Oil climbs as dollar slips, but demand fears keep a lid on gains
Oil prices turned higher on Friday as the dollar eased, but gains were capped by recession fears and fresh concerns that COVID outbreaks will dent fuel demand in China.
Brent crude futures rose 65 cents, 0.7%, to $95.32 a barrel at 0155 GMT. The contract was on track to end the week down just 0.5%.
U.S. West Texas Intermediate (WTI) crude futures climbed 66 cents, or 0.8%, to $88.83 a barrel putting the contract on course for a weekly gain of 1%.
Nifty below 18100, Sensex trades flat amid weak global cues; Infosys, HDFC Bank lead gains
Bulls defied global cues as Indian benchmark indices were trading with marginal gains on the week’s last trading day. NSE Nifty 50 opened nearly 50 points higher to trade above 18,100 levels, while BSE Sensex advanced over 100 points to trade at 60,968 levels. Broader markets also jumped in tandem as Nifty MidCap 100 and Nifty SmallCap 100 indices rose up to 0.5%. Barring Nifty IT and Nifty Pharma indices, all other sectors traded green.
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70 pts lower; IT, Consumer Durable drag; PSU Bank shines.
Most markets ended in red on Thursday after Fed Chair Jerome Powell hinted the Fed would raise interest rates more in the future. Korea, Mainland China and Hong Kong closed lower today, while the European market also traded in red in the morning session.
North Asia ramps up stockpiling for winter to cut costly spot LNG buys
Key North Asian economies are stockpiling fuel, diversifying sources and conserving power to ensure adequate supplies for winter, as an unprecedented global energy crisis makes spot liquefied natural gas (LNG) purchases costly.
Major LNG importers – Japan, South Korea and China – have been grappling with soaring prices of the super-chilled fuel after Russia cut supplies to Europe following its invasion of Ukraine, leading to a surge in Asian spot prices as well.