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Market Watch: Oil headed for weekly fall, prospect of Iran deal stokes fears of extra supply

Written on . Posted in PT Global Economy.

Oil prices extended losses on Friday, and were headed for a weekly fall, as the prospect of extra supply from Iran returning to the market outweighed fears of a possible supply disruption arising from a Russian invasion of Ukraine.

Brent crude futures fell 47 cents, or 0.5%, to $92.50 a barrel at 0410 GMT, extending a 1.9% drop from the previous session.

U.S. West Texas Intermediate (WTI) crude futures shed 62 cents, or 0.7%, to $91.14 a barrel, after sliding 2% in the previous session.

Both benchmark contracts hit their highest levels since September 2014 on Monday, but were headed for their first weekly fall in nine weeks amid reports of a deal taking shape to revive Iran’s 2015 nuclear agreement with world powers.

Diplomats said the draft accord outlines a sequence of steps that would eventually lead to granting waivers on oil sanctions. That would bring about 1 million barrels a day of oil back to the market, but the timing is unclear.

“The downward pressure on crude from the prospect of a deal is likely to sustain  … unless the parties end the latest round of talks still in a deadlock

Read More @ CNBC HERE

The Mullahs Close in on the Bomb

Written on . Posted in PT Middle East.

Ever since Biden rejoined the talks to restart the deal Trump wisely walked away from, Iran has shown patent contempt for this country and its diplomats. Meanwhile, the advanced centrifuges keep spinning weapons-grade uranium ...

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End of Covid Rules? Biden Under Pressure

Written on . Posted in PT World Order.

Facing growing pressure to ease up on pandemic restrictions, the White House insisted Wednesday it is making plans for a less-disruptive phase of the national virus response. But impatient states, including Democratic New York, made clear they aren’t waiting for Washington as public frustration grows.

Gov. Kathy Hochul announced that New York will end its COVID-19 mandate requiring face coverings in most indoor public settings — but will keep it for schools. Illinois announced the same.

“When the righteous are in authority, the people rejoice;
But when a wicked man rules, the people groan.” Proverbs 29:2

Earlier this week, New Jersey, Connecticut and Delaware all disclosed plans to join states that have lifted or never had mask requirements for their schools, and Massachusetts will follow suit at the end of the month. All but Massachusetts have governors who are Democrats, like President Joe Biden.

Biden, who has long promised to follow to “follow the science” in confronting the pandemic, is hemmed in, waiting for fresh guidance from federal health officials, who so far still recommend that nearly all Americans wear masks in most indoor settings.

Read More @ AP News HERE

Consumer Prices Explode 7.5% Higher, Worst Inflation in 40 Years

Written on . Posted in PT Global Economy.

U.S. consumer prices jumped by the most in nearly four decades as the new year started, sapping the savings of American families, diminishing the purchasing power of worker paychecks, and putting pressure on the Federal Reserve to hike interest rates beginning in March.

The consumer price index climbed 0.6 percent from a month before, the Department of Labor said Thursday. Compared with January of last year, consumer prices are up 7.5 percent.

Economists had expected prices to rise 0.4 percent on a monthly basis and 7.2 percent above a year ago’s prices.

“And I heard a voice in the midst of the four living creatures saying, “A [d]quart of wheat for a denarius, and three quarts of barley for a denarius; and do not harm the oil and the wine.” Rev. 6:6

Although many economists and anti-Trump journalists claimed President Donald Trump’s tariffs would raise prices, consumer prices remained low throughout his administration. Trump’s tariffs turned out not to be taxes on consumers. Instead, they were absorbed by Chinese producers and exporters and the profit margins of most large U.S. companies.

Inflation only began to accelerate last March after years of coming in below the Fed’s two percent target.

Read More @ Breitbart HERE