Services
  • Services


  • Payment Methods


  • Swift/IBAN

Services

USD:

Buy:

1.3427

/

Sell:

1.3882

-0.01%


-0.01%


EUR:

Buy:

1.449

/

Sell:

1.5011

-0.02%


-0.02%


GBP:

Buy:

1.694

/

Sell:

1.7497

-0.01%


-0.01%


JPY:

Buy:

0.00871795

/

Sell:

0.00929315

-0.12%


-0.12%


April 14th 2024, 5:05:46 am

(about a few seconds ago)

Oil stands firm above 120 a barrel

Share On

😤Oil stands firm above 120 a barrel.⛽

North American equities fell on Wednesday on the concern over hot inflation and the central bank"s action to tame it as energy prices continue to rise. US S&P 500 and Nasdaq and Canada’s S&P/TSX composite lost 1.04%, 0.73%, and 0.71% respectively. Energy shares continue to outperform the other sectors, with US energy sectors surging 65.5% year to date.

Five-year Treasury yields also topped the 3% threshold signaling more risk premium and higher interest rate expectations. The increasing interest rates elevate the chances of US recession and impact corporates" earnings sentiment. The US giant retailers, including Target and Walmart, previously reported weak earnings on lower consumer consumption. Today, chipmakers were under pressure after Intel’s CFO noted that the current quarter is not going as expected. 

The conflict in Ukraine and China’s lockdown were the major concerns for the markets driving energy prices. Oil prices continued their relentless rally, with WTI at 122.5 a barrel as inventory data underlines the supply shortage. 

On the currency side, the US dollar continues to give up gains against other major currencies, standing at 1.25 against the Canadian dollar. Japanese year, surprisingly, continues to be the biggest loser among major currencies, losing 13% of its value year to date.