Source: WSJ U.S. crude climbed to $71.48 a barrel on Monday as oil projects falter and money managers plan to instead pour trillions of dollars into renewable energy programs. Monday's price is the highest in over two and a half years and is double the level recorded in October.Analysts believe production will have a difficulty in catching up to demand which will continue … [Read more...] about Oil Price Hits Two-Year High on Renewable Energy Bets
Forex News
Turkey and China Boost Currency Swap Arrangement With $3.6 Billion Deal
Source: Bloomberg Turkish President Recep Tayyip Erdogan over the weekend said the country inked a new $3.6 billion swap deal with China. The agreement will raise the cap on the current arrangement to $6 billion.The deal will enable Turkey to enhance trading relations with China in local currency and support central bank reserves by shying away from the dollar.Erdogan did … [Read more...] about Turkey and China Boost Currency Swap Arrangement With $3.6 Billion Deal
GBP/USD: Pound Trades Higher On Services Forecast and US Trade-Deal Hopes
The ease of travel restrictions between the UK and US will see an exchange of 9.5 million visitors.The US CPI index also rose 0.81% to 269.20 from 267.05, beating estimates at 268.47. The UK's recovery is dependent on complete reopening in June 2021. The GBP/USD pair traded at a +0.42% change on June 10, 2021, from the previous day. It hit a high of 1.4177 after opening … [Read more...] about GBP/USD: Pound Trades Higher On Services Forecast and US Trade-Deal Hopes
Oil Demand to Hit Pre-Pandemic Levels in 2022, Says IEA. Unequal Recovery Possible Due to COVID Resurgence
The International Energy Agency forecasts global oil demand in 2022 to reach levels before the pandemic hit. Source: Markets Insider The IEA expects global demand to grow 3.1 million barrels per day to reach 100.6 million bpd in 2022. Growth for 2021 is 5.4 million bpd.The IEA believes recovery will not be even as the pandemic continues to hit countries with slower … [Read more...] about Oil Demand to Hit Pre-Pandemic Levels in 2022, Says IEA. Unequal Recovery Possible Due to COVID Resurgence
Turkish Lira Advances on Hopes of Missile Spat Resolution
Source: Bloomberg Turkey's lira strengthened on Thursday to its best showing in a month after a top official welcomed a possible resolution to the conflict with the United States. The lira strengthened by as much as 1.7% to hit 8.2860 against the greenback.Weekly gains rose to 4.4% to mark the best weekly performance since March but lost ground later.Defense Minister … [Read more...] about Turkish Lira Advances on Hopes of Missile Spat Resolution
