Wednesday, 23 January, 2019

Oil down by 2%, but well on-course for weekly gain

Pumpjacks are seen against the setting sun at the Daqing oil field in Heilongjiang province China Pumpjacks are seen against the setting sun at the Daqing oil field in Heilongjiang province China
Rhonda Young | 14 January, 2019, 13:27

Still, prices are about 30 percent lower than their highs in October even after a rebound since Christmas Eve thrust crude back into a bull market.

So, what does this mean for prices moving forward? Phil Streible, senior market analyst at RJO Futures, told Bloomberg television that $60 is a good average price for 2019: "I think OPEC will wind up getting their way and prop prices up despite US production". United States crude CLc1 was at $51.65 per barrel, down $0.71 or 1.4%. Futures rose 0.4 percent on Thursday, in their ninth straight daily advance and longest winning streak in nine years. The Shanghai Composite surged 0.7 percent to 2,553.83. Shares rose Taiwan, Singapore and Malaysia but fell in the Philippines. Macy's suffered its biggest loss of all time, putting a drag on retailers.

The U.S. and China are working out a possible deal to end a bitter trade dispute that has already recorded tariffs on $250 billion worth of Chinese imports and levies on $110 billion of U.S. goods.

MSCI's all-country index.MIWD00000PUS climbed 1.14 percent for a fourth day of gains.

Maroon 5 announced as Super Bowl half-time performers
They released their debut album Songs About Jane in 2002 and have gone on to win three Grammy Awards . In September, sources told ET that Maroon 5 was chosen as the Super Bowl LIII halftime performer.

A range of Federal Reserve policymakers said last month they could be patient about future interest rate increases and a few did not support the central bank's rate increase that month, minutes from their December 18-19 policy meeting showed. He echoed the tone of Fed officials who were present at a meeting last month.

Markets had been supported by hopes that an all-out trade war between Washington and Beijing might be averted. A market-sensitive Fed is reassuring to investors who fear its tightening policies would send the US economy into recession.

So far this year, investors have breathed a sigh of relief as hopes of a trade deal between the U.S. and China have risen and comments from officials at the U.S. Federal Reserve have suggested that the pace of interest rate increases could ease this year. -China talks has lifted investor sentiment, global financial markets are still struggling to decipher what exactly may have been promised in their negotiations this week.

CHINESE ECONOMY: On Thursday, China released consumer and producer inflation figures that missed the mark.

Major League Baseball bending rules for Kyler Murray, Oakland Athletics to reach deal
That would be taking special treatment to a new level, but MLB thinks that highly of Murray and wants him in baseball. Obviously, that $15 million ask exceeds that total bonus allotment on its own, and it has already been spent.

"The pessimism of market participants at the end of the year was excessive, and so we expected prices to rise", said Eugen Weinberg, head of commodities research at Commerzbank AG in Frankfurt.

Optimism that the trade standoff would be resolved also lifted oil prices.

Worldwide benchmark Brent crude traded at $59.36 per barrel at 0645 GMT with a 1.3 percent gain after it closed Tuesday at $58.61 a barrel. The contract has surged by 23.7 percent since December 24.

Brent for March settlement was up 18 cents at $61.86 a barrel on the ICE Futures Europe Exchange in London. Brent crude, used to price worldwide oils, shed 11 cents to $61.57 per barrel.

Manny Pacquiao and Floyd Mayweather Cross Paths at Clippers game
My main focus is Manny Pacquiao and I will be ready. It's not a mystery - he's been knocked out before. You can't overlook anybody in this sport.

CURRENCIES: The euro was up 0.3 percent at $1.1529 while the dollar fell 0.1 percent to 108.27 yen.

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