Oil prices have control on economic state
Oil prices rose 28% in Q4 last year, but Citi analysts don’t expect crude to stay high. Brent International futures fell over 2% to $88.82 per barrel, while West Texas Intermediate fell over 2% to $88.82. OPEC+ production cuts and supply cuts by Saudi Arabia and Russia have raised oil prices through year-end. Non-OPEC+ countries…
India’s has expressed concern of hiking oil prices
UAE Energy Minister Suhail al Mazrouei warned of lack of oil investment as it increased capacity. He dismissed concerns about rising oil prices and stated that the UAE will reach 5 million barrels per day by 2027. S&P Global Inc. vice chairman Dan Yergin claimed oil production in non-OPEC+ countries is expanding faster than demand,…
The conclusion of energy and oil conference in Abu Dhabi
At the annual Adipec conference in Abu Dhabi, ministers and oil industry officials discuss the energy transition and OPEC+ production cutbacks. Climate dominates the forum this year, with the focus on the energy transition. The UAE’s major oil producer, Adnoc, is investigating geothermal district cooling as part of its diversification efforts. Shell CEO Wael Sawan…
Canada’s manufacture PMI dropped to 47.5
Canada’s manufacturing sector experienced its lowest level since the COVID-19 pandemic due to weak market demand, affecting production and new orders. The S&P Global Canada Manufacturing PMI dropped to 47.5, its lowest level since May 2020. The output index fell to 45.6, the lowest level since August 2022. The Bank of Canada kept its main…
Government shutdown may hurt flood-prone house sales
The National Flood Insurance Program (NFIP) could face a government shutdown if Congress fails to reauthorize it before the shutdown, potentially denying mortgage applications for property purchases in flood-prone areas. The NFIP warns that it would not be able to sell flood insurance and borrow funds in the event of a closure, but can still…
Credit Suisse and Mozambique resolve ‘tuna bond’ case
Credit Suisse and Mozambique have reached an out-of-court settlement over the $1.5 billion tuna bond scandal, which lasted for a decade. UBS will forgive a portion of a loan made to Mozambique in 2013, amounting to less than $100 million. The agreement was reached before a three-month London civil trial began. Mozambique, one of the…
Wells Fargo has divested $2 billion to face the uncertainty on US economy
Wells Fargo liquidated $2 billion of private equity investments to focus on core businesses amid uncertainty from the Federal Reserve’s soft landing for the US economy. The investments were in Norwest Equity Partners and Norwest Mezzanine Partners funds.
The Fed warn energy-driven can cause major concern
Powell highlighted energy-driven inflation as a major concern. The Fed hiked interest rates 11 times between March and July 2023, adding 5.25 percentage points. Treasury rates hit 16-year highs, and bond market selloff could end oil advance. The US Dollar Index remained unchanged, and the Personal Consumption Expenditure Index grew 0.4% last month.