Oil prices fell 92 cents but stay high on this months
Crude prices in the US plummeted on the last trading day of September due to concerns about the world’s future. Long oil also performed well this month and quarter due to supply chokes by Saudi Arabia and Russia. WTI crude fell 92 cents to $90.79 per barrel, while Brent closed at $92.20. Oil prices have…
Three giant banks of US got penalized over $50 million
The US Commodity Futures Trading Commission (CFTC) has ordered Goldman Sachs, Bank of America, and JPMorgan to pay over $50 million to settle swap reporting failure and other charges. The fines include $15 million, $8 million, and $30 million civil monetary penalties. Goldman Sachs must create a written repair plan and hire a consultant.
Allianz will lose its CFO who will join Italy’s insurance
Giulio Terzariol, Allianz’s CFO, will leave the German business to lead Italy’s largest insurer, Assicurazioni Generali (GASI.MI). Terzariol will report directly to Philippe Donnet and will lead Generali’s insurance and asset management businesses. The appointment is expected to be made soon. Allianz’s CEO Oliver Bäte’s contract expires on Sept. 30, 2024, and his supervisory board…
Oil prices may cause a global recession
Rapidan Energy Group founder Bob McNally predicts that Saudi Arabia’s oil output restrictions may end sooner than expected, as US crude prices reached a year-high. He warns that high oil prices may lower demand, which Saudi Arabia will avoid. The kingdom has indicated some openness to reducing output limits and is expected to make a…
Gold prices fall heavily in September
Gold prices reached a seven-month low on Friday, while copper prices climbed amid hopes of a Chinese holiday boosting economic growth. Gold recovered as the dollar fell and Treasury yields stalled, but lost heavily in September due to Fed interest rate hikes. Bullion prices fell below $1,900 an ounce.
China’s gold prices are surged due to lack of suppliers
China’s gold prices have surged, commanding a record premium above international prices, compared to less than $6 over the past decade. The Shanghai premium rose in June due to import limitations by the People’s Bank of China, but investors are buying dollar-denominated assets to protect value. The rise in demand is attributed to China’s property…
Oil prices can threaten global GDP , said JPMorgan economist
Oil prices have risen due to tight supplies and economic concerns over $100 oil. OPEC+ output cuts, Saudi Arabia’s production restraints, and Russia’s export restrictions have increased prices. JPMorgan economists warned that supply cuts could push Brent crude to $120 per barrel, causing the global economy to slow to a near stall next quarter. If…
Gold fell and dollar gain on today markets
Gold fell 0.3% to $1,895.13 per ounce on Wednesday, its lowest level since August 22. The dollar hit a 10-month high against main counterparts as Treasury yields rose on the prospect of higher-for-longer U.S. rates. Higher interest rates increase the opportunity cost of owning dollar-priced gold, which pays no interest. The SPDR Gold Trust hit…