(Bloomberg) -- Oil was on track for the biggest weekly advance since April after a steep interest-rate cut by the Federal Reserve, while traders continued to...
-- Oil was on track for the biggest weekly advance since April after a steep interest-rate cut by the Federal Reserve, while traders continued to monitor simmering tensions in the Middle East.To Build a Happier City, Design for Density
A series of walkie-talkie and pager explosions this week has raised fears of a full-blown war between Iranian-backed Hezbollah and Israel, which neither confirmed or denied responsibility for the attacks. There are concerns that a wider conflict could involve Iran and threaten crude flows from the region.
“It remains to be seen whether the Fed’s interest-rate cut will mitigate downward risks for oil on the macro level,” said Gao Jian, an analyst at Qisheng Futures Co. “Fundamentals remain bearish and the market should stay vigilant about risks that are still skewed to the downside.” The Dow Jones and S&P 500 hit new highs and the Nasdaq topped key levels as growth led the day 2 reaction to Fed rate cuts.Both major presidential candidates are making appearances Thursday meant to fire up their core supporters. Vice President Kamala Harris is participating in a livestream with Oprah Winfrey, who has endorsed Harris and spoke at the Democratic convention in August.
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