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February 22nd - According to foreign media analysis, Nvidia has played a key role in driving the stock market to record highs for years. However, with growing skepticism about artificial intelligence, Wall Street is increasingly worried that the chip giants earnings report next week, regardless of the outcome, will depress its stock price. Nvidias stock price has been trading sideways for months, a significant setback for a company that was recently a leading index performer and achieved triple-digit year-over-year gains. Investors expect Nvidias earnings next week to exceed Wall Street expectations and raise forecasts for the next few quarters. But this may not be enough to boost the stock price. Meanwhile, if Nvidias performance fails to quell investor anxiety about artificial intelligence, it could lead to greater volatility in AI-related stocks and the broader market.February 22 - Libyas state-owned Arabian Gulf Oil Company (AGOCO) announced on Sunday that the Sinawan oil field in the Nalut region of western Libya has resumed production. The field had been shut down for over three years due to financial and technical problems. Under normal operating conditions, the field can produce up to 20,000 barrels of oil per day.February 22 – According to AXIOS, a senior U.S. official said on Sunday that if U.S. negotiators receive a detailed nuclear agreement proposal from Iran within the next 48 hours, they are prepared to hold a new round of talks with Iran in Geneva on Friday. The U.S. official stated that the current diplomatic efforts may be the last chance President Trump is giving Iran before launching a large-scale U.S.-Israel joint military operation (potentially targeting Iranian Supreme Leader Khamenei). The senior U.S. official indicated that the Trump administration is awaiting Irans proposal.U.S. Trade Representative Greer: We will continue the trade investigation so that we can impose tariffs.U.S. Trade Representative Greer: We will explore policy continuity issues after the tariffs imposed under Section 122 expire.

Oil Price Prediction: After a Sell-Off, Oil Markets Will Rebound

Daniel Rogers

Jul 08, 2022 11:43

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After a significant sell-off that caused it to go below $100, WTI oil recovers. Recent publication of the Weekly Petroleum Status Report by the EIA acted as another market-bullish stimulus. According to the study, oil stockpiles rose by 8.2 million barrels over the prior week. Analysts anticipated a 1 million barrel decrease in crude stockpiles.

 

The rise in crude oil imports, which climbed by 0.8 million bpd from the previous week, was the main cause of the rise in crude stockpiles.

 

The rapid increase in crude stockpiles may have acted as a negative stimulus for the oil market. Other significant factors, though, supported the uptrend. Stocks of gasoline fell by 2.5 million barrels. Gasoline stockpiles are currently around 8% below the five-year average at this point in the year.

 

At 12.1 million bpd, domestic oil output remained constant. This is a positive development for the oil markets because it demonstrates that, despite high oil prices, domestic oil producers are not prepared to quickly raise production.

What Happens To WTI Oil Next?

WTI oil is still trading in the $100 to $120 area, according to today's trade. Recently made attempts to settle below the $100 mark failed, and WTI oil swiftly returned to the prior trading range.

 

Oil markets are still tight even if concerns about the recession have recently put major pressure on oil prices. There are currently no indications of demand destruction. Additionally, the output of domestic oil is not particularly susceptible to high prices.

 

The major concern to oil markets continues to be a probable recession, so traders will keep an eye on it in the forthcoming trading sessions. As a result of Japan's recent announcement that it is battling the seventh wave of the coronavirus, healthcare news will also need to be kept an eye on.


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