Oil Incurred its biggest weekly decline since early November: Oil prices are heading towards the largest weekly loss since November,
with the progress of talks to reach an agreement to stop the war between Israel and Hamas.

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American consumer confidence

US stocks

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WTI fell above $72 a barrel at the end of trading on Friday but has seen a decline of almost 9% over the past week.
Reports indicate that the ceasefire talks are still in the early stages, with no breakthrough expected soon.

Economist Vishnu Varathan said that the decline in oil prices and the disappearance of the geopolitical risk premium
is due to optimism about progress in the ceasefire negotiations in Gaza.
Although oil made a monthly advance in January due to attacks on ships in the Red Sea,
strong supply and concerns about demand continue to weigh on the rise in prices.

The OPEC+ alliance has confirmed its commitment to production cuts for this quarter,
and OPEC reduced its daily oil production by 490,000 barrels last month.
These steps come to prevent a global glut and reduce pressure on prices in light of fears of declining demand.

The revised reading for US consumer confidence is the highest since 2005

The revised reading of US consumer confidence for January was positive,
contrary to expectations that had indicated 78.9, rising to levels of 79.0, which is the highest since 2005.
This comes in light of the confidence resulting from an economy whose inflation levels have declined to record in the last reading 2.9%,

and in return, positive in growth and the labour market. Strong.

This contributes to adding strength to the American stock indices,
the Dow Jones index adding a new historical peak of around 38,784 thousand, and the Nasdaq achieving stability near its highest levels
to close its trading around 17,633 thousand, amid hopes for more positivity.

US stocks reach new highs after strong corporate results

US stocks closed at new highs on Friday, the S&P 500 rose 1.07%, the Nasdaq rose 1.74%,
and the Dow Jones rose 134 points, as strong results from giant technology companies lifted investor sentiment,
despite the stronger-than-expected performance of the jobs report.
Meta shares jumped 20.32% after the company announced its first dividend and recorded the largest increase in quarterly sales in two years.
Amazon shares jumped 7.87% after it announced a 14% increase in revenue.
Nvidia also rose (4.97%) while Apple trimmed its losses (-0.54%) although the company’s sales in China were disappointing.
Exxon Mobil shares lost 0.46% after announcing mixed results,
while Chevron shares rose 2.91% after the company raised its profits by 8%.
On the data front, the US economy added 353,000 jobs last month, nearly double expectations of 180,000 jobs,
while the unemployment rate remained steady at 3.7% and wage growth unexpectedly accelerated.

0il Incurred its biggest weekly decline since early November

Oil Incurred its biggest weekly decline since early November

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