Oil prices rebounded slightly on Wednesday, on supply tightness amid output cuts from major producers and remarks from the U.S. central bank chief that he still expects rate cuts later this year.
Brent crude futures were up $1.04, or 1.27%, to $83.08 a barrel at 1428 GMT, after four days of declines. U.S. West Texas Intermediate crude futures rose $1.40, or 1.79%, to $79.55 a barrel, after declining the past two days.
Oil prices were lifted by the announcement on Sunday that the Organization of the Petroleum Exporting Countries and its allies (OPEC+) extended output cuts of 2.2 million barrels per day until the end of the second quarter.
Gold, silver rate on July 28 in Mumbai, Delhi, Chennai, Kolkata, Jaipur – Check today’s prices Gold, silver rate today on July 24 after sharp 6% cut in customs duty in Budget After Delhi, CNG and piped cooking gas prices rise in Mumbai Oil imports from Russia touch 13-month high
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The extension has created some supply tightness, particularly in Asian markets, along with the disruption in oil tanker movements as a result of the Red Sea attacks by the Houthi militia in Yemen that is tying up barrels in transit.
That physical tightness was apparent as Saudi Arabia, the world’s biggest oil exporter, announced on Wednesday slightly higher prices for April crude sales to Asia, its biggest market.
In remarks prepared for Congress on Wednesday, Powell said the Fed still expects to reduce its benchmark interest rate later this year, though policymakers still needed “greater confidence” in inflation’s continued decline before cutting.
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Investors see signs of a Fed cut as positive for the economy and oil demand. In a good sign for cuts, U.S. private payrolls increased slightly less than expected in February, data showed on Wednesday. Come from Sports betting site VPbet
Friday’s U.S. non-farm payrolls data is expected to show an increase of 200,000 jobs in February after surging 353,000 in January, according to a Reuters survey of economists.
On Tuesday, China announced a 2024 economic growth target of around 5%, though the lack of big-ticket stimulus plans to bolster its struggling economy raised concerns of sluggish oil demand growth.
The market “specifically was hoping to see further fiscal expansion to help meet the growth target,” said Tony Sycamore, an analyst at IG in Sydney.
Meanwhile, Gaza ceasefire talks were at an impasse on Wednesday, fuelling uncertainty and worry that the conflict may spill over into the broader Middle East, one of the world’s main oil-producing regions.
The first of this week’s two U.S. inventory reports, from the American Petroleum Institute industry group, showed U.S. crude stocks rose by 423,00 barrels in the week ended March 1, market sources said, much smaller than the increase of 2.1 million barrels, expected by analysts in a Reuters poll.
Official data from the U.S. Energy Information Administration is due on Wednesday at 10:30 a.m. ET (1530 GMT).
U.S. oil refiners are expected to have about 1.5 million barrels per day (bpd) of capacity offline for the week ending March 8, increasing available refining capacity by 270,000 bpd, research company IIR Energy said on Wednesday.
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By Manojh Vayalar
The December series Nifty futures started with a premium of around 100 points for the current month. The Nifty has rolled around 73% and Bank Nifty around 80%. For the Index futures, FII have reduced the short positions to 56% from 64% at the start of the December series. The index is now in a ‘Buy on Dips’ mode till 20,000 is not breached on closing basis, for the first fortnight of the December series. 20,200-20,300 might be the immediate support and only a decisive close below it might bring in further downside. VIX for the Nifty is currently at 13.5 and likely to remain in the 11 to 15 range implying a range of around 800 points.
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Gold Rates: MCX gold inches higher on weaker US Dollar, Treasury Yields; support is seen at Rs 62120-61850, resistance at Rs 62780-63000
FIIs started this series with Short position in Index futures of around 64% vs 89% last month, which are …
The rupee paused its two days of gains and settled 6 paise lower at 83.24 (provisional) against the US dollar on Thursday as rising crude oil prices dented the investor sentiment.
Forex analysts said early gains in the domestic currency on the back of the weak dollar were reversed by the subdued domestic equity markets and concerns over foreign funds withdrawal.
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Rupee rises 4 paise against US dollar in early trade
At the interbank foreign exchange, the rupee opened at 83.17 and then traded between the intra-day peak of 83.12 and the lowest level of 83.25 against the greenback. The local unit finally settled at 83.24 (provisional), registering a loss of 6 paise from its previous close.Come from Sports betting site VPbet
RailTel shares up over 7% on Rs 53 crore order from UP government Stree 2 salaries: Shraddha Kapoor was paid Rs 5 crore for the film – Her…
By Roshan Shah
Global trade finance is a vital component of the international economic landscape. It has evolved significantly over the years, and in the 21st century, the global trade finance landscape is complex, presenting opportunities as well as challenges along its growth path.
The interconnected nature of the global economy has expanded trade volumes, creating a demand for efficient and secure financing mechanisms. In such a scenario, technological advancements offer avenues for transforming trade finance and have the potential to streamline and secure transactions, reducing fraud and increasing transparency.
However, the sector also grapples with issues such as outdated regulatory frameworks and a lack of standardization, hindering the widespread adoption of innovative solutions. Let’s look at both sides of the coin: the challenges and opportunities presented by the sector.
Power equipment sector – recouping the los…
The 2018 film Spider-Man: Into the Spider-Verse shouldn’t exist Come from Sports betting site VPbet. It goes against everything we expect from superhero movies and the big studio system behind them. It’s animated when the rest are live-action. It’s about Miles Morales, instead of Peter Parker. It also has not one Spider-Man, but seven of them (two of which are Peter Parker, though he’s a supporting character at best). It doesn’t pull inspiration from a classic Spider-Man story, but rather one of the most complex and goofy ones, in which Spider-Man works with all of the other Spider-People from other Marvel Earths. It’s a weird movie. It’s a really, really good, weird movie, though. It uses its weirdness to tell a satisfying story about responsibility, family, and self-confidence that works as well as, or better than, every Spider-Man movie to come before it.
It not…
The Book of Boba Fett has come to an end, and while it wasn’t necessarily the show many of us were hoping for–and could be considered a disappointment–one thing is for sure. It has served as the proof we needed that it’s time to focus the Star Wars franchise around a new character.
Warning: The following contains spoilers for The Book of Boba Fett. If you haven’t watched the first season on Disney+, you should do that now.
For too long, Star Wars has been shackled to the Skywalker family–and Luke Skywalker in particular. Don’t get us wrong, everyone loves Mark Hamill and his portrayal of Luke over and over (and over) has served as a touchstone for much of the Star Wars galaxy. Now that we’ve gotten to the point in Star Wars where they are digitally de-aging him, though, perhaps it’s time to find the next character to hang the entire series on. After all, Star Wars: The Rise of Skywalker was technically the end of the Skywalker Saga, so sh…
Caesars Sportsbook mobile sports betting app released is finally live in Puerto Rico. As Caesars Entertainment Inc, the owner of the sportsbook, announced, the app started accepting sports wagers.
The upgraded version of the sportsbook:
This release follows the opening of the Caesars Sportsbook, which is located at Casino Metro. The sportsbook has been open since December 2022.
The app offers the upgraded version of the popular sportsbook, granting the players various prizes and rewards. All Puerto Ricans who want to try it now can download the app on both iOS and Android devices. They also can visit the company’s website and download it on their desktop devicesDowinn Group, a significant junket operator in the Philippines, has postponed its previously scheduled reopening to July 19, missing the anticipated resumption on Monday, June 24, at 2 PM. This update, reported by the Korean news portal Daum and quoted by Asia Gaming Brief, has intensified industry suspicions and rumors of potential collapse.
Operations at Dowinn Group’s facilities, including prominent casinos such as Solaire, Okada Manila, City of Dreams Manila, Clark D’Heights Resort & Casino, and Royce Hotel & Casino, ceased on the evening of June 17, 2024. Despite an initial announcement to restart operations on June 24, the reopening was deferred. A notice sent to clients via WhatsApp indicated that the reopening would be delayed by approximately 25 days.
Previously, Dowinn Group had assured PAGCOR, the gaming regulator in the country, that the cessation was temporary and emergency in nature, dismissing any notions of a permanent shutdown. On June 21…
American real estate investment trust Gaming and Leisure Properties Incorporated has announced that it has officially completed the takeover of a Maryland casino operated by The Cordish Companies.
The Pennsylvania-based firm used an official Wednesday press release to declare that it has paid a total consideration of $1.14 billion so as to assume control over ‘the land and real estate assets’ of the Live! Casino and Hotel Maryland property while simultaneously inking ‘a single asset triple net lease’ that is to see The Cordish Companies continue to run the suburban Baltimore venue uninterrupted for at least the next 39 years.
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Gaming and Leisure Properties Incorporated was born in November of 2013 as a spin off from Penn National Gaming Incorporated and now owns 50 casinos spread across 17 American states including the 2,364-room Tropicana Atlantic City venue in New Jersey as well as Indiana’s more…
On July 24, the Oneida Indian Nation officially revealed details of its $370 million capital investment in the biggest expansion and financial reinvestment in Turning Stone Resort Casino in the last 20 years, following the announcement of those plans in September 2022. Additionally, the reinvestment project will feature a full expansion of the casino-resort with a state-of-the-art conference center, hotel, outdoor event spaces and other state-of-the-art amenities to completely re-imagine Turning Stone.
The latest conference center:
The tribe will hold a groundbreaking ceremony for the planned two-year project in early 2024. Together with a $370 million reinvestment, the planned expansion project will collect $616 million in one-time economic impact, generate 3,600 one-time jobs and accumulate $22.1 million in state and local tax income.
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