WTI and Brent crude oil futures are up (WTI +$7.53, @$102.57) ...
WTI and Brent crude oil futures are up (WTI +$7.53, @$102.57) (BRENT +$8.12, @$106.14) attempting to break a three-day losing streak. Oil futures rose after the EIA said three million bpd of Russian oil and products could be shut in from next month. The supply loss would be far greater than an expected drop in demand of one million bpd triggered by higher fuel prices. Morgan Stanley raised its Brent price forecast by $20 for the third quarter of 2022 to $120 a barrel, predicting a fall in Russian production of about 1 million bpd from April. Also, Russia's invasion of Ukraine has drawn a lengthening list of Western sanctions and prompted some customers to stop buying its oil, raising concerns over global supplies. However, Russian seaborne crude oil exports in March have increased from last month.
U.S. stocks and government bond yields edged down after the...
U.S. stocks and government bond yields edged down after the Federal Reserve raised interest rates for the first time since 2018 and oil soared as the market’s focus returned to the Ukraine war.
The S&P 500 declined 0.4% in early trading after the broad-market index closed more than 2% higher on the past two consecutive days. The Nasdaq Composite Index fell 0.7%, as technology stocks suffered modest losses after the opening bell. The Dow Jones Industrial Average dropped 0.4%, or 130 points.
Biden and China's Xi to discuss Russia and Ukraine in Friday call
MarketWatch: President Joe Biden and Chinese President Xi Jinping...
MarketWatch:President Joe Biden and Chinese President Xi Jinping will hold a call on Friday, the White House announced, in what will be the first conversation between the two leaders since Russia invaded Ukraine. Biden and Xi "will discuss managing the competition between our two countries as well as Russia's war against Ukraine and other issues of mutual concern," the White House said in a statement. Earlier this week, the Associated Press reported that Biden's national security adviser warned a top Chinese official about China's support for Russia in the Ukrainian invasion, even as the Kremlin denied reports it had requested Chinese military equipment to use in the war.
