{"id":1675155,"date":"2022-10-06T03:20:55","date_gmt":"2022-10-06T07:20:55","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1675155"},"modified":"2022-10-06T03:21:56","modified_gmt":"2022-10-06T07:21:56","slug":"marketmind-runaway-oil","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/marketmind-runaway-oil\/","title":{"rendered":"Marketmind: Runaway oil"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">6<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fmarketmind-runaway-oil%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1675155&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p>A look at the day ahead in European and global markets from Anshuman Daga<\/p>\n<p>Just when stock markets seemed to be regaining their footing after a wild third quarter \u2013 beset by rising interest rates and the dollar\u2019s runaway gains \u2013 there\u2019s more trouble brewing.<\/p>\n<div id=\"div-gpt-ad-1663871513696-art-1\">\n<\/div>\n<p>This time, oil prices are to blame.<\/p>\n<p>Brent crude futures rose to a three-week high of nearly $94 a barrel after OPEC+ agreed sharp oil production cuts, the largest reduction since 2020, causing one of its biggest clashes with the West.<\/p>\n<p>President Joe Biden called the surprise decision \u201cshortsighted\u201d and called on his administration and Congress to explore ways to boost U.S. energy output and reduce OPEC\u2019s control over energy prices<\/p>\n<p>Oil\u2019s upward march couldn\u2019t have come at a worse time.<\/p>\n<p>Markets are already pricing in a recession in major economies and a sharp increase in energy prices will add to already-high inflation and interest rates.<\/p>\n<p>European Commission President Ursula von der Leyen pitched gas price caps to EU leaders in a bid to contain soaring energy costs.<\/p>\n<p>While Asian equities clawed back on Thursday, the dollar clung onto gains as bets on further Fed hikes firmed up. [MKTS\/GLOB]\n<p>\u201cNo Fed pivot is possible against a backdrop where oil prices march higher on supply destruction in response to demand destruction as monetary policy is tightened,\u201d Michael Every, global strategist at Rabobank said in a note.<\/p>\n<p>On Wednesday, San Francisco Federal Reserve President Mary Daly underscored the Fed\u2019s commitment to curbing inflation with more interest rate hikes.<\/p>\n<p>More gains are in store for the unstoppable dollar, according to a Reuters poll of foreign exchange strategists.<\/p>\n<p>The dollar index, up a blistering 16% so far this year, is likely to extend its dominance beyond 2022, powered by more interest rates and the strength in the U.S. economy.<\/p>\n<p>Britain\u2019s pound held steady on Thursday after weakening a day earlier as British Prime Minister Liz Truss sought to restore her authority following a chaotic first month in power.<\/p>\n<p>Fitch cut its outlook for its credit rating for British government debt to \u201cnegative\u201d from \u201cstable\u201d, just days after a similar move from Standard &#038; Poor\u2019s following the government\u2019s Sept. 23 fiscal statement.<\/p>\n<p>Graphics: OPEC + agree to massive cut in oil supplies to boost prices https:\/\/graphics.reuters.com\/OPEC-CUT\/zdvxolajzpx\/chart.png<\/p>\n<p>Graphics: The race to raise rates https:\/\/graphics.reuters.com\/GLOBAL-CENTRALBANKS\/gdpzyznwyvw\/chart.png<\/p>\n<p>Key developments that could influence markets on Thursday: <\/p>\n<p>Economic data: Euro zone retail sales (August); Germany industrial orders, Netherlands CPI, U.S. initial jobless claims<\/p>\n<p>Speakers: Fed\u2019s Loretta Mester, Lisa Cook, Charles Evans and Christopher Waller all speak at various events<\/p>\n<p>IMF\u2019s Georgieva speaks ahead of IMF\/World Bank meetings<\/p>\n<p> (Reporting by Anshuman Daga; Editing by Kim Coghill)<\/p>\n<p><a href=\"https:\/\/www.oann.com\/uncategorized\/marketmind-runaway-oil\/attachment\/file-photo-european-commission-president-addresses-the-media-on-ukraine\/\"><img decoding=\"async\" src=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2022\/10\/tagreuters.com2022binary_LYNXMPEI9505H-BASEIMAGE.jpg\" alt=\"tagreuters.com2022binary_LYNXMPEI9505H-BASEIMAGE\" \/><\/a><\/p>\n<p><a href=\"https:\/\/www.oann.com\/uncategorized\/marketmind-runaway-oil\/attachment\/file-photo-pump-jacks-operate-at-sunset-in-midland-5\/\"><img decoding=\"async\" src=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2022\/10\/tagreuters.com2022binary_LYNXMPEI9508O-BASEIMAGE.jpg\" alt=\"tagreuters.com2022binary_LYNXMPEI9508O-BASEIMAGE\" \/><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>A look at the day ahead in European and global markets from Anshuman Daga Just when stock markets seemed to be regaining their footing after a wild third quarter \u2013<\/p>\n","protected":false},"author":66,"featured_media":1894731,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-1675155","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1675155","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/66"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1675155"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1675155\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1894731"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1675155"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1675155"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1675155"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}