2024-08-30 22:00:00 +0300

Oil Falls 5% On Growing Inflation Fears

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OilPrice.com
By Tom Kool

Crude prices fell more than 5% on Tuesday afternoon as a result of inflation fears and concerns about demand returned.

Chart of the Week

Can Germany’s Industry Withstand the Pressure?

- With the euro zone already in recession territory and most governments mulling the possibility of blackouts, the economic prospects of Germany are worsening by the day amid plunging German stocks.

- Germany’s largest gas importer Uniper (ETR:UN01) requested an additional €4 billion of bailout money from the German government, having already fully drawn down an additional €9 billion credit line from state lender KfW.

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- Soaring energy costs have resulted in Germany recording its first monthly trade deficit since 1991 this June, with the German economy becoming more dependent on China in H1 2022 amidst increasing investments, despite political pressure on Berlin to pivot away from Beijing.

- Seeking to halt runaway power prices, the idea of implementing a Europe-wide gas price cap is increasingly gaining traction, with rumors circulating that the September 09 emergency meeting of EU countries is aiming to do just that.

Market Movers

- US oil major ExxonMobil (NYSE:XOM) sold its Fayetteville shale assets in Arkansas to Flywheel Energy, an Oklahoma-based exploration company, for an undisclosed sum as part of its $15 billion divestment goal.

- China’s largest oil refiner, the state-owned Sinopec (SHA:600028), reported an all-time high net profit of $5.8 billion in H2 2022, prompting it to start share buybacks for the first time on record.

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MarketsBy Zacks2024-08-29 16:25:00 +0300
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