Category: Gold and Commodities

Top US Energy Envoy Expects Further Steps From OPEC Producers on Supplies

July 18, 2022
Amos HochsteinBusiness & MarketseconomyExecutive BranchGold and CommoditiesInternationalMarketsMiddle EastOilOPECPoliticsUSUS NewsWorld
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WASHINGTON—Major crude oil producers have spare capacity and are likely to boost supplies following President Joe Biden’s visit to the Middle East, a senior U.S. energy envoy said on Sunday. Speaking on CBS’ “Face the Nation,” Amos Hochstein, senior U.S. State Department adviser for energy security, said: “Based on what we heard on the trip,…

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Stocks Climb, Euro Inches Higher in Big Week for Markets

July 18, 2022
Business & Marketseconomic policieseconomyglobalGold and CommoditiesMarketsstocks
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LONDON—World equity markets got off to a solid start on Monday and the euro pulled away from parity as market participants scaled back bets on the Federal Reserve interest rate hike next week. U.S. stock futures were up more than 1 percent while European stock indices were a sea of green in a big week…

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Oil Jumps After Biden Fails to Win Saudi Pledge to Pump More Crude

July 18, 2022
Business & MarketsDollareconomyExecutive BranchGold and CommoditiesInternationalInvestmentMarketsMiddle EastOilPoliticsrecessionSaudi ArabiaUSUS NewsWorld
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Oil prices rose on July 18 as the U.S. dollar softened and after President Joe Biden wrapped up his trip to Saudi Arabia, failing to secure a pledge from the Middle Eastern country to boost crude output. Brent crude futures for September settlement rose $2.42, or 2.4 percent, to $103.58 a barrel by 5:30 a.m….

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Saudi Crown Prince Says Unrealistic Energy Policies Will Lead to Higher Inflation

July 16, 2022
Arabbidenbin SalmanBusiness & MarketsenergyExecutive BranchGold and CommoditiesInternationalMarketsMiddle EastOilPoliticsSaudisummitUSUS NewsWorld
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JEDDAH, Saudi Arabia—Saudi Arabia’s Crown Prince Mohammed bin Salman said on Saturday more investment was needed in fossil fuel and clean energy technologies to meet global demand, and that unrealistic emission policies would lead to unprecedented levels of inflation. The prince said Saudi Arabia had announced raising its production capacity to 13 million barrels per…

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Recession Barometer Copper Drops Below $7,000 per Ton in Ominous Sign for World Economy

July 15, 2022
Business & Marketscommodity pricescoppereconomic barometereconomic recessioneconomyGold and CommoditiesMarketsrecessionUSwheat prices
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Copper prices fell below $7,000 per ton during July 15 trading at the London Metal Exchange for the first time since November 2020, worsening concerns about a looming global recession. The price decline was triggered by fresh data from China which showed the country’s economic growth slowed down in the second quarter, registering only a…

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Chevron CEO Responds to Biden’s Allegations of Price Gouging

July 15, 2022
Business & MarketsChevronCompanieseconomic policieseconomyExecutive BranchGold and CommoditiesJoe BidenMarketsPoliticsUSUS News
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Chevron’s CEO asserted that the oil industry isn’t attempting to hold back supply, rejecting allegations made by the Biden administration in recent weeks amid record-high gas prices. “People are not holding back supply. People are not slow-walking anything—they’re producing as much in the refining system as possible,” CEO Mike Wirth told Fox Business on Thursday…

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US Oil Mergers Drop to $12 Billion as Volatility Limits Deals

July 15, 2022
Business & MarketseconomyGold and CommoditiesMAMarketsmergersOilUSUS News
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NEW YORK—U.S. oil and gas dealmaking fell to $12 billion last quarter, down from the first quarter and nearly a third of the $34.8 billion in the same period a year ago, as commodity price volatility left buyers and sellers clashing over asset values, according to data released by energy analytics firm Enverus on Thursday….

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Oil Rises on Prospects of Less Aggressive US Rate Hike

July 15, 2022
Business & Marketseconomic policieseconomyglobalGold and CommoditiesinflationMarketsOilstocks
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LONDON—Oil prices rose on Friday amid prospects of a less aggressive U.S. rate hike, although worries about a recovery in demand capped gains. Brent crude futures for September delivery rose 76 cents, or 0.77 percent, to $99.86 a barrel by 0929 GMT while WTI crude rose 28 cents, or 0.29 percent, to $96.06. The U.S….

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Stocks Make Recovery Bid, Hemmed in by Weakening World Economy

July 15, 2022
Business & Marketseconomic policieseconomyglobalGold and CommoditiesinflationMarketsrecessionstocks
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LONDON—World stocks attempted a move higher on Friday after four days of losses caused by mounting fears of economic downturn, even though the growth concerns were fanned further by data showing a sharp slowdown in China. Markets enjoyed some relief from selling after two Fed policymakers on Thursday hosed down bets on an aggressive 100…

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Will Biden Benefit From His Trip to the Middle East?

July 14, 2022
Business & MarketseconomyExecutive BranchGold and CommoditiesJoe BidenMarketsMiddle EastOilPoliticsSaudi ArabiaUSUS NewsWorld
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Crude futures slumped as much as 5 percent on Thursday in hopes that President Joe Biden could encourage Saudi Arabia to produce more oil. Biden will be meeting with Saudi leaders, including Mohammed bin Salman Al Saud. He purported in a recent op-ed in The Washington Post that his much-anticipated visit will cover a broad…

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