Oil prices rose above $75, with US stocks in focus

Oil prices rose above $75 in international markets on Friday, boosted by signs of a strengthening US economy and a sharp drop in inventories ahead of further supply cuts from Saudi Arabia.

On the London market, the price of a barrel for delivery in September was 82 cents higher in the afternoon than at the close of trading yesterday and amounted to $75.33. Barrels for August delivery traded 52 cents higher at $74.86.

On the American market, the price of a barrel increased by 86 cents, to 70.72 dollars.

Traders were encouraged by slightly increased estimates of US economic growth in the first quarter and a sharp fall in inventories last week, by as much as 9.6 million barrels.

The US economy grew by 1.8% in the first quarter, according to the Commerce Department, compared to the same period last year, 0.2 percentage points stronger than previous estimates showed. At the end of 2022, it increased by 0.9 percent.

Prices were also supported by Saudi Arabia's announcement that it will cut supply by another million barrels per day in July. The Organization of the Petroleum Exporting Countries (OPEC) and its allies have extended a parallel agreement on reduced supply until the end of next year.

Markets have been pressured by high inflation and rising interest rates in key economies, as well as an unexpectedly slow recovery in China's industrial production and consumption.

Comments

Chinese firms turn away delisting as U.S. review guard dog gets full examination access

The U.S. bookkeeping guard dog on Thursday said it has full admittance to review and explore firms in China unexpectedly, eliminating the gamble that around 200 Chinese organizations could be started off U.S. stock trades. The assertion from the Public Organization Bookkeeping Oversight Board (PCAOB) marks a triumph for U.S. controllers and a help for Chinese firms, including Alibaba, confronting delisting in the midst of rough relations between the world's biggest economies. Washington and Beijing have been secured in a warmed exchange and innovation war. "Without precedent for history, we can perform full and exhaustive examinations and examinations to uncover expected issues and consider firms responsible to fix them," said PCAOB Seat Erica Williams. "This falls into the classification of a game changing perspective on Chinese organizations in light of the fact that the danger of their delisting appears to have been dispensed with," said Craftsmanship Hogan,...

Which countries in Europe are managing the energy issue the best?

Tax benefits. Decreased consumption of power and a desperate search for gas substitutes. Just as the chilly, dark days of winter begin, Europe is dealing with one of its worst energy crises in recent memory. The invasion of Ukraine by Russia in February of this year made supply problems worse and drove up the price of imported natural gas. Governments in Europe have experimented with a wide range of policies to protect citizens from the harshest effects of rising prices while maintaining their economy. However, the growing number of street protests and worker strikes in numerous cities demonstrates how intense and real the suffering is for millions of people. The best at controlling inflation are France and Spain, while Germany, Italy, and Greece are setting the bar for long-term plans to guarantee their energy needs. And the UK is having difficulties. A variable risk Nearly half of Europe's total natural gas imports in 2021 came from Russia, but some nations were always going to b...

GREECE CAN BECOME THE MAIN GAS EXPORTER IN THE BALKANS BY 2025

According to Maria Rita Gali, CEO of the nation's gas network operator DESFA, Greece is emerging as Europe's gas corridor and could virtually treble its gas export capacity to neighboring nations in the years to come. At the height of the Ukrainian conflict, Greece reduced its reliance on Russian gas by more than half this year, increasing its supply of liquefied natural gas (LNG), primarily from the United States and Egypt, to its sole LNG terminal in the Athens neighborhood of Revitusa. The terminal, which the government referred to as "indispensable," also assisted in exporting gas to nearby nations, such as Bulgaria, which earlier this year lost access to Russian supplies because it would not accept payments in rubles. Greece is counting on the construction of at least two more floating storage and regasification units (FSRUs), which might be operational by 2024, to further lessen its reliance on Russian gas. Recently, it likewise dispatched another...

Site with benefits

Search This Blog

Cripto World