Oil Be Seeing You … Later!

In today’s market update we look at the ongoing volatility hitting the markets at the moment – as part of the October Effect. Wall Street stocks closed lower on Wednesday, unable to sustain a late-day surge, after data showing strong U.S. labor demand again suggested the Federal Reserve will keep interest rates higher for longer. And the Russian directed Opec + confirmed a formal reduction in Oil production to try to keep prices high.

And A fifth consecutive 50-basis-point rate hike from the Reserve Bank of New Zealand (RBNZ) on Wednesday reminded investors that inflation remains the main focus of central banks. The New Zealand dollar was last up 0.14% at $0.5744, having jumped as much as 1.3% earlier in the session. The Aussie dollar was last up 0.12% near flat at $0.6494.

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  1. Economists grossly underestimate the critical position in the economy. Energy is the currency of any economy. The cost of energy will continue to rise as supplies decline. Debt is committing energy from the future at an unknown price.

  2. So we got central b(w)ankers trying to weaken the economy. Kind of like an enemy would want to weaken an economy. By crushing wealth. Because they think inflation is not a supply side thing but a demand side thing. They are so wrong. And Opec will teach them this lesson in simple economics.

  3. Why do we need to import oil at all, don't we have any oil in Australia. If it's all about saving the planet, then don't come complaining to me, that's what people voted for.

  4. Thanks Mr. Martin…where are the new oil Kings in the US and Canada producing profitable oil for …say…$60pb?..weren't they goin' to be the saviours of US oil dependency?

  5. We hit peak oil back 2019 the same year we got a pandemic.. funny that .. and if it wasn’t for the strategic petroleum reserve being released and China’s zero cough cough policy which is very suspicious and probably connected to the peak oil, oil would be skyrocketing.. I’d say the North Sea is in big trouble too .. pound being pounded .. it makes sense when you need to get the world into renewable energy using the global warming hoax and you need to reduce oil demand as you have a declining supply ..high inflation with high interest rates plus supply chain problems and airport staff problems are all working together to bring down demand keeping the oil price low.. as oil prices fly dollar falls .. petro dollar.. we have entered the new era of declining Dino juice .. this is a path briefly walked down in the 1970’s but now it’s a one way road.

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