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New York silver futures touched $74 per ounce, down 5.28% on the day.The yield on 5-year Japanese government bonds fell 2 basis points to 1.65%.British Prime Minister Starmer: I have increased defense spending; Britain needs to "go faster" on defense spending.February 17th - The Reserve Bank of Australia (RBA) believes that inflation will remain high if interest rates are not raised this month, and it remains uncertain whether further policy tightening is necessary. The minutes of Tuesdays meeting revealed that committee members expressed concern about a "substantial shift" in the risks to inflation and employment, providing a stronger case for a rate hike. The minutes stated: "Members unanimously agreed that data received since the last meeting further reinforced their concerns that inflation would persist too high for too long without policy intervention." Therefore, the committee unanimously decided to raise the cash rate by 25 basis points to 3.85%. Markets are betting that the stubbornness of inflation this quarter may be sufficient for the committee to raise rates again to 4.10% at its May meeting. First-quarter consumer price data will be released at the end of April, and analysts suspect that core inflation will remain around 3.4%, well above the RBAs target range of 2% to 3%. Regarding future interest rate trends, the committee noted that forecasts carry two-way risks, and future policy decisions will depend on data developments.Reserve Bank of Australia meeting minutes: Remains committed to reducing inflation and protecting jobs.

Oil prices fall owing to rising U.S. stocks and weaker demand

Skylar Williams

Jul 13, 2022 11:03

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Oil prices dipped in early Asian trade on Wednesday with the release of U.S. inventory data indicating a rise in crude oil and refined products, amid rising fears of a global economic slowdown.


Brent oil futures shed 68 cents, or 0.7 percent , to $98.81 a barrel at 0002 GMT. The price of U.S. West Texas Intermediate crude oil dropped 72 cents, or 0.8 percent, to $95.12 a barrel, which is also the lowest level in three months.


Concerned that aggressive interest rate increases to battle inflation may precipitate a recession, which will severely influence oil consumption, investors have sold their oil holdings. Due to volatile trading, prices dropped by more than 7 percent in the previous session.


China's renewed COVID-19 travel restrictions had an effect on the market. Multiple cities in the world's second-largest economy have enacted further restrictions, ranging from firm closures to wider lockdowns, to prevent the spread of a highly dangerous virus strain.


During the week ending July 8, crude oil stocks climbed by around 4.8 million barrels in the United States. According to market sources citing data issued by the American Petroleum Institute on Tuesday, gasoline supplies grew by 3 million barrels, while distillate stockpiles increased by 3,3 million barrels.


The dollar index, which compares the dollar to a basket of six other currencies, reached its highest level since October 2002 on Tuesday, reaching 108.56.


Since oil is frequently priced in U.S. dollars, a stronger dollar makes the commodity more expensive for foreign currency holders. During times of market volatility, the dollar is often viewed as a safe haven by investors.


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