Oil wobbly after near 6% slump on economic concerns
SINGAPORE (Reuters) - Oil prices wobbled early on Monday as investors refocused on tight...
SINGAPORE (Reuters) - Oil prices wobbled early on Monday as investors refocused on tight supplies, though sentiment was still fragile after 6% slump in the previous session amid concerns about slowing global economic growth and fuel demand.
Brent crude futures gained 20 cents, or 0.2%, to $113.32 a barrel by 0105 GMT, after rising as much as 1% earlier. Front-month prices tumbled 7.3% last week, its first weekly fall in five.
U.S. West Texas Intermediate crude was at $109.55 a barrel, down 1 cent after rising more than $1 in early morning deals. Front-month prices dropped 9.2% last week, the first decline in eight weeks.
Bitcoin rallies back above $20,000 on Sunday, after hitting 18-month low
Bitcoin prices rallied Sunday, topping the $20,000 level again after falling...
Bitcoin prices rallied Sunday, topping the $20,000 level again after falling to an 18-month low Saturday amid a weeks-long cryptocurrency rout.
BitcoinBTCUSD, -0.24% surged about 16% in the past 24 hours, as of 5 p.m. Sunday, to $20,598, making up for much of its Saturday losses, when it slid as low as $17,630, according to Coinbase data.
EthereumETHUSD, -1.32% prices surged as well Sunday, jumping 26% to $1,137 as of 5 p.m. Sunday.
The market continued its descent lower as stocks opened the week by gapping down and closed even lower...
The market continued its descent lower as stocks opened the week by gapping down and closed even lower on the day. However, the major indexes were able to rally off session lows on Friday. Will that momentum carry into this week, or will this bear market continue? Despite so much negative talk about inflation, gas prices, slow economic growth and the Ukraine crisis, it does seem there are a few positives that can bolster bulls. But as has been the case in the past, the market can surprise. From a technical standpoint, the major indexes may be a tad extended to the downside and far away from their 200-day moving averages. At least a small bounce would not be out of the question this week. Implied volatility levels remain elevated.
Looking ahead, the market is closed Monday in honor of Juneteenth. With volatility still rampant, a short week could be just what traders and investors need. Several economic reports expected this week with various Federal Reserve members expected to talk, including Fed Chair Powell on Wednesday morning. Quarterly earnings remain slow.
Jun 21: Existing Home Sales
Jun 21: Chicago Fed Activity Index
Jun 23: Initial Jobless Claims
Jun 23: Current Account Deficit
Jun 23: S&P U.S. Manufacturing and Services PMI
Jun 24: University of Michigan Consumer Sentiment Index
Jun 24: New Home Sales
Oil Slumps 5% on Recession Concerns, US Gasoline Price Drop
Oil prices tumbled about 5% to a three-week low on June 17, led by a slump in U.S. gasoline futures,...
Oil prices tumbled about 5% to a three-week low on June 17, led by a slump in U.S. gasoline futures, as investors worried interest rate hikes from major central banks could slow the global economy and cut demand for energy.
Also pressuring prices, the U.S. dollar this week rose to its highest since December 2002 against a basket of currencies. A stronger dollar makes oil more expensive for buyers using other currencies.
There will be no U.S. trading on June 20 for the Juneteenth holiday.
Bolsonaro Says Petrobras Risks Brazil Chaos By Raising Fuel Prices
President Jair Bolsonaro criticized an expected increase in domestic fuel prices by Petroleo...
President Jair Bolsonaro criticized an expected increase in domestic fuel prices by Petroleo Brasileiro SA, saying the state-owned oil producer has made exaggerated profits during the crisis, without taking into account Brazil’s “public interest.”
“Petrobras may plunge Brazil into chaos,” Bolsonaro said in a Twitter post early Friday, referring to the oil giant. “Its chief executive, directors, and board members know very well what happened when truckers went on strike in 2018, with the nefarious consequences for Brazil’s economy and the life of our people.”
