Oil prices extended losses Tuesday after below-par US and Chinese data reinforced recession expectations, while equities were mixed as traders debate whether the data will allow central banks to temper their interest rate hikes. Wall Street provided a strong lead as tech firms were supported by bets that the Federal Reserve will not lift borrowing…
Wall Street provided a strong lead as tech firms were supported by bets that the Federal Reserve will not lift borrowing costs by 75 basis points for a third straight meeting next month. Analysts said Tehran could provide 2.5 million barrels a day, giving a much needed shot in the arm to supplies, which have been hammered by sanctions on Russia in response to its invasion of Ukraine.
“A deal with Iran would likely not be popular with US voters and so is hard to envisage before the November mid-terms,” said National Australia Bank’s Ray Attrill.