Brent crude oil prices have resumed the level recorded at the beginning of the year. Economists at Deutsche Bank predict that the cost of fossil fuel may reach $100 per barrel in the first quarter of 2023. However, there could be a subsequent decline to $80 dollars.
On Wednesday, oil prices halted growth, driven by data on lower inflation in the United States due to an unexpected increase in fuel inventories. At the moment, the focus is on the Federal Reserve meeting.
It will take at least a few weeks to clean up the largest oil spill in the United States. This was reported on Tuesday by local Kansas authorities, referring to a recent meeting with the owner of the Keystone pipeline, TC Energy Corp.
On Tuesday, there were some optimistic findings related to inflation levels in the U.S. The latest readings of important indicators showed a significant decline in November as inflation reached year record lows.
The cost of futures for natural gas in the US grew by more than 10% and reached a weekly peak on Monday. It happened amid the forecasts about the unusually cold weather and increased need for heating within the upcoming two weeks.
The unemployment rate in Britain has been rising for the second month in a row. At the same time, data released on Tuesday showed signs that the labour market is stabilizing. This includes an increase in the number of elderly people interested in looking for work.
In November, house prices in New Zealand fell compared to the previous month. According to the Real Estate Institute of New Zealand (REINZ), the decline in property prices in the country is explained by three main factors affecting the market hesitancy.
Amid the U.S. inflation data, which is releasing on Tuesday, traders are preparing for significant fluctuations in the stock market in the near future. Currency traders seem calmer.
The US Consumer Price Index will be released at 13:30 GMT. Will it move the currency price? According to economists at Commerzbank, the inflation report will not drive the US dollar.
The West African country produced an average of 1.41 million barrels of oil and light hydrocarbons, according to data released by the Nigerian Petroleum Regulatory Commission.
