Heavy oil losses and Wall Street in the Green Zone Oil swings every now and then unstable in one direction
especially given geopolitical tensions in Europe and the Middle East
while Biden makes new decisions on the strategic stockpile of the United States of America

Evest follows market developments in the following report

topic

Oil records the steepest weekly decline in two years

New rally on Wall Street indices

Bitcoin hit its highest level this year last Monday

New proposals from Biden on digital assets

Oil records the steepest weekly decline in two years

Crude oil prices fell, even recording the steepest weekly decline in two years

Brent crude fell 13.5% to US $104.39 per barrel
while West Texas Intermediate (WTI) fell 12.8% to $99.27 per barrel this week so far

This decline was the largest for West Texas Intermediate crude since the second week of April 2020
when it fell by about 20%
In the meantime, the price of Brent crude will be the worst since mid-March 2020
falling by more than 20% in a week
This year, however, Brent and West Texas Intermediate are still posting an increase of more than 30%

On March 7, Brent oil prices approached US $140 per barrel and West Texas Intermediate crude reached US $130 per barrel
the highest level in almost 14 years, precisely since July 2008

The increase in crude oil prices, followed by the increase in the price of natural gas to coal
led to higher inflation in Western countries
so there was concern that this would lead to a recession or stagnation in economic growth as inflation rose

For his part, President Joe Biden decided to release 180 million barrels of US strategic reserves in six months

Will that be enough to stabilize the market and lower prices as Biden expects

The price of West Texas Intermediate crude, the major US item
fell by 7% on Thursday after Biden’s Declaration, but fell by 1.00% on Friday

The commitment made by other States at the International Energy Agency on Friday to release reserves moderately affected prices
For the first time in two weeks, West Texas Intermediate crude closed below $100 ($99.27) while London fell 0.30% to $104.39

According to experts, the Declaration would not have a long-term impact on prices
so oil would see the week’s losses wiped out if geopolitical risks increased

Biden said he expects the price of a gallon (3.78 liters) of gasoline to fall between 10 and 35 cents in the United States

On Friday, regular gasoline fell by just 1 cent on average and reached its all-time high ($4.33) on March 11

Experts expect a decrease of 10 to 15 cents “in a week or 10 days
but not much more because the market considers this (action) exceptional
Nothing else will be taken from the ground to replace Russian oil

artical name : Heavy oil losses and Wall Street in the Green Zone

New rally on Wall Street indices

Wall Street stock indices ended a bumpy day higher on Friday while Treasury yields rose
after a healthy report on the US labor market boosted expectations of an upcoming interest rate hike

The two-year Treasury yield is near its highest level in more than three years after a report showed that the labor market remained strong in February
It once again topped the 10-year yield
an unusual event that has historically been an ominous sign for the economy

The Standard & Poor’s 500 index rose 15.45 points or 0.3% to 4545.86 points
The Dow Jones Industrial Index rose 139.92 points or 0.4% to 34818.27

Nasdaq index rose 40.98 percent or 0.3% to 14261.50 points
The Russell 2000 index of smaller companies rose 20.99 points or 1% to 2091.11 points

During the week

, Standard & Poor’s rose 2.80 points, or 0.1%
The Dow Jones index fell 42.97 points, or 0.1%

The Nasdaq index rose 92.20 points by 0.7%
The Russell 2000 index rose by 13.13 points by 0.6%

During the year

Standard & Poor’s index rose 220.32 points, or 4.6%
The Dow Jones index fell 1520.03 points, or 4.2%
The Nasdaq index declined 1383.47 points, or 8.8%
The Russell 2000 index fell 154.20 points, or 6.9%

Bitcoin hit its highest level this year last Monday

After a slow start to the year, Bitcoin reached its highest level in 2022 on Monday
Ethereum posted huge gains over the weekend
and held several of the top 30 currencies over the past week

On Monday, the bitcoin currency hit a 2022 high of $48,086.84
a price we haven’t seen since New Year’s Eve
As of Saturday, the world’s favorite cryptocurrency has fallen slightly to trade at $46,722, according to CoinMarketCap

Ethereum has not yet matched its 2022 high of $3876.79 from January 4th
but it rose over the weekend, nearly 12% higher at $3481.67

New proposals from Biden on digital assets

On Monday, US President Joe Biden issued a detailed budget proposal that includes several accounting rules and the preparation of tax reports for digital assets
The government could raise nearly $11 billion in cryptocurrencies taxes in more than 10 years – and nearly $5 billion in the same way in 2023, according to White House estimates

Biden’s strategy is three-pronged

First, the administration will tax unrealized gains
Second, all crypto-currency holdings worth more than $ 50000 will be taxed on offshore digital asset exchanges and wallet providers

Finally, the proposal requires American banks and financial institutions to share information with the Internal Revenue Service on the value of holdings from non-residents and foreign owners of certain business entities
It is hoped that these rules will also apply to American citizens who have created entities to evade paying federal taxes

artical name : Heavy oil losses and Wall Street in the Green Zone

Heavy oil losses and Wall Street in the Green Zone

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