Oil traders sold oil after determining gasoline demand was falling. U.S. Brent crude oil prices fell to $88.54 per barrel after a government report showed crude oil and gasoline inventories were moving higher. The unexpected news triggered a selloff and world price of Brent crude fell by about 3%. Oil prices are 28% below their closing price on March 8, 2022.
Tag: expectations
The August Jobs Numbers Have Economists Worried. Here’s Why (Macro News for September 4, 2021 – September 10, 2021)
The Delta variant of Covid-19 appears to be affecting the job market, as fewer jobs were added in August 2021. The economy added only 235,000 jobs in August, the lowest amount since January and a far cry from the expected 728,000 new jobs. The U.S. economy is still 5.3 million jobs short of the pre-pandemic numbers posted in February 2020. Over 22 million jobs were lost due to the pandemic.
Copper Prices are Soaring. Here’s Why That’s Good News for the Recovery (Micro News for February 20, 2021 – February 26, 2021)
The price of copper recently reached its highest level in nearly ten years. Investors appear to be betting on heavy spending on infrastructure in a post-pandemic world. On Friday February 19, 2021, copper reached $4 a pound, a price not seen since September 2011. Copper has numerous construction uses including electrical wiring and water pipes.
Oil Skyrockets After Pfizer’s Vaccine Breakthrough (Micro News for November 7, 2020 – November 13, 2020)
US crude oil prices increased by 11% after Pfizer announced its coronavirus vaccine was about 90% effective. The good news was timely given the spike in covid-19 cases around the world. Oil prices plummeted earlier in the year when economies shut down and air travel ceased. At that time, OPEC and Russia both cut oil production to stabilize oil prices and keep them from falling even more.
Pearson Economic News 