Rising Oil Price Could Make Central Banks Cautious With Rate Cuts
A rising oil price could halt or even reverse the recent trend of falling inflation, potentially leaving central banks cautious about cutting interest rates, DZ Bank said.
President Biden quadrupled tariffs on Chinese-made EVs. The catch? Hardly any Americans are buying these cars anyway.
Chinese automaker BYD has launched its first pickup truck, debuting a luxury plug-in hybrid in Mexico to compete with global rivals in China’s second-largest market for auto exports.
ExxonMobil's (XOM) Likembe-01, well found in Angola's Block 15, signals a potential upturn in the country's oil fortunes, marking a significant discovery after years of dwindling output.
Weekly Crude Inventories Fall More Than Expected
In its weekly release, Baker Hughes (BKR) reports that the total count of oil rigs in the United States declined, but the count for natural gas increased.
Analysts have warned that the decision could lead to higher costs and fragmentation across global supply chains.
Investors are getting defensive, and that's driving higher prices in the utility and consumer staples sectors.
The Zacks Manufacturing-Tools & Related Products industry has been gaining from strength across end markets, along with stability in the supply chain. SWK, LECO and EPAC are some notable stocks in the industry.
Logitech, Mercury Systems and TransAct have been highlighted in this Industry Outlook article.
Oil prices rose nearly 1% on Wednesday from a two-month low in the prior session as the market balanced bullish U.S. economic and crude storage data against the International Energy Agency's (IEA) forecast for weaker global oil demand growth. Earlier in the session, the bearish IEA report helped push both benchmarks into technically oversold territory with prices at their lowest since February. Prices reversed direction after U.S. data showed a bigger-than-expected crude drawdown and lukewarm inflation that fueled expectations of a cut in interest rates later this year.