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Old 12-11-2021, 00:57
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KostiaFM KostiaFM is offline
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Default Re: Daily Economic news by ForexMart

November 11. Oil continued to decline after inflation-induced drop

Oil prices continued to decline on Thursday, reaching the level of $82.10 per barrel. The drop in quotations began yesterday, after the release of inflation data in the United States.

According to recent statistics, the consumer price index (CPI) in the United States in October increased by 6.2% year-on-year. Analysts had forecast an increase of 5.8%. Such price growth has become the fastest in the last 30 years. The US dollar reacted with a strengthening amid expectations that the White House and the Federal Reserve will take measures to curb inflation. And this is a negative factor for oil prices.

WTI oil quotes are also declining, today's minimum was fixed at $80.22 per barrel.

The statistics on crude oil reserves in the United States had an additional impact on the dynamics of the oil market. According to the Ministry of Energy, reserves last week increased by 1 million barrels to 435.1 million barrels. Gasoline reserves decreased by 1.56 million barrels, to 212.7 million barrels, distillates by 2.61 million barrels, to 124.51 million barrels.

November 10. US consumer prices in October increased by 6.2%

According to recent statistics, consumer prices in the United States in October rose more than forecasts suggested. This led to the highest annual increase in inflation since 1990.

Thus, inflation in the United States in October amounted to 0.9% on a monthly basis, while analysts predicted growth of 0.6%. Experts also note that inflation may remain high next year against the background of global supply chain problems.

In annual terms, the consumer price index (CPI) increased by 6.2% against the forecast of growth of 5.8%.

Excluding food and energy prices, consumer prices rose by 0.6%, with a growth forecast of only 0.4%. On an annualized basis, the base index grew by 4.6%, the forecast is an increase of 4.3%.

Meanwhile, data on the number of applications for unemployment benefits came out: it fell to 267 thousand, while analysts assumed the figure at the level of 265 thousand. Such figures were the lowest since mid-March 2020.
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