Showing posts from May 7, 2023

Oil price: will the constructive talks between the US and China restore strained relations?

  The prevailing bearish sentiment in the oil markets does not seem to be shifting towards a watershed moment anytime soon in light of plenty of worrying economic indicators. The Bank of England, for instance, increased the interest rates yet again on Thursday to 4.5%, from 4.25%, on the grounds of taming what it called, 'sky-high inflation'. The hike in interest rate, the 12th successive rise, is causing pain beyond the obviously-affected mortgage markets; no sector is immune to its impact.  With the unpopular rise in interest rates, the Bank of England tried to bury the bad news in a casket of spin, all to no avail; it said that the UK will not go into a recession this year. The consumer confidence, however, fell by the wayside yesterday despite the assurance over the recession by the boss of the Bank of England. The degree of lingering anxieties in the energy markets went up by a few notches, when the hike in interest rate was announced. That, however, is not the only bad ne

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