Finally, oil prices are falling. Thank you China and Joe Biden

WHAT’S HAPPENING West Texas ‘s Middle Average, US oil prices and Brent Fuyers, a global benchmark, are showing signs of slowing down in six weeks’ time.

Prices fell sharply on Wednesday after oil prices rose for the first time in weeks in key areas of the United States, Cushing, Oklahoma.

But Bjornar Tonhaugen, head of oil market consultants at Ristad Energy, told me that the biggest source of price right now is the strategic stockpile expected from the United States and China.

According to the White House, US President Joe Biden and Chinese President Xi Jinping discussed the “importance of taking steps to reduce global energy supply” during a virtual summit this week. That has sparked controversy over the White House’s concerted effort to market millions of barrels of oil.

On Thursday, he signaled that China was taking action. According to Reuters, I am working to vacate the state reserve office, although the exact details are still unclear.

A spokeswoman for China’s National Food and Strategic Reserve Administration told CNN on Friday that “progress is being made on crude oil exports” but that the United States has refused to respond to a request for cooperation. Coping with supply problems.

According to Tonhagen, investors are expecting between 20 and 30 million barrels of goods coming online next month. That could be a joint initiative by the United States and China or by the International Energy Agency.

However, he emphasized that the release of the strategic stockpile would not change the overall landscape in the long run.

“[Releasing] Strategic stocks are not the same as producing more sustainable oil online, says Tonhaugen.

But more lasting relief can come. According to a report released by the IAA this week, global oil supplies are expected to increase by 1.5 million barrels a day in November and December, as some products are recycled in the United States.

“The world oil market is tight on all fronts, but there may be relief from the price hike,” the agency said in a statement.

OPEC is also constantly increasing production, but there are questions as to whether supply surplus will be enough to meet high fuel demand.

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The US Petroleum Institute has resisted pressure and the federal government has renewed its call for domestic oil and gas production despite efforts to combat the climate crisis.

“This is a clear indication of the fundamental changes and unforeseen government decisions that are taking place,” the group said in a statement.

Paytm, backed by Warren Buffett, failed early in business.

One of the hottest companies in the Indian stock market is a difficult start.

It was launched at the Paytm store in Mumbai on Thursday. Start-up shares are priced at $ 26 each, which is less expensive. They cut more than 27%, giving the company a market value of less than $ 14 billion.

The weak first game reflects the concerns of analysts about the digital payment company, says CNN business partner Diksha Madhock. For the most part, she lost hundreds of millions of dollars last year and does not seem ready to make a profit. It competes with the competition of the world’s largest technology companies.

His first public sacrifice is still a major milestone. Digital Payments The company has raised $ 2.5 billion in IPOs in domestic currency.

With the support of investors such as Warren Buffett, Masayoshi Son and Alibaba, Paytm is one of India’s finest startups.

The company began operations five years ago by Prime Minister Narendra Modi, blocking two of the country’s largest currency notes. The move was a major blow to the Indian economy but helped Paytm grow rapidly. The company signed 10 million new users in one month.

Paytm now has 337 million registered customers and 22 million merchants. The field is still crowded. Facebook and Google are looking for a bigger market and have launched their own mobile payment system in the country.

Meters are better than Facebook alone

Facebook (FB) (Ahem, Meta Platforms) The company is not the only one planning to make money on metavers.
Recent: Shares Nevia (NVDA)The industry leader in graphics processors and AI chips grew 9% in pre-market trading on Thursday, forecasting higher earnings than the company recorded and forecast for the next quarter.

NVIDIA Omniverse recently announced the launch of NVIDIA Omniverse, a platform for simulating and designing virtual worlds. The company says it hopes to reach 40 million 3D designers in the world market.

“This is just the tip of the iceberg,” said CEO Jensen Huang.

Chip maker Qualcomm (QCOM) He wants to get into the business by telling investors he wants to be an “account”. CNN business partner Paul R. La Monica said.

There is a Roblox gaming platform that allows users to create their own avatars and play games created by other players. Shares have risen nearly 160 percent since the start of the New York Stock Exchange earlier this year.

Epic Games CEO Tim Sweeney told CNN in Seoul that meters are not created by one company. “Each one builds its own unit and is created by millions of developers,” Sweeney said.

Back When Facebook turned its attention to added reality and fantasy worlds, it blinked as it changed its name to Meta Platform. But if he has a vision for the future, he will not be alone in making a profit.

Next

Alibaba (BABA), JD.com (JD), Kohl’s (KSS), Macy (M) And Petco’s report comes before the US market opens. Ross stores (ROST) And Williams-Sonoma (WSM) Follow after it is closed.

Also today, the first U.S. unemployment claim was posted last week at 8 30 30 am ET.

Tomorrow: Foot lock (F.L.) Revenue completes the big week of retail.

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