Oil prices extended losses on Friday on worries about a potential oversupply after U.S. Energy Secretary Jennifer Granholm said refilling the country’s Strategic Petroleum Reserve (SPR) may take several years. Brent crude fell 34 cents, or 0.45 percent, to $75.57 a barrel by 0412 GMT, while U.S. West Texas Intermediate crude futures slipped 32 cents,…
Oil Falls as US Holds Off Refilling Strategic Reserve
March 24, 2023
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World Shares Fall on Banking Turmoil, Recession Worries
March 24, 2023
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BANGKOK—Shares fell Friday in Europe and Asia as worries over turmoil in the banking sector and recession risks overshadowed gains on Wall Street. Benchmarks declined in most major markets, while U.S. futures were higher. Oil prices fell. Investors are worried that more banks might suffer a debilitating exodus of customers following the second- and third-largest…
US New-Vehicle Sales Expected to Rise in March on Strong Demand for Cars and Trucks
Sales of new vehicles in the United States are expected to go up in March, riding on pent-up demand for cars and trucks, a report from industry consultants J.D. Power-LMC Automotive showed on Thursday. Total new-vehicle sales for the month, including retail and non-retail transactions, are projected to reach 1.33 million units, a 6.2 percent…
Closing Prices for Crude Oil, Gold and Other Commodities (Mar. 23)
March 23, 2023
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Benchmark U.S. crude oil for May delivery fell 94 cents to $69.96 a barrel Thursday. Brent crude for May delivery fell 78 cents to $75.91 a barrel. Wholesale gasoline for April delivery rose 2 cents to $2.61 a gallon. April heating oil fell 6 cents to $2.68 a gallon. April natural gas fell 2 cents…
Swiss Central Bank Hikes Interest Rates Despite Credit Suisse Turmoil
March 23, 2023
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The Swiss National Bank (SNB) raised its interest rates by 50 basis points despite the turmoil over the Credit Suisse collapse. The SNB made the announcement on March 23, bringing its borrowing rate to 1.5 percent, for its fourth consecutive hike, which was is in line with analysts’ predictions Swiss interests rates were negative 75 percent…
US Jobless Claims Inch Down as Labor Market Remains Tight
The labor market continues to defy Federal Reserve attempts to cool hiring, with U.S. applications for unemployment benefits down again last week and remaining at historically low levels. Jobless claims in the U.S. for the week ending March 18 fell by 1,000 to 191,000 from the previous week, the Labor Department said Thursday. The four-week…
Dollar Falls for 6th Day as Fed Signals Rate-Hike Pause
LONDON/SINGAPORE—The dollar headed for its longest losing streak in 2–1/2 years on Thursday after the Federal Reserve sounded close to calling time on interest rate hikes, while the Swiss franc edged higher after the central bank pushed ahead with another hike. The Fed raised its benchmark funds rate by 25 basis points, as expected, but…
Oil Down After Fed Comments, US Crude Stock Build
March 23, 2023
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LONDON—Oil prices dipped on Thursday, having hit their lowest since late 2021 earlier this week, after Federal Reserve Chair Jerome Powell highlighted banking sector credit risks for the world’s largest economy, while U.S. crude stockpiles swelled. Brent crude futures were down 54 cents, or 0.7 percent, to $76.15 a barrel at 0929 GMT, while U.S….
Global Shares Mixed After Fed Hints Rate Hikes May End Soon
March 23, 2023
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TOKYO—Global shares were mixed Thursday after the Federal Reserve raised a key interest rate, while noting the end may be near for its economy-crunching hikes to interest rates. France’s CAC 40 declined 0.3 percent in early trading to 7,112.95, while Germany’s DAX slipped 0.2 percent to 15,183.25. Britain’s FTSE 100 dipped 0.5 percent to 7,532.54….
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Should You Be Bullish on Gold?
During current market volatility, what is a good place to park your money? An investor tells us that gold futures have a lot of upside potential. Brien Lundin, editor of Gold Newsletter and CEO of the New Orleans Investment Conference, says that gold both preserves value and can earn a profit. His outlook is positive for…