Oil Price Rises: Interest Rate Fears Push Prices Into the Red

Oil price goes up
Interest rate fears push prices into the red

At first, it looked like US stock markets would close with a decent lead on Tuesday, but then interest rate fears regained the upper hand and prices fell into the red. Oil prices, on the other hand, are rising sharply again after recent losses.

US stock markets closed in the red on Tuesday after a roller coaster ride. A massive sell-off ensued at the end of the trade due to fears of rising interest rates. The US Federal Reserve recently signaled that it wanted to raise interest rates aggressively to control rising inflation. Of the Dow Jones Index standard values ​​closed 0.3 percent lower at 34,220 points. the high tech nasdaq it fell 0.3 percent to 13,371 points. the wide S&P 500 it lost 0.3 percent to 4,397 points.

the US consumer prices it rose 8.5 percent in March to its highest level since late 1981, but was broadly in line with expectations. In the lead up to the data, speculation of even higher levels and more drastic interest rate hikes by the US Federal Reserve emerged. Money markets currently see a 93.5 percent chance that there will be a 50 basis point rate hike at next month’s Federal Reserve meeting.

Brent Crude Oil
Brent Crude Oil 107.67

The price of grade crude Brent North Sea crude rose 6.3 percent to $104.73 a barrel. Stockbrokers attributed this to recent developments in China. After the strict coronavirus lockdown in the economic and financial metropolis of Shanghai, some people were allowed to leave their homes for the first time in more than two weeks. The easing of the first easing of tight restrictions also eased concerns about demand in the commodity market. Stock market traders still expect more fluctuations: “The oil market is still vulnerable to a big shock if Russian energy is sanctioned, and this risk remains on the table,” said Edward Moya, a market analyst at the house. of Oanda bag. OPEC lowered its expectations for global oil demand growth in 2022 due to the spread of the virus in China, the Ukraine war and rising inflation. It also warned that it may not be able to make up for lost volumes of Russian oil.

Subway attack drives up prices for gun makers

Lululemon
Lululemon 356.35

things went up for Lululemon Athletica. The yoga sportswear retailer wowed investors with the nationwide launch of its reuse program. Among other things, customers can trade in their used sweatpants, t-shirts, shirts and jackets for a gift card. The shares gained more than two percent.

Stocks of Gunmakers Soared After New York Shooting Smith & Wesson’s Y Ruger Storm up to 0.7 percent. According to CNN, eight people were shot to death and several were injured at a Brooklyn subway station. Investors assumed that many gun owners now expected tighter controls and would therefore stock up on their stockpiles.

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