Oil edges up as markets assess global policy decisions
Oil prices rose marginally on Thursday under pressure from dollar while markets assess global monetary decisions this week by central banks.
The Fed recently increased interest rates by 25 basis points to 4.75%, the highest since September 2007.
Fed Chair Jerome Powell touted the slowdown in consumer prices in recent months, and said the Fed will continue to take decisions every meeting based on the most recent data.
and in tandem, Bank of England and the European Central Bank both announced 0.5% rate hikes today.
Additionally, the Energy Information Administration reported an unexpected buildup in US crude stocks last week.
Otherwise, the dollar index rose 0.4% to 101.6 as of 18:23 GMT, with a session-high at 101.9, and a low at 100.8.
US crude futures due in March rose 0.5% to $76.8 a barrel as of 18:39 GMT.
Brent April futures rose 0.3% to $83.1 a barrel.
NASDAQ spikes 3% on the back of tech shares
Most US stock indices rose on Thursday as markets assessed Fed's decisions and turned the focus on corporate results and the upcoming payrolls report.
The Fed recently increased interest rates by 25 basis points to 4.75%, the highest since September 2007.
Fed Chair Jerome Powell touted the slowdown in consumer prices in recent months, and said the Fed will continue to take decisions every meeting based on the most recent data.
Powell considers the growths in wages as high, and the labor sector as being tight now.
and in tandem, Bank of England and the European Central Bank both announced 0.5% rate hikes today.
Earlier data showed US unemployment clkaims fell to 183 thousdand in the week ending January 27 from 186 thousand, below estimates of 196 thousand.
Dow Jones fell 0.2%, or 70 points to 34,023 as of 15:46 GMT, while S&P 500 rose 1.4%, or 58 points to 4,177, as NASDAQ climbed 3%, or 350 points to 12,166.
Future Wall Street Performance
Investors await a batch of corporate results in the tech sector such as Apple, Twitter, Amazon, and Alphabet.
Eyes are also fixed on tomorrow's US payrolls report for January.
Copper climbs on signals of stronger global economic activities
Copper prices rose on Thursday even ass the dollar gained ground against a basket of major rivals, but the industrial metal received some signals of stronger global economic activity.
The Fed recently increased interest rates by 25 basis points to 4.75%, the highest since September 2007.
Fed Chair Jerome Powell touted the slowdown in consumer prices in recent months, and said the Fed will continue to take decisions every meeting based on the most recent data.
Powell considers the growths in wages as high, and the labor sector as being tight now.
and in tandem, Bank of England and the European Central Bank both announced 0.5% rate hikes today.
Otherwise, the dollar index rose 0.55 to 101.7 as of 15:29 GMT, with a session-high at 101.9, and a low at 100.8.
Copper futures due in March rose 0.8% to $4.14 a pound as of 15:24 GMT.
Will Copper extend gains?
Copper remains on the positive side as China eased Covid restrictions in order to boost the economy.
Copper is very sensitive to the global economy due to its importance in many industries and sectors.
Oil sharpens decline to 3-week trough on US inventory buildup
Global oil prices fell in European trade on Thursday for the second session, plumbing three-week lows after an unexpected rise in US crude stocks.
The decline comes amid ongoing talks in the EU to put a price ceiling on Russian crude products after delaying the decision yesterday.
Global Oil Prices
US crude fell 1.1% to $75.86 a barrel, the lowest since January 11, while Brent shed 1.05% to $82.10 a barrel, the lowest since January 11.
US crude lost 3% on Wednesday, while Brent gave up 2.9%, the third loss in four days on concerns about Russian supplies.
US Crude Stocks
The Energy Information Administration reported a buildup of 4.1 million barrels last week to 452.7 million barrels, while analysts expected a drop of a million barrels.
Gasoline stocks rose 2.6 million barrels to 234.6 million barrels, while distillate stocks rose 2.3 million barrels to 117.6 million barrels.
Price Ceiling
Diplomats said the EU is seeking a deal on Friday to put a price ceiling on Russian crude prices after a delay yesterday.
The European Commission suggested yesterday a ceiling of $100 a barrel on premium products such as diesel, and $45 a barrel on products such as gasoline oil.