder per cycle, and can only collect it once per cycle. 252,000 households have already received their quotas, but the system targets approximately 470,000 households. Due to the continued shortage, each allocation cycle takes at least three months to complete the distribution to all registered households.Ukrainian President Zelensky: He spoke by phone with NATO Secretary General Rutte.Market news: The Indian government is preparing to take action against IndiGo, or may seek to remove IndiGos CEO.

Crude Oil Tests $95 as Recession Fears and a Surging Dollar Shake the Oil Rally's Foundation

Charlie Brooks

Jul 08, 2022 11:23


On Wednesday, U.S. crude futures slid $4 to test the $95 per barrel support as recession concerns and a strengthening dollar in expectation of further rate hikes by the Federal Reserve shook the roots of this year's oil boom. After topping $97 a barrel in the previous session, the benchmark for U.S. crude oil, West Texas Intermediate, fell by more than $9.


Brent, the benchmark for international crude oil, dropped below $100 for the first time since April 25. Tuesday, Brent lost nearly $11 after a $101 examination.


Overnight, the Dollar Index, which measures the U.S. dollar to six major international currencies, surpassed 107 for the first time since December 2002. The dollar has climbed significantly since November of last year in anticipation of aggressive rate hikes by the Federal Reserve, which have just now begun to materialize.


In June, a carefully watched barometer of the U.S. services sector fell to its lowest level in twenty months, but despite rising labor and other input costs, it held up better than expected.


Separately, the U.S. Department of Labor said that the labor market may be slowing. According to its monthly study, the number of job openings declined in May to 11.254 million, which is still an all-time high. The sum was around a quarter of a million more than projected, and the government revised its estimate from May to 11,681 million.


The data on job openings was issued before the more critical nonfarm payrolls report on Friday, which is anticipated to suggest a slower rate of employment growth in June compared to May. Economists anticipate that around 268,000 payrolls were added in June, compared to 390,000 in May, keeping the unemployment rate at 3.6% for the third straight month. The Federal Reserve considers a rate of unemployment of 4 percent or less to signify full employment.


In an assessment of the energy sector, Goldman Sachs analysts wrote, "While we believe that higher consumer prices are required to stabilize the oil market this summer, we recognize that significant and huge shocks continue to distort fundamentals."



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