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US personal spending rose 0.4% month-on-month in December, in line with expectations, while the previous figure was revised from 0.50% to 0.50%.Novo Nordisk (NVO.N) announced that it will nominate pharmaceutical industry veterans Jan van de Winkel and Ramona Sequeira to its board of directors, marking the first personnel change for the Danish obesity drug maker since its restructuring last year.The preliminary readings of the US fourth-quarter real personal consumption expenditures quarter-on-quarter rate, real GDP and core PCE price index annualized quarter-on-quarter rate, as well as the December personal expenditures month-on-month rate, core PCE price index month-on-month rate and year-on-year rate, will be released in ten minutes.On February 20, Iranian Foreign Minister Araqchi stated that Iran has decided to draft a possible agreement for discussion at the next round of negotiations and to begin discussions on the text. "This is the path we are currently facing, and I believe it is a normal procedure in any international negotiation, which we agree to follow," Araqchi noted. He added that the draft agreement will be sent to the United States after approval from higher authorities. "We will finalize the draft agreement within the next three days."German Chancellor Merz: Promising everyone to work four days a week will not increase productivity. We can and must become more flexible. We must reward those who are willing to put in the effort. We must facilitate the return to work.

Oil Prices Jump $2 Due to Rising Demand in 2023

Haiden Holmes

Dec 15, 2022 11:18

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OPEC and the International Energy Agency (IEA) foresee a rebound in demand next year, and U.S. interest rate hikes are expected to moderate further in sync with decelerating inflation.


Brent crude futures closed at $82.70 a barrel, up $2.02, or 2.4%, while U.S. West Texas Intermediate (WTI) crude futures settled at $79.40, up $1.94.


Both contracts increased due to a jump in diesel futures in anticipation of cold weather at the end of the year.


The Brent contract has reverted to a backward market structure in which front-month loading barrels sell at a premium to later deliveries, signaling that oversupply concerns are decreasing.


Last week, the structure reverted to contango, with front-month deliveries becoming less expensive than later-loading months.


A leak and outage of TC Energy (NYSE:TRP) Corp's Keystone Pipeline, which transports Canadian petroleum to the U.S., have boosted oil prices.


According to officials, cleanup will take several weeks.


Last week, U.S. crude oil stockpiles increased by more than 10 million barrels, the highest since March 2021, due to releases from the Strategic Petroleum Reserve and a fall in refinery operations. 


OPEC projects that oil consumption will climb by 2.25 million barrels per day (bpd) to 101.80 million bpd in 2023, with significant upside from China, the world's largest importer.


The IEA raised its 2023 oil demand growth projection to 1.7 million bpd, for a total of 101,6 million bpd, in anticipation of a recovery in Chinese oil consumption in 2024, after a decline of 400,000 bpd in 2022.


According to the figures, road and aviation traffic in China have rebounded.


"The climate remains conducive for triple-digit prices... Recent volatility gives an excellent entry point. Next quarter, balances may be looser, but by 2Q, a new price rally will be upon us "Oswald Clint, a Bernstein analyst, noted.


The Federal Reserve lifted its benchmark overnight interest rate by 50 basis points on Wednesday, a drop from the 75-basis-point increases it adopted at its previous four policy meetings.

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