Oil is up because dollar is down - Dec 13
Posted: Tue Dec 13, 2022 9:12 am
FEAR of inflation is also down, which is the main reason oil has been down. OPEC cartel production for November was more than a million bpd under quota indicating to me they may not have much additional capacity.
U.S. stock futures exploded higher early Tuesday after inflation data for November showed prices rose less than expected last month.
About 45 minutes ahead of the opening bell, Nasdaq futures were up as much as 3.8%, while S&P 500 futures were higher by 2.7%, and Dow futures were up 2%.
The jump in stock futures comes after data from the BLS showed prices in November rose 0.1% over the prior month and 7.1% over the prior year. A cooldown in inflation is seen by investors as potentially encouraging the Federal Reserve to ease off its aggressive rate hikes early next year.
U.S. stock futures exploded higher early Tuesday after inflation data for November showed prices rose less than expected last month.
About 45 minutes ahead of the opening bell, Nasdaq futures were up as much as 3.8%, while S&P 500 futures were higher by 2.7%, and Dow futures were up 2%.
The jump in stock futures comes after data from the BLS showed prices in November rose 0.1% over the prior month and 7.1% over the prior year. A cooldown in inflation is seen by investors as potentially encouraging the Federal Reserve to ease off its aggressive rate hikes early next year.