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Market news: Apple (AAPL.O) will allow external voice-controlled chatbots to be used in CarPlay AI.February 7th - According to AXIOS, the United States and Iran held several hours of nuclear talks in Oman on Friday, and officials from both countries indicated they expect further talks in the coming days. Two sources familiar with the meeting stated that during the talks, Trumps special envoys Witkov and Kushner met directly with Iranian Foreign Minister Araghchi. In most previous meetings, Iran has insisted on communicating with the United States only through mediators, rather than directly negotiating. According to the two sources, part of Fridays meeting was conducted in this format, but officials also had direct exchanges. A US official told the media that a second round of talks is expected in the coming days.February 7th - The CME Group stated on Friday that it is aware of the delay in the release of metal settlement data and that its technical support team is addressing the issue. The CME Group did not disclose the specific reason for the delay. Metal settlement prices are closely watched by market participants as they are used for pricing, margin calculations, and valuations in both physical and derivatives markets. Last November, the worlds largest exchange operator experienced its longest system outage in years, causing a complete disruption to trading in stocks, bonds, commodities, and currencies, and paralyzing global futures markets for several hours.The U.S. Energy Information Administration reported that U.S. liquefied natural gas (LNG) production rose by 51,000 barrels per day in November to 7.849 million barrels per day (up from 7.798 million barrels per day in October).According to Politico, Amazons (AMZN.O) tax bill will drop significantly following the Republican tax cuts.

Oil Prices Remain Stable As Investors Anticipate Fed Reserve Remarks

Charlie Brooks

Feb 22, 2023 14:06

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Oil prices remained unchanged on Wednesday as investors awaited remarks from the U.S. Federal Reserve in response to recent data indicating the prospect of more interest rate rises, which may slow economic growth and reduce global fuel consumption.


Brent oil futures for April delivery rose 2 cents to $83.07 a barrel at 02:42 GMT on Wednesday, following a 1.2% decline on Tuesday. April West Texas Intermediate (WTI) oil futures decreased one cent to $76.35 a barrel. On Tuesday, the March WTI contract expired 18 cents lower.


The U.S. Federal Reserve will release the minutes of its most recent meeting on Wednesday, giving traders a view of how high policymakers expect interest rates to rise in the wake of recent job and inflation figures that exceeded expectations.


But, other economic statistics from the United States, the world's largest oil consumer, revealed some concerning trends. In January, existing home sales reached their lowest level since October 2010, marking the twelfth consecutive monthly decline, the worst since 1999.


"Oil prices came under pressure... as dismal economic data prompted worries about demand in advanced nations," ANZ Bank senior commodity analyst Daniel Hynes wrote in a report. Further rate increases might reduce oil consumption.


Rising interest rates tend to increase the value of the dollar, making oil priced in dollars more costly for holders of other currencies. 


Recently, oil prices have been bolstered by expectations of tighter global supply and growing Chinese demand. Experts anticipate that China's oil imports will reach a record high in 2023 due to rising demand for transportation fuel and the introduction of new refineries.


ANZ's Hynes remarked that PetroChina and Unipec, the trading arm of Sinopec (OTC:SHIIY), Asia's largest oil refiner, had reserved 10 supertankers to import oil from the U.S. next month, equivalent to around 20 million barrels of crude.

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