In the world of the stock market, the investors have to closely monitor various aspects so as to make the best decision. What is the level of inflationary pressure? How are the central banks adjusting their interest rates? All these are crucial aspects that must be considered. The European markets were stable and closed higher as the investors were busy in assessing the trajectory of monetary policy. The food and beverage stocks rose by 1.3%. If the position of individual stocks is discussed, the UKâ€™s Virgin Money delivered impressive performance. It was the top performer after gaining 15%. The banking and financial service brand reported higher profit for 2022 along with the Â£50 million share buyback program.
As the market opened, the Dow Jones Industrial Average rose. It registered growth of 0.30% or more than 100 points. The growth was led by Disney. After it was announced that Bob Chapek will be replaced by former CEO Bob Iger, the shares of the entertainment company climbed by more than 8%. The investors closely watched the market movements in order to collect more clues. They also collect necessary reports on interest rate, fluctuations in the stock, fed hikes, conditions of economies. By analyzing the data, it becomes easy for the investors to prepare further strategies.
Oil prices depend on the action of the OPEC
Saudi Arabia, the de-facto leader of OPEC, made it very clear that the report of the cartel planning to hike supply in the month of December was incorrect. OPEC is likely to reduce oil production in order to support prices. The West Texas Intermediate crude futures climbed by 0.2%, and it was standing at $80.20 a barrel. The Brent oil futures were also stable. OPEC adjusts its production as per demand. The price of the oil is also influenced by the condition of the US dollar. The oil producers also monitor the demand situation of the worldâ€™s large economies such as the United States of America and China.
The ongoing war between Russia and Ukraine has also given birth to many types of problems. When there is a very tight supply of energy products, then, it benefits the price. The global economy requires a rich supply of oil in order to function normally. Some industrial countries were pressing oil producers to accelerate the oil production. Due to the war between Russia and Ukraine, the supply of various commodities, including that of oil has been hampered. Obviously, if there is a shortage of oil in the market, then its price goes up.
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