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On May 2nd, CNN released an investigative report stating that since the military action against Iran, at least 16 U.S. military facilities in eight Middle Eastern countries have been damaged in Iranian attacks, some of which are practically unusable. This investigative report was based on dozens of satellite images and interviews with several informed sources from the U.S. and Gulf Arab countries. According to a U.S. congressional aide familiar with the damage assessment, most U.S. military deployments in the Middle East have been affected. "The assessments of the damage vary. A more pessimistic view is that some facilities have been completely destroyed and need to be shut down. However, some at the leadership level believe these facilities have strategic value and are still worth repairing."The Federal Reserve accepted a total of $607 million from five counterparties in its fixed-rate reverse repurchase operations.On May 2nd, US President Trump again criticized Spain and Italy, arguing that the two countries did not provide sufficient support for US military action in Iran, and claiming that these countries must "feel that its acceptable for Iran to have nuclear weapons." "Im not happy with Italy, and Im not happy with Spain," Trump said. He added, "Anyone who thinks its okay for Iran to have nuclear weapons is not very wise. If they were allowed to have nuclear weapons, the world would face unprecedented problems, but that will never happen."The total number of drilling rigs in the United States for the week ending May 1 was 547, compared to 544 in the previous week.The total number of natural gas drilling rigs in the United States for the week ending May 1 was 130, compared to 129 in the previous week.

Oil prices fluctuated as the possibility of an OPEC output cut alleviated demand worries

Skylar Williams

Aug 29, 2022 11:32

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Oil prices were mixed on Monday as investors weighed the likelihood that the Organization of Petroleum Exporting Countries (OPEC) will reduce output to support prices against the Federal Reserve chairman's statement that the United States will experience a period of sluggish economic growth "for some time."


U.S. West Texas Intermediate (WTI) oil futures rose 2 cents to $93.08 per barrel at 00:03 GMT, extending Friday's gain.


Brent crude futures dropped 27 cents, or 0.3%, to $100.72 a barrel, erasing the prior session's gains.


Powell noted in a speech on Friday that limiting inflation "is likely to require a sustained period of below-trend growth" and would "bring some pain to consumers and companies," which rocked equity markets and strengthened the currency.


In Monday's early trading, the dollar index rose 0.3% to 109.16. A rising dollar is detrimental to the oil market because it raises the price of petroleum for buyers holding foreign currencies.


However, oil prices have been bolstered by statements from Saudi Arabia and other members of the Organization of the Petroleum Exporting Countries and their allies, known collectively as OPEC+, that they may decrease supply in order to achieve market balance.


Friday, a source familiar with the matter told Reuters that the United Arab Emirates and Saudi Arabia share the same output policy philosophy, while the Omani oil ministry declared that it supports OPEC+ efforts to maintain market stability.


Sources said last week that OPEC would consider decreasing output to offset any increase from Iran should oil sanctions be reinstated if Tehran chose to revive a nuclear accord.


As U.S.-Iran nuclear discussions continue, traders' focus will return to supply and demand, according to CMC Markets analyst Tina Teng.


In a report, experts from ANZ Research claimed that signs of growing demand are also supporting prices, in part due to higher natural gas costs in Europe, which have spurred power generators and industrial users to switch to diesel and fuel oil.

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