Californians should expect to see higher prices again this summer as Middle East oil producers cut production, according to industry experts. The Organization of Petroleum Exporting Countries (OPEC+) announced April 3 the decision by a handful of countries—including Russia and Saudi Arabia—to cut oil production by about 1.4 million barrels a day starting next month….
California Gas Prices Could Rise After OPEC Cut Oil Production: Experts
April 6, 2023
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Central Banks’ Gold-Buying Spree Continues for Eleventh Consecutive Month
Global central bank gold reserves increased by an additional 52 tons in February, representing the eleventh consecutive month of net purchases of the yellow metal, new data show. According to the latest figures from the World Gold Council (WGC), China was the biggest gold buyer in February, acquiring 24.9 tons. The People’s Bank of China…
Central Banks’ Gold-Buying Spree Continues for 11th Consecutive Month
Global central bank gold reserves increased by an additional 52 tons in February, representing the 11th consecutive month of net purchases of the precious metal, new data show. According to the latest figures from the World Gold Council (WGC), China was the biggest gold buyer in February, acquiring 24.9 tons. The People’s Bank of China…
Oil Heads for 3rd Weekly Gain After Shock OPEC+ Cuts
April 6, 2023
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Business & Marketseconomic policieseconomyenergyglobalGold and CommoditiesinflationMarketsOilrecessionstocks
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LONDON—Oil remained on track for weekly gains on Thursday, with further production cuts targeted by OPEC+ and a drop in U.S. oil inventories overshadowing fears over global economic growth. Brent and U.S. crude have both gained more than 6 percent this week, heading for a third weekly gain after the Organization of the Petroleum Exporting…
World Stocks Dither, Bond Yields Fall as Recession Worries Weigh
April 6, 2023
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LONDON/TOKYO—Global stocks drifted on Thursday, following skittish trade in the Asian session, as traders awaited crucial U.S. jobs data that may add to mounting evidence of a U.S. slowdown and the likelihood of a global recession. The broad MSCI index of world stocks dipped 0.1 percent, putting it on track for its first weekly decline…
Gold Exceeds $2,000 to Hit Record Annual Level Amid Weak Economic Data
The price of gold peaked above $2,000 on April 5, boosted by weak U.S. economic data as well as fears from the banking crisis shaking up the financial sector. Spot gold prices hit $2,028 an ounce in early trading on Wednesday, hitting the highest level since March 2022. U.S. gold futures hit a high of…
Oil Prices Stable as Economic Fears Balance OPEC+ Cuts
April 5, 2023
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LONDON—Oil prices were stable on Wednesday, as the market weighed gloomy economic prospects against expectations of U.S. crude inventory declines and OPEC’s voluntary output cuts announcement. Brent crude futures gained 22 cents, or 0.26 percent, to $85.16 a barrel by 0747 GMT. West Texas Intermediate U.S. crude was up 12 cents, or 0.15 percent, to…
Stocks Falter as Economic Worries Nag, Big Rate Hike Lifts Kiwi Dollar
April 5, 2023
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LONDON—World stock markets stumbled on Wednesday as signs that the economic outlook is weakening spurred caution, while a bigger-than-expected interest-rate hike from New Zealand lifted the kiwi dollar. European stocks fell with the broad STOXX 600 index pulling away from Tuesday’s one-month highs. U.S. equity futures dipped and Japan’s Nikkei fell 1.6 percent in its…
Closing Prices for Crude Oil, Gold and Other Commodities (Apr. 4)
April 4, 2023
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Benchmark U.S. crude oil for May delivery rose 29 cents to $80.71 a barrel Tuesday. Brent crude for June delivery rose 1 cent to $84.94 a barrel. Wholesale gasoline for May delivery fell 2 cents to $2.74 a gallon. May heating oil rose 1 cent to $2.67 a gallon. May natural gas rose 1 cent…
China Seeks to Dethrone Dollar to Corner World Energy Markets
April 4, 2023
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Business & MarketsChinaDe-Dollarizationeconomic policiesenergyGold and CommoditiesinflationInternationalization of Chinese yuanMarketsOPEC oilreserve currencyUS
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News Analysis A longstanding plan by China and Russia to replace the U.S. dollar as the world’s reserve currency has had a string of recent headline-grabbing successes, as China methodically builds a rival monetary system that has been dubbed “Bretton Woods III.” This currency initiative is the financial component of the Beijing regime’s strategy to…
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