With crude oil prices at eight-year high, concerns over funding of infrastructure projects especially in the roads and water segments have been rising. What worries analysts is that rising energy prices may force the government to reduce the roads and infrastructure cess (RIC) once again to limit the impact on the prices of crude derivatives
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US crude oil futures SLI at $115.68 per barrel. That’s the highest close since September 2008. The high price reached $115.94 The low price today traded to $107.29. The move higher this week extended above the 2011 high price of $114.79. For the week, the price is up over 25%. Crude oil close at the
NEW YORK: With surging oil prices, concerns about the hawkishness of the Federal Reserve and fears of Russian aggression in Eastern Europe, the mood on Wall Street feels like a return to the 1970s. Other than bell-bottoms, the only thing missing so far is stagflation, which occurs when an economy experiences rising inflation and slowing
The major US indices are ending the session lower with the NASDAQ leading the way. For the week, the Dow industrial average is down for the fourth week in a row while the NASDAQ and S&P are down for the third week in the last four. The S&P is closing 10% from it’s all time
New Delhi: Oil prices nearly touched $120 a barrel on Thursday as traders began avoiding Russian supplies, turning fears of a global supply disruption into reality. Oil prices rose to $119.84 per barrel–the highest since 2012–on Thursday before giving up a few dollars per barrel. US crude stockpile’s decline to multi-year lows also aided the
Russia invasion of Ukraine continued last week and risk aversion intensified sharply after Russia’s attempt to attack Zaporizhzhia nuclear power station. European stocks took a steep dive with benchmark yields. Oil prices surged to levels not seen in more than a decade. Gold was originally steady but staged a late rally, probably as people remembered
The US jobs day typically is the focus event for the any jobs day. However today, US traders were once again met with news from Ukraine that was unsettling. Overnight Russian forces targeted an Ukrainian nuclear power plant with rockets (yes….), and although the resulting fire from the bombing did not result in a catastrophic
NEW YORK: There is only one way oil prices are going to fall – by first rising even more. That is the growing consensus among Wall Street analysts, who say there is not enough supply to impede crude prices from their relentless surge. Global benchmark Brent and U.S. crude futures have soared over 15% to
Dollar rises notably in early US session with help from strong headline non-farm payroll job growth, even though wages disappoint. But still, the overwhelming theme is Euro selloff on Russia invasion of Ukraine. The common currency is actually suffering a fresh round of heavy selling, just after NFP risk is cleared. Technically, it shouldn’t be
Prior 56.3 That’s a solid improvement from January, with construction output seeing the fastest rise in eight months. The growth was led by a marked and accelerated rise in housing activity, though there were solid improvements in commercial and civil engineering activity as well. The only downside is that companies are still reporting widespread supply
Commodities extended their massive rally as Russia’s invasion of Ukraine continues to roil global markets and fuel fears of supply crunches. Tensions rose on Friday after Russia escalated its assault by attacking a Ukrainian nuclear plant, the biggest in Europe, according to Ukrainian officials. Prices from crude to aluminum and wheat soared, as commodities stage
Markets sentiment took another dive on reports of Russia’s attack on a nuclear complex in Ukraine. Euro is extending recent decline, together will steep selloff in Asian stocks. Meanwhile, Australian Dollar is solidifying upside momentum, taking New Zealand Dollar higher too. Dollar remains mixed and will look into non-farm payroll report from the US. But
This data was out a little earlier. Catching up now. ANZ remarks on the report: respondents nervously eyed up widespread COVID in the community for the first time. Key points Consumer confidence plunged 16 points in February to 81.7, its lowest level since the data began in 2004. The proportion of people who believe it
New Delhi: Gold in the national capital on Thursday jumped Rs 271 to Rs 51,670 per 10 grams in line with strong international precious metal prices and rupee depreciation, according to HDFC Securities. In the previous trade, the precious metal finished at Rs 51,399 per 10 grams. Silver also gained Rs 818 to Rs 68,425
Overall, market sentiment is rather stable today, with major European indexes just slightly lower, while US futures point to recovery. Benchmark treasury yields are also ticking slightly higher. WTI crude oil is retreating slightly after breaking 115 handle. Gold is gyrating in tight range above 1900. In the currency markets, Euro remains the weakest one
Prior +2.9% PPI +30.6% vs +27.0% y/y expected Prior +26.2% That’s a big surge in producer prices and it just reaffirms stronger price pressures in the euro area economy to start the year. This will continue to feed through to consumer inflation so that will be a worry for the trend in the months to
SINGAPORE – Aluminium prices climbed to an all-time high on Thursday, while nickel surged to its highest in 11 years as Russia’s invasion of Ukraine prompted further sanctions on Moscow, raising trader concerns over supplies from the Black Sea region. Commodity markets extended their bull runs on Thursday, with aluminium, coal and palm oil all
Euro is staying under selling pressure as Russia is continuing its invasion while Ukrainians are holding on defending their country. But selloff in Sterling has eased a little bit. Australia Dollar is extending recent rally as the best performer for the week. Canadian Dollar is following closely with help from BoC’s rate hike overnight, and