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EU High Representative for Foreign Affairs and Security Policy Kallas: Israels ground military operation in Gaza will worsen an already desperate situation. This will mean more death, destruction and displacement.The Atlanta Feds GDPNow model expects U.S. GDP growth to be 3.4% in the third quarter, compared with the previous forecast of 3.1%.On September 16th, Nick Timiraos, the "Federal Reserves voice," wrote in his latest article: "With a Fed rate cut virtually certain this week, investors will be focused on whether Powell will further his recent shift in stance. Investors will be closely watching for a key piece of information: Will Powell and his colleagues set a total of three rate cuts this year, or stick with their June forecast (when a minority of officials expected two cuts, given the seemingly more robust job market)?" Last month, in a highly anticipated speech, Powells concern about the job market outweighed the concerns of some of his colleagues about inflation. The question now is: Will Powell further intensify this concern after the weak August non-farm payroll report? Doing so would confirm market expectations of further rate cuts in the coming meetings, but would also likely require overcoming the concerns of some colleagues who are hesitant to commit to such a rapid policy shift due to concerns about the neutral interest rate level and whether it should be brought there.According to the Financial Times: Britain has abandoned its plan to impose zero tariffs on steel exports to the United States.U.S. House Speaker Johnson: A vote on the temporary bill is expected on Friday.

Oil Prices Rise 1% after Sinking in Previous Session

Haiden Holmes

Apr 20, 2022 09:42

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However, demand worries have been tempered by a tightening supply forecast as a result of sanctions imposed on Russia, the world's second biggest oil exporter and a critical European supplier, after its invasion of Ukraine.


"Increasing energy costs may result in demand rationing," ANZ Research said in a note. "On the other side, China's COVID-zero policy and stringent lockdowns continue to dampen demand prospects."


By 00:04 GMT, Brent oil futures had risen 96 cents, or 0.9 percent, to $108.21 a barrel.


The front-month West Texas Intermediate oil futures contract, which expires Wednesday, increased $1.19, or 1.2 percent, to $103.75 a barrel. The second-month price increased by $1.18, or 1.2%, to $103.23 per barrel.


Both benchmarks sank 5.2 percent in Tuesday's turbulent trade. [O/R]


The International Monetary Fund cut its global growth projection by almost a full percentage point on Tuesday, blaming the economic consequences of Russia's conflict in Ukraine and warning that inflation has become a "clear and present risk" for many nations.


On the supply side, the Organization of the Petroleum Exporting Countries and its allies, dubbed OPEC+, produced 1.45 million barrels per day (bpd) less than its goal in March, as Russian output started to decrease as a result of Western sanctions, according to a Reuters assessment of an OPEC+ report.


Russia produced around 300,000 barrels per day less than its aim of 10.018 million barrels per day in March, according to secondary sources.


Additional disruptions exacerbated supply worries. Libya's National Oil Corporation declared force majeure on Tuesday at the Brega oil terminal, claiming it was unable to meet market obligations.


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