Ukraine, Oil
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Oil futures picked up after an uncertain start, unfazed by bearish-looking U.S. crude and product stock builds, while focusing on efforts to get Russia and Ukraine to accept peace proposals.
Oil demand outlook improves on U.S. shutdown progress, but crude futures stall below the 50-day and 200-day moving averages as supply concerns cap upside momentum
Oil prices were steady on Wednesday after sliding to a one-month low in the previous session as investors assessed prospects of oversupply and talks over a Russia-Ukraine peace deal.
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Oil prices steady as crude oil futures rebound on a strong U.S. inventory draw while traders assess supply risks, slowing demand, and geopolitical uncertainty.
Oil prices climbed about 1% on Monday on increased bets of a U.S. interest rate cut in December and mounting doubts about whether Russia will get a peace deal with Ukraine that will boost Moscow's oil exports.
Crude oil futures traded lower on Thursday morning after the Monthly Oil Market Report from the OPEC+ (Organization of Petroleum Exporting Countries and allies) indicated a surplus in the global market.
Shares of energy companies fell sharply alongside oil futures. Oil dropped by more than 4% to $58.49 a barrel, amid technical positioning for a market condition known as "contango" when later-dated futures are ascribed more value than near-term contracts.
JAKARTA: Malaysian palm oil futures recovered on Wednesday after four straight sessions of losses, with stronger Chicago soyoil and Dalian palm oil prices lending support to the market.
NEW YORK] Oil prices edged up on Wednesday ahead of the US Thanksgiving holiday, as US investors assessed prospects of oversupply and talks over a Russia-Ukraine peace deal. Read more at The Business Times.
Futures linked to Canada's main stock index held steady on Monday as investors weighed growing odds of a U.S. Federal Reserve rate cut in December, while declining oil prices put pressure on the commodity-heavy market.