Future Increases In Oil Prices OPEC Reduced Output
As OPEC and its Russian-led partners get ready to announce a significant supply cut, oil prices increased on Wednesday.
Following Tuesday’s rally, stock markets differed in the hopes that the US Federal Reserve will scale back its rate hike drive.
In response to worries about Britain’s recession-threatened economy, the pound lost about 1% against the dollar.
The oil market has been the main emphasis. The extent of the oil output reduction will be closely watched, according to Russ Mould, director of investments at AJ Bell.
“Speculation they could be double the volume previously flagged… has been behind the recent surge in crude.”
Despite Western fears about energy-driven inflation, major oil producers, including Saudi Arabia and Russia, were anticipated to announce a significant reduction in output on Wednesday in order to support prices.
The greatest cut since 2020 is allegedly being discussed at a conference in Vienna by the 13-nation OPEC cartel and its 10 allies under the leadership of Russia.
The World Commerce Organization drastically cut its global trade prediction for 2023 as a reminder of the uncertainty in the world economy.
“Today the global economy faces multi-prong crises. Monetary tightening is weighing on growth across much of the world,” WTO Director-General, Ngozi Okonjo-Iweala, told reporters in Geneva.
WTO experts said they still expected the global economy to grow by 2.8% this year after revising their yearly trade prediction.
Following a holiday, Hong Kong markets jumped on Wednesday, catching up with the world’s gain the day before.
You can read more of such stories at Credible News and The Cheer News
In business news, Elon Musk has offered to complete the purchase of Twitter for the originally agreed-upon sum.
In a filing with the Securities and Exchange Commission, the richest man in the world said that he wrote Twitter a letter promising to uphold the agreement.
The most recent development in the protracted drama happened before Twitter’s high-stakes legal effort to force the Tesla CEO to honour the $44 billion agreement he signed in April.
At $87.10 per barrel, West Texas Intermediate is up 0.7 percent.
London’s FTSE 100 closed at 7,016.57 points, down 1.0 percent.
At 12,570.82, the Frankfurt DAX is down 0.8 percent.
At 5,996.54, the CAC 40 in Paris is down 0.7 percent.
At 3,456.56, the EURO STOXX 50 is down 0.8 percent.
Nikkei 225 in Tokyo is up 0.5% at 27,120.53. (close)
Dollars fell to $0.9926 from $0.9992 for the euro.
Up from 87.03 pence to 87.27 pence for the euro/pound.
Dollar/yen: Up from 144.09 to 144.34 yen.
Hong Kong’s Hang Seng Index increased by 5.9% to 18,087.97. (close)
Shanghai – Composite: Holiday closure
Dow: 30,316.32, up 2.8% in New York (close)
Pound to dollar exchange rate: down from $1.1477 on Tuesday to $1.1372.
You can read more of such stories at Credible News and The Cheer News
AFP
