OPEC+ meeting finished and they decided to produce 100K more barrels per day since Sep.
Not a big increase but enough to make feel safe for the market.
Another FED member mentioned today a possibly higher interest rate in Sep.
Ms. Pelosi left Taiwan today and moved to Korea, why is she traveling around Asian countries now?
Global stock markets surged well with better-earning numbers of PayPal and others.
US Dollar Index up again with money’s safe heaven movement.
US stock market went up a lot today. DJ index was up 1.3%, S&P 500 index was up 1.6% and NASDAQ was up 2.6%.
Big tech stocks were leading the rally today. Apple was up 3.8%, MS was up 2.8%, Amazon was up 4.0% and Tesla was up 2.3%. Still, many big companies are doing good and preparing for the coming recessions and the market reacted quickly.
The crude oil market collapsed today with the big bear news from OPEC+ meeting.
They decided to increase only 100K barrels per day, Biden wouldn’t happy to hear that but at least they are not going to decrease this time. That’s good enough news and the market reacted well.
Based on the NYMEX Brent oil futures, the crude oil prices were downed by 3.8% today, ending at $97.78 per barrel.
With the coming recessions of the US and China, the oil market’s downfall could continue for a while.
We’ve been talking about strong box movement in the crude oil market for the past month period and that strong box appeared again between $90~$110 ranges.
