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Oil heads for fourth straight weekly gain

Economies.com
2021-09-17 13:01PM UTC

Oil prices continued to fall as the US market opened on Friday, deepening losses for the second day and gave up a 6-week high on profit-taking, as fears over production delay in the Gulf of Mexico region eased, but remain on the cusp of the fourth straight weekly gain thanks to demand hopes in the US.

 

US crude fell 0.9% to $71.90 barrel, after opening at $72.53, and hit a high at $72.69, and Brent crude fell more than 0.8% to $75.04 a barrel, after opening at $75.62, and hit a high at $75.75.

 

The US crude lost 0.1% yesterday, the first daily loss in 5 days, on profit-taking from a 6-week high at $73.11, and Brent fell less than 0.1%, after hitting the highest since July 29 at $76.10.

 

After 2 weeks since Hurricane Ida and the Tropical Storm Nicholas hit the Gulf of Mexico this week, US production is recovering near its normal levels.

 

Production rose by 25% during the last few days, with the region’s total production rising to 75%, with 0.25% of production suspended but expected to resume after the weekend.

 

Gulf of Mexico encompasses 17% of the US total production, which was 11.5 million bpd before Hurricane Ida, and is currently around 11.1 million barrels per day.

 

The Energy Information Administration reported yesterday that the US crude inventories fell 6.4 million barrels, during the week ending September 10, while analysts forecasts a drop by 3.6 million barrels.

 

The total commercial inventories fell to the lowest level since the week ending on September 6, 2019 at 417.48 million barrels, in a positive sign of the US demand levels.

US stocks fall amid doubts over Fed's next move

Economies.com
2021-09-17 14:05PM UTC

US stock indices fell in early trading on Friday, amid doubts about the Fed's next move after the release of mixed data.

 

The US US consumer price index rose less than expected, but the retail sales index rose by 0.7% in August, beating forecasts of a drop by 0.7%.

 

The Fed is awaiting more signs of the rising inflation rate and the economic recovery to start reducing size of its bond-buying program.

 

US President Joe Biden criticized the wealthy due to what he described as a massive increase in their wealth of up to $1.8 trillion, which he considers unfair.

 

As for stocks, Dow Jones fell 0.3% or 100 points to 34,655 as of 14:03 GMT, and S&P 500 fell 0.5% or 23 points to 4,450, while Nasdaq fell 0.5% or 83 point to 15,098.

Silver heads for second straight weekly loss

Economies.com
2021-09-17 11:35AM UTC

Silver prices rose on Friday, within recovery from a 5-week low, after yesterday's sharp loss, but remain on track for the second straight weekly loss, after the US dollar's rally this week and due to worries over China's demand.

 

Silver prices rose more than 0.9% to $23.13 an ounce, after opening at $22.91, and hit a high of $22.81.

 

Silver closed lower by 4% yesterday, the second straight daily loss, and hit a 5-week low at $22.59 on strong economic data in the US.

 

 Silver prices have lost 2.5% so far this week, to head for the second straight weekly loss, due to the US dollar's rally this week and worries over China's demand.

 

The US dollar jumped to its 3-week high against a basket of currencies on Thursday, after strong retail sales data bolstered the case for a reduction in US bonds purchases before the year's end in a step that aims at raising US interest rates. 

 

Data showed that Chinese retail sales fell to the lowest level in a year in August, which sparked concerns about the world's second largest economy and the largest consumer of metals and commodities.

Dollar retreats from 3-week high on profit taking

Economies.com
2021-09-17 12:13PM UTC

The US dollar fell against a majority of rivals on Friday, and gave up its 3-week high on profit-taking, but remains on track for the second weekly gain, after strong US economic data boosted the chances of tightening the US monetary policy.

 

The dollar index fell more than 0.1% to 92.76 points, after opening at 92.87 points, and hit a high of 92.93 points.

 

The US dollar index gained 0.4% yesterday, and hit a 3-week high at 92.96 points, after strong US retail sales data.

 

The greenback gained 0.2% so far this week, to head for the second straight weekly gain.

 

In the US, retail sales rose 0.7% in August, beating estimates of a 0.7% decline, while industrial activities improved in Philadelphian during September.

 

A survey by the US Federal Reserve also showed that Philadelphia's industrial production increased in September thanks to easing lockdown restrictions.

 

The data bolstered the case for a reduction in US bonds purchases before the year's end in a step that aims at raising US interest rates.

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What is the price of Oil today?

The price of Oil is $68.686 (2025-07-11 23:05PM UTC)