December 21, 2022
Oil Rises Third Day on US Stockpile Decline, Broad Market Gains
Oil rose for a third day after a report showed a drop in US crude inventories as market liquidity ebbs before year end.
West Texas Intermediate futures for February delivery traded near $78 a barrel, rallying alongside equity markets. Trading volumes have generally been below average this week ahead of the holiday period. The American Petroleum Institute said US crude inventories shrank by 3.1 million barrels last week, according to people familiar with the data.
European Stocks Gain After Hitting Six-Week Low on Rates Worries
European stocks rose from a six-week low on Wednesday as investors returned to risk assets following losses fueled by fears of the hawkish stance shown by major central banks.
The Stoxx Europe 600 Index climbed 1%% by 12:45 p.m. in London. Gains were driven by a rebound for some of the underperforming rates-sensitive sectors of 2022, like retail and real estate, while energy firms rose with oil prices. Healthcare, personal care and telecoms lagged the advance.
India Rate Panel Cautions Against a Policy Pause Just Yet
India’s rate-setters saw inflation receding, but cautioned against pausing borrowing costs just yet, minutes of a monetary policy meeting released Wednesday showed, indicating there could be more rate hikes in the offing.
Five out of six members of the monetary policy committee led by Reserve Bank of India Governor Shaktikanta Das voted for a smaller 35 basis point increase to hike the benchmark repurchase rate to 6.25%, a level last seen in 2018, in their Dec. 5-7 meetings.
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