Crude oil rises as Ukraine damages Russian refineries | MarketTalk: What’s up today? | Swissquote

Show notes

Direction was mixed yesterday, as Tuesday’s hotter-than-expected US CPI print gave cold feet to investors regarding the Federal Reserve’s (Fed) ability to cut interest rates as soon as in June. The S&P500 and Nasdaq consolidated near record, energy stocks helped tempering losses in the S&P500 as technology stocks traded down. European stocks hit fresh record. The dollar index rebounded as the selloff in Treasuries accelerated despite a strong 30-year bond auction, the EURUSD consolidated below 1.10.
Today, focus is on the US retail sales and producer price inflation data.
In energy, the positive pressure is building after the EIA data confirmed a 1.5 mio barrel fall in US oil inventories last week, and after Ukraine attacked major Russian oil refineries with drones and damaged around 12% of the country’s oil-processing capacity.
Elsewhere, tensions between the US and China are on the rise again, as US House passed a bill to ban Tiktok unless the Chinese ByteDance sells the platform to a third party that would comply with the US data security demands.
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