INSIGHTS
Crude oil fell 4% last week on the U.S. supply glut and on rate hike fears
Brent and WTI crude oil prices closed lower by about 4% last week to $83/b and $76,50/b respectively, on concerns over a U. S oil supply glut, hawkish Fed commentary, and stronger dollar despite optimism over China’s fuel demand recovery, and Russian output cuts.
Gold and Silver sink to multi-week lows on higher rate expectations
Gold and Silver have been suffering declines this week as the persistently high inflation metrics, the hawkish comments by policymakers, and expectations for higher rate hikes have pushed bond yields and the greenback to yearly highs.
U.S. stocks advance on robust retail sales and inflation data
U.S. stock markets extended recent gains on Thursday morning driven by the better-than-expected retail sales and inflation data for January, which indicates strength in the U.S. economy and consumer spending.
Brent crude rises to $86/b as traders weigh SPR sales and Russian output cut
Both Brent and WTI crude oil prices trade to near monthly highs of $86/b and $80/b respectively, as energy traders weighed the impact of Friday’s 500,000 bpd Russian output cut decision together with the U.S. administration’s announcement to release further crude oil from its Strategic Petroleum Reserve (SPR).
U.S. dollar rises across the board ahead of key CPI inflation data
The U.S. dollar has posted a significant rebound across the board since February 01, 2023, gaining support from the stronger-than-expected U.S. macroeconomic data, the hawkish messages by the policymakers ahead of the key U.S. CPI- consumer inflation data due on Tuesday that might give more clarity over the Fed’s rate hike intentions.
U.S. dollar rebounds after a hot U.S. NFP employment data
A risk-off mood dominates financial markets on the first trading day of the week, with the U.S. dollar rebounding across the board, while the risk-sensitive currencies
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