Long-time Chief Executive Officer Ben Silbermann of Pinterest would step down, handing over the reins of the social media platform to Google...

Stock Market

Google executive to take over as a new CEO of Pinterest

Top accounting firm Ernst & Young has been slammed with a record $100 million fine from the US government...

Stock Market

Accounting firm gets 100 million fine for faulty regulations

The Indian rupee slipped into a fresh low today and extended losses against the US dollar.

Forex

The rupee tumbled to a new low against the dollar in the midst of an increase in crude oil price

Wall Street saw a sharp fall at its closing in a broad sell-off. Consumers' worries over recession have sparked up...

Stock Market

Wall Street Lose Balance after recession strikes growth fear among consumers’

Soaring inflation may be pushing the US economy into a deep recession. Last week's 0.75% interest rate hike by the Federal Reserve...

Stock Market

Inflation ringing the recession bell - Mohammed Shaheen

Commodities

21 Sept 2021

Oil sees a Rise of 1% as Supply Begins to Tighten

The Index Today

As U.S tightens supply, oil prices rose on Tuesday after a series of losses as world markets continue to suffer from the Chinese Evergrande crisis.

Bent crude went up 1.3% to $74.87 per barrel after falling by 2% on Monday. The WTI went up by 1.3% to $71.20 per barrel after showing a drop of 2.3% in the session prior.

The demand for fuel oil is growing rapidly due to increase in gas and coal prices. The persistent outages form the Gulf of Mexico caused by the devastating Hurricane Ida have pointed to the fact that supply will be limited.

ANZ analysts said, “While slowing Chinese economic growth and uncertainty around the US Fed tapering timetable weighed on market sentiment, other developments still point to higher oil prices.”

The heavily indebted Evergrande has caused shook the financial market across the globe, causing stocks to fall. Edward Moya, analyst at OANDA stated, “Evergrande’s woes are threatening the outlook for the world’s second largest economy and making some investors question Chinas growth outlook and whether it is safe to invest there.”

The upcoming fed meeting is beginning to weigh on U.S markets as it is expected that tightening of monetary policy will take place. This will push investors to avoid risky assets such as oil.

Clay pottery with table linens