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Market news: The U.S. Senate approved a bill that could end Trumps new tariffs on Canadian imports by a vote of 51-48, but the House of Representatives is unlikely to approve the bill.The USD/JPY pair fell below 148, down 0.84% on the day, hitting a two-week low.April 3 news, SEC documents showed that Apple (AAPL.O) CEO Cook sold 108,136 shares of Apple common stock on April 2, worth more than US$24 million.April 3: U.S. short-term interest rate futures rose as traders put the probability of the Federal Reserve cutting interest rates for the fourth time this year at nearly 50%, compared with previous forecasts of only three cuts.April 3, market analyst Allison Morrow said that for Trump, who promised to lower consumer prices on the first day of the campaign, his first major economic move is a set of policies that are almost guaranteed to have the opposite effect. Tariffs will raise prices, curb economic growth, and make the United States more likely to fall into recession. Critics of tariffs are worried about the fundamental contradiction of Trumps plan. He believes that tariffs are an all-purpose economic tool that can restore Americas manufacturing strength, restore trade balance, and bring in a lot of money to help the United States repay its deficit and reduce the tax burden on Americans. Although tariffs can do some of these, it is impossible to achieve these goals at the same time.

Oil Prices Extend Their Gains Following China's Stimulus Announcement

Haiden Holmes

Apr 27, 2022 09:35

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Oil prices increased in early Asian trade on Wednesday, extending gains from the previous session on China's central bank's announcement that it will bolster the country's economy.


Concerns over demand, on the other hand, weighed on futures as Beijing officials scrambled to contain a nascent COVID-19 outbreak and escape the same crippling city-wide lockdown that has engulfed Shanghai for a month.


By 0019 GMT, Brent crude futures had risen $1.11, or 1.1 percent, to $106.10 a barrel. West Texas Intermediate crude futures in the United States increased by 84 cents, or 0.8 percent, to $102.54 a barrel.


Crude oil prices increased by roughly 3% in the previous session's turbulent activity.


China's central bank announced Tuesday that it will strengthen its economy's prudent monetary policy support. Any stimulus would increase demand for oil.


Meanwhile, Russia's Gazprom (MCX:GAZP) has informed Poland's PGNiG that it will suspend gas deliveries along the Yamal pipeline beginning Wednesday morning, according to a statement from PGNiG. Poland will be required to make payments under a new arrangement on Tuesday, Gazprom said.


The announcement boosted NYMEX ultra-low sulfur diesel futures by more than 9% on Tuesday, settling at a record close of $4.47 per gallon.


In terms of supply, the US government will release data on crude stocks later Wednesday. According to industry figures released Tuesday, US crude and distillate inventories increased last week, but gasoline inventories decreased.

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