EUR/USD 1.14673
0.035%
Gold 4269.01
0.119%
Oil 97.231
-0.255%
USD/JPY 156.177
-0.063%
GBP/USD 1.33812
0.010%
GBP/JPY 208.991
-0.050%
Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
RSM Chief Economist Joseph Brusueras: Warsh delivered the right hawkish signals at the press conference and attempted to reinforce the Fed’s credibility in restoring price stability, while also enhancing his own credibility.U.S. stocks continued to decline after the Walsh press conference, with the S&P 500 falling 1%, its biggest drop since July 29, the Dow Jones Industrial Average down 1.65%, and the Nasdaq Composite down 0.6%.On September 17th, Federal Reserve Chairman Warsh declined to answer questions at a press conference regarding his interactions with US President Trump. Trump has been calling for lower interest rates in recent months. Warsh stated, "I have no comment on my discussions with the president." White House Council of Economic Advisers Chairman Christopher Phelan said on Tuesday that raising interest rates would be a "mistake."On September 17th, Federal Reserve Chairman Warsh stated that he would not disclose details of future interest rate decisions by the Federal Open Market Committee (FOMC). He said, "I am not responsible for providing forward guidance. Our decision today (to raise interest rates) is a carefully considered, serious, and responsible one. We have been preparing for and thinking about this decision for the past 110 or 120 days." Warsh also stated that this decision was not market-driven. He said, "Our decision today is based on our assessment of the current situation, our judgment of the employment trend, and our assessment of the strength of the economy. Sometimes, the market tries to anticipate our decisions. I watch market prices to see what information the market is sending. But todays decision is our own."On September 17th, Warsh stated that while the Federal Reserve cannot prevent price shocks in commodities such as oil on its own, the central bank can use policy tools to prevent further spread of inflationary pressures. Warsh said, "We cannot influence the price of any single commodity, such as oil or groceries." However, he pointed out, "We can and will ensure that any changes in relative prices do not spread further, and do not have second- or third-order effects on the economy. Thats our responsibility, and thats what were doing." Warsh made these remarks as U.S. diesel prices hit a record high due to the Iran war.

Oil Prices Continue to Fall in Early Trade

Aria Thomas

Apr 11, 2022 09:33

O2.png


The market has been closely following events in China, where authorities have confined Shanghai, a metropolis of 26 million people, to a "zero tolerance" policy for COVID-19. China is the world's largest importer of oil.


The International Energy Agency's (IEA) member states will release 60 million barrels over the next six months, with the US matching that amount as part of the 180 million barrel release announced in March.


The publication might also prevent producers, notably OPEC and US shale producers, from pursuing production increases even at prices around $100 a barrel, ANZ Research analysts said in a report.


However, the OPEC+ group of oil exporting countries has shown no sign of increasing its production objectives beyond the 400,000 barrels per day added monthly as part of the reinstatement of supply limits.


The IEA release would provide around 2 million barrels per day of supply for the next two months – plus an additional 1 million barrels per day from the United States for the next four months. It is unknown if this will compensate for the shortage of Russian oil after that country's invasion of Ukraine.


Russia's oil and gas condensate output declined to 10.52 million barrels per day (bpd) in April from an average of 11.01 million bpd in March.

Suggestion