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Oil under pressure
Oil prices continued to trade flat today after settling at a 5-month low of US$77.2/bbl yesterday. Saudi Arabia reduced its official selling price for most of the buyers for January deliveries due to subdued oil demand and softer oil prices. For European buyers, Saudi Aramco lowered the official selling price for all the crude oil grades by US$2/bbl for January deliveries. This follows a cut of around US$2.3/bbl in December 2023. Saudi’s benchmark Arab Light grade is available for European buyers at a premium of US$2.9/bbl in Jan 2024 compared to a premium of US$7.2/bbl for Nov 2023 deliveries. For Asian buyers, ... (full story)
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- From zawya.com|Dec 6, 2023
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- From bankofcanada.ca|Dec 6, 2023
The Bank of Canada today held its target for the overnight rate at 5%, with the Bank Rate at 5¼% and the deposit rate at 5%. The Bank is continuing its policy of quantitative tightening. The global economy continues to slow and inflation has eased further. In the United States, growth has been stronger than expected, led by robust consumer spending, but is likely to weaken in the months ahead as past policy rate increases work their way through the economy. Growth in the euro area has weakened and, combined with lower energy prices, this has reduced inflationary pressures. Oil prices are about $10-per-barrel lower than was assumed in the October Monetary Policy Report (MPR). Financial conditions have also eased, with long-term interest rates unwinding some of the sharp increases seen earlier in the autumn. The US dollar has weakened against most currencies, including Canada’s. In Canada, economic growth stalled through the middle quarters of 2023. Real GDP contracted at a rate of 1.1% in the third quarter, following growth of 1.4% in the second quarter. Higher interest rates are clearly restraining spending: consumption growth in the last two quarters was close to zero, and business investment has been volatile but essentially flat over the past year. Exports and inventory adjustment subtracted from GDP growth in the third quarter, while government spending and new home construction provided a boost. The labour market continues to ease: job creation has been slower than labour force growth, job vacancies have declined further, and the unemployment rate has risen modestly. Even so, wages are still rising by 4-5%. Overall, these data and indicators for the fourth quarter suggest the economy is no longer in excess demand. The slowdown in the economy is reducing inflationary pressures in a broadening range of goods and services prices. Combined with the drop in gasoline prices, this contributed to the easing of C post:
?*BANK OF CANADA SAYS ECONOMY NO LONGER IN EXCESS DEMAND
*BOC CONCERNED ABOUT INFLATION OUTLOOK, READY TO HIKE AGAIN post:
BOC: Further Signs High Rates Are Slowing Spending, Relieving CPI Pressure
BOC: Economic Growth Has "Stalled"
BOC: Higher Rates "Clearly" Restraining Spending
BOC: Indicators Suggest Economy Is No Longer in Excess Demand
BOC: Economic Slowdown Has Reduced…
- From channelnewsasia.com|Dec 6, 2023
Russian President Vladimir Putin will travel to Saudi Arabia on Wednesday (Dec 6) to meet Crown Prince Mohammed bin Salman, a rare trip abroad to discuss oil production, OPEC+ and ...
- From streetinsider.com|Dec 6, 2023
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- Posted: Dec 6, 2023 9:32am
- Submitted by:Category: Fundamental AnalysisComments: 0 / Views: 239