Oil falls Wall Street declines The United States of America intends to announce new actions to support consumers because of rising energy prices. Market participants await these actions

Evest follows market developments in the following report

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Oil declines again after a jump the day before

European Bank for Reconstruction (EBRD) expects Russian domestic product to decline by 10%

Wall Street falls after a four-day rally

Oil declines again after a jump the day before

Oil prices

declined actively during Thursday morning trading after rising dramatically the day before

Traders are expecting Washington to announce actions to support American consumers amid rising energy prices, as well as assessing the data published the previous day on the decline in US fuel inventories

The cost of Brent crude futures for May on the London Stock Exchange ICE Futures on Thursday was $107.98.26 per barrel, $5.47 (4.82%) lower than the closing price of the previous session

As a result of Wednesday’s trading, these futures rose by $3.22 (2.9%) to $113.45 per barrel

The May futures contract for Brent crude is traded for the last day on Thursday
The price of the most active June futures contract fell $5.27 (4.73%) to $106.17 per barrel

The price of West Texas Intermediate

oil futures for May in electronic trading on the New York Mercantile Exchange (NYMEX) was $101.47 per barrel, $6.35 (5.89%) lower than the final value of the previous session

On Wednesday, the cost of these futures rose $3.58 (3.4%) to $107.82 per barrel

As reported, US President Joe Biden

will introduce actions on Thursday aimed at lowering energy prices in the US market

The White House has not provided details, but Bloomberg says the Biden administration is considering releasing nearly a million barrels of oil per day from US strategic reserves over several months to combat rising gasoline prices and supply shortages, citing people familiar with the matter

In the meantime, US commercial oil reserves have been known to fall by 3.45 million barrels in the week ending March 25.

Analysts surveyed by Bloomberg expected a less significant reduction – 2 million barrels

Gasoline reserves rose by 785 thousand barrels and distillates amounted to 238.83 million barrels – 1.4 million barrels to 113.53 million barrels.

Analysts projected a decline of 1.6 million barrels in gasoline distillate and 1.5 million barrels in the distillate

European Bank for Reconstruction (EBRD) expects Russian domestic product to decline by 10%

Russia

The European Bank for Reconstruction and Development (EBRD) expects Russia’s GDP to decline 10% in 2022 and predicts zero dynamics in 2023

The European Bank’s new estimates for reconstruction and development, published on Wednesday

differ substantially from previous projections – in November 2021, the bank expects Russia’s economy to grow by 3% in 2022

The European Bank for Reconstruction and Development (EBRD) was one of the first to publish projections of the Russian economy since the start of the military operation in Ukraine and the ensuing sanctions shock

which made previous estimates irrelevant

In early March, rating agency Moody’s published its forecast (-7%),

and the Central Bank of Russia provided a non-personal forecast for analysts (-8%)

Ukraine

The decline in Ukraine’s GDP, in 2022, maybe as high as 20% (in November 2021, the Ukrainian economy was expected to grow by 3.5% in 2022)

according to the European Bank’s projections for reconstruction and development

In the meantime, the European Bank for Reconstruction and Development expects a major recovery in Ukraine’s economy in 2023 – an increase of 23% at once

Belarus’s GDP will decline 3% in 2022 (in November 2021, the European Bank for Reconstruction and Development predicted the growth of the Belarusian economy in 2022 by 0.2%)

and in 2023, it is expected that there will be no economic dynamics

according to the European Bank’s projections for reconstruction and development

“The new outlook is based on a number of assumptions about events in the coming months

so there is a high degree of uncertainty,” the EBRD said

The European Bank for Reconstruction and Development projections indicate that

with the assistance of intermediaries, a ceasefire will take place within two months

shortly after major reconstruction work begins in Ukraine

bringing Ukraine’s gross domestic product (GDP) by the end of 2023 closer to

but still lower than, pre-war levels

Sanctions on Russia are expected to continue for the foreseeable future

leading to a recession in the Russian economy in 2023 (after a sharp decline in GDP in 2022)

with negative consequences for a number of neighboring countries

the European Bank for Reconstruction and Development said in its statement

“Eastern Europe, Caucasus and Central Asia

“Given this great uncertainty, the Bank intends to prepare further projections in the next two months

taking into account further developments,” the EBRD said

Wall Street falls after a four-day rally

Wall Street declined yesterday, Wednesday, after the Dow Jones and Standard & Poor’s 500 index rose for four consecutive days

The Dow Jones Industrial Index fell 65.38 points (0.19%) to 35228.81

The Standard & Poor’s 500 declined 29.15 points or (0.63%) to 4602.45 points
the Nasdaq composite index declined 177.36 points or 1.21٪

Stock markets have declined amid fading signs of progress in the peace talks between Ukraine and Russia

Russian forces bombed the Kyiv suburbs and besieged cities in northern Ukraine

a day after they pledged to scale back military operations

The S&P index rebounded more than 5% in March after starting 2022 with two consecutive monthly declines

However, the benchmark is on track for its first quarterly decline since the first quarter of 2020

when the Covid-19 pandemic in the United States peaked

Stock prices interacted with headlines on negotiations to complete the Russian invasion of Ukraine

Prices of commodities such as oil and minerals have risen since the invasion

compounding already high inflation in the United States

On the other hand, inflation is rising and speculation is that the Federal Reserve may become more proactive in raising interest rates

This would dampen economic growth

artical name: Oil falls Wall Street declines

Oil falls Wall Street declines

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