WTI crude oil price are rises per barrel $130 and US stocks were falling in this morning.

somrat4030

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Mar-10, 2022, WTI crude oil and US stock news and market forecast, by forex forum.​


US news today


WTI crude futures rose to above $110 per barrel on Thursday, after falling over 12% in the previous session in its biggest one-day drop since November as investors digest comments from the UAE and ongoing Russia's invasion of Ukraine. On Wednesday, the UAE called on OPEC+ to boost production faster to ease the turmoil in the energy markets but lately tempered the message by saying the country is committed to OPEC plans. Elsewhere, the head of OPEC and Chevron said there is no shortage of oil and Iraq insisted there is no need to ramp up production more than planned. US oil futures hit their highest level since 2008 at above $130 per barrel early this week, as the Russian invasion and ensuing sanctions exacerbated supply chain problems created by the pandemic.

On the other hand, Russia's economy is becoming increasingly isolated because of the sanctions on its banks and central bank and the long list of companies leaving Russia or stopping sales in the country in the wake of Putin's invasion of Ukraine. From the biggest international oil companies to consumer product makers and Apple and McDonald's, everyone is quitting Russia.

Moscow is now retaliating against the sanctions the Western allies have imposed.​


Yet, just as Europe has been wary of slapping sanctions on Russian energy, Russia is equally wary of cutting off its largest revenue - energy.

Crude oil and natural gas revenue accounted for 43 percent, on average, of the Russian government's total annual revenue between 2011 and 2020, according to data compiled by the U.S. Energy Information Administration (EIA).

The Russian Energy Strategy to 2035 prioritizes the increase in energy exports and revenue, which is indicative of the central role hydrocarbons play for the Russian government, the EIA notes.

Russian energy exports, however, have already been struggling to find buyers, even before the United States banned imports of Russian energy on Tuesday.

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Elsewhere, U.S. stocks fell in morning trading, while oil prices rose, as talks between Russia and Ukraine yielded little progress and inflation readings reached a new 40-year high.​


The S&P 500 declined about 0.9% Thursday, while the tech-focused Nasdaq Composite Index fell 1.6%. The Dow Jones Industrial Average was about 0.7%, or 231 points, lower. All three indexes broke a four-session losing streak Wednesday, when oil prices declined from recent highs but remained above $100 a barrel.

Moreover, The consumer price index increased 0.8% last month after gaining 0.6% in January, the Labor Department said on Thursday.​

In the 12 months through February, the CPI shot up 7.9%, the biggest year-on-year increase since January 1982. That followed a 7.5% jump in January and was the fifth straight month of annual CPI readings north of 6%.

Economists polled by Reuters had forecast the CPI rising 0.8% and vaulting 7.9% on a year-on-year basis.

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