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US oil rigs count rises this week - Baker Hughes

Economies.com
2021-01-15 19:10PM UTC

Baker Hughes Co. reported today that the number of US oil rigs rose by 12 to 287 rigs this week.

 

The number of natural gas rigs rose by 1 to 85 rigs, with the total number of natural gas and oil rising by 13 to 372 rigs.

Copper drops nearly 2% as dollar rises

Economies.com
2021-01-15 15:13PM UTC

Copper prices fell on Friday, as the US dollar rose against most major currencies, as the impact of the strong Chinese data receded.

 

China reported a trade balance surplus of 517 billion yuan (or $78.2 billion) during December.

 

Data showed today that the US retail sales index fell 0.7% in December, while the producer price index rose 0.3%, lower than forecasts of 0.4%.

 

The dollar index fell against a basket of major currencies by 0.4% to 90.5 as of 14:24 GMT, after hitting a high of 90.6 points and a low of 90.2 points.

 

Copper March futures fell 1.9% to $3.59 per pound as of 14:18 GMT, after hitting a high of $3.68 and a low of $3.58.

US stocks fall despite Biden's stimulus plan

Economies.com
2021-01-15 15:20PM UTC

The main US stock indices fell in early trading on Friday, after the release of disappointing economic data and President-elect Joe Biden's stimulus plan unveil.

 

Data showed today that the US retail sales index fell 0.7% in December, while the producer price index rose 0.3%, lower than forecasts of 0.4%.

 

President-elect Joe Biden revealed yesterday a $1.9 trillion stimulus package to boost the economy from the Covid crisis..

 

Major US companies started to report their quarterly business results for the fourth quarter of 2020.

 

As for stocks, Dow Jones fell 1% or 310 points to 30,683 as of 15:18 GMT, S&P 500 fell 1% or 37 points to 3,758, and Nasdaq fell 0.9% or 125 points to 12,984.

Oil drops nearly 2% on Chinese demand concerns

Economies.com
2021-01-15 13:41PM UTC

Oil prices lost around 2% as the US market opened on Friday, and pulled back from an 11-month high on profit-taking and renewed concerns about demand in China due to the rising Covid-19 infections in the country, which overshadowed Joe Biden's reveal of a huge stimulus plan in the US.

 

US crude fell 2.0% to $52.70 a barrel, after opening at $53.76, and hit a high of $53.81, and Brent crude fell 2.0% to $55.38 a barrel, after opening at $56.46, and hit a high of $56.52.

 

US crude yesterday rose 1.6%, near an 11-month high of $53.90, and Brent crude futures rose 0.8% after strong economic data in China.

 

 China reported the largest daily increase in new Covid-19 cases in more than 10 months, especially as new infections in the northeastern Heilongjiang province tripled.

 

This spike is the equivalent to the number that led to imposing a full quarantine on more than 28 million people in Hubei province 8 months ago.

 

Most European countries are now under the strictest lockdown since the first coronavirus wave, especially after the UK identified the new Covid-19 strain.

 

RBC Capital Markets Bank said that oil market euphoria is unequivocally strong, but indicators from Asia are mixed, as China, the global engine of oil demand growth, is wrestling with fresh COVID outbreaks.

 

US President Elect Joe Biden promised a $1.9 trillion stimulus package to boost the economy from the Covid crisis on Friday.