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The VIX fear index rose 3.49 points to 27.15, hitting a new high in more than a month.On November 21, Reliance Industries Limited announced it will cease processing Russian oil at a portion of its massive Jamnagar refinery due to US sanctions forcing the company to avoid transactions with Moscow. In a statement, the company said the export-oriented portion of the refinery received its last shipment of Russian crude oil on Thursday. However, it added that some oil purchased before the US imposed sanctions on Russias two largest oil companies will be unloaded at another part of the facility. A source familiar with the matter said Reliance is currently not purchasing Russian oil and has not yet decided whether to resume purchases.S&P upgraded its outlook for seven Nigerian banks to positive.On November 21, Egypt opted to remain cautious and keep interest rates unchanged after inflation unexpectedly accelerated for the first time in five months. The Monetary Policy Committee stated on Thursday that the central bank would maintain the benchmark deposit rate at 21% and the lending rate at 22%. The regulator said in a statement that it "prefers a wait-and-see approach to curb inflationary pressures." Wall Street forecasts were divided. Of the nine economists surveyed, four, including Goldman Sachs and Bank of America, correctly predicted the decision. The rest, including Morgan Stanley, expected a 100-basis-point rate cut. This decision to keep rates unchanged breaks two months of monetary easing in the North African nation. Since April, Egypt has cumulatively cut rates by 625 basis points, aiming to stimulate private investment and reduce interest payments, which account for a large portion of the countrys revenue, after raising rates to record levels in early 2024 in conjunction with currency devaluation.Google: Starting with the Pixel 10 series, Quick Share has achieved interoperability with AirDrop.

Oil prices rise in response to signs of increased demand

Charlie Brooks

Aug 26, 2022 10:46

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Oil prices rose in early trade on Friday amid signs of improving fuel demand, but gains were limited as the market awaited hints from the U.S. Federal Reserve chairman's speech regarding the likelihood of rate hikes.


At 0051 GMT, Brent crude futures climbed 46 cents, or 0.5%, to $99.80 per barrel. Futures for West Texas Intermediate (WTI) crude rose 48 cents, or 0.5%, to $93.00 a barrel. Each decreased by nearly $2 on Thursday.


Despite uncertainty over the pace of rate hikes in the United States to tackle soaring inflation, concerns about oil demand destruction diminished this week, leaving both benchmark oil contracts on track for weekly gains of approximately 3 percent.


ANZ Research analysts noted that statements made by numerous U.S. central bank officials before Chairman Jerome Powell's speech on Friday put a shadow over the economic outlook.


ANZ Research analysts observed in a research that there are indicators of a healthy market, citing optimistic traffic growth figures.


"According to the most recent TomTom Congestion Index data, traffic volumes grew dramatically throughout Asia Pacific, Europe, and North America during the week of August 24,"


ANZ also observed an increase in congestion in China, citing data from Baidu (NASDAQ:BIDU).


In addition to market anxiety anticipating Powell's speech, the probable return of Iranian crude to global markets restrained price gains.


Tehran is assessing Washington's reaction to a European Union-drafted final offer to revive a nuclear deal; the EU anticipates a response soon; however, it is doubtful how quickly Iranian oil exports will resume, even if a deal is reached.


If sanctions were lifted, it would take Iran almost a year and a half to reach its full capacity of 4 million barrels per day, an increase of 1.4 million bpd from its current output.

Nevertheless, the Organization of Petroleum Exporting Countries (OPEC) would consider decreasing output to offset any increase from Iran, according to sources from OPEC this week, after Saudi Arabia underlined the possibility of enacting cuts.

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