Wall Street is waiting for the Fed to decide on interest rates on Wednesday, although there is a 99 percent chance that rates will not rise.Photo: Caro / Muhs
While US markets rallied at midday, the gains faded by the end of the day, and indices ended Monday in a rare steady green: the S&P 500 +0.07%, the Dow Jones Industrial Average +0.02% and the Nasdaq Composite +0.01%.
The day was marked primarily by the fact that oil approached $95 per barrel, which creates inflationary pressure just as policymakers prepare for crucial Fed meetings. A three-week rally in oil prices has pushed benchmark Brent up 11%, complicating central bankers around the world’s fight against inflation. As crude oil futures climb higher and higher, traders and analysts are increasingly talking about when — not if? – prices reach 100 dollars per barrel, reports Bloomberg. Bullish analysts say that even at current crude levels, many funds are underinvested in oil, creating the potential for higher barrel prices. Against this background, even some of the market’s most bearish analysts have begun to concede that $100 a barrel seems likely, especially given the long-term political risks in producing countries such as Libya and Nigeria.
To use My Business Day log in or to fifty.
Source: https://www.aripaev.ee/ by www.aripaev.ee.
*The article has been translated based on the content of https://www.aripaev.ee/ by www.aripaev.ee. If there is any problem regarding the content, copyright, please leave a report below the article. We will try to process as quickly as possible to protect the rights of the author. Thank you very much!
*We just want readers to access information more quickly and easily with other multilingual content, instead of information only available in a certain language.
*We always respect the copyright of the content of the author and always include the original link of the source article.If the author disagrees, just leave the report below the article, the article will be edited or deleted at the request of the author. Thanks very much! Best regards!