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Oil sends extremely negative signal for the week

Oil sends extremely negative signal for the week

Oil sends extremely negative signal for the week

While traders around the world have been debating whether or not the global growth story is still intact, we are starting to see a lot of dislocation between various risk assets. The market will have to decide whether or not tightening coming out of the Federal Reserve is going to slow down the overall attitude of risk, or whether the Federal Reserve is simply posturing.

Crude oil markets get hammered for 8% loss

Crude oil markets get hammered for 8% loss

Crude oil markets got absolutely hammered during the course of the week as the global growth story is starting to show signs of breaking. Crude oil prices had gone straight up in the air for a while, prompting US President Joe Biden to beg OPEC to increase production. OPEC chose not to increase production, and prices fell anyway. Most of this is probably due to the fact that Chinese PMI numbers have been very soft, right along with a major issue with the various economies around the world locking themselves back down in bits and pieces.

By the time it was all said and done, West Texas Intermediate Crude Oil dropped 8%. This is one of the worst drops for the market and well over year. At the time of writing, WTI looks as if it is likely to go searching for the 50 week EMA which sits right at the $60 level. Furthermore, US dollar strength has caused major issues.

Hackers steal information from millions of T-Mobile accounts

Hackers steal information from millions of T-Mobile accounts

T-Mobile has been hacked for the fourth time since early 2020 during the previous week. This time the company has had sensitive personal information associated with roughly 48 million people who were either former or prospective customers of the company. According to T-Mobile, the stolen data includes names, birthdates, so security numbers, and driver’s license information. The company does state that in most cases, no phone numbers, passwords, or financial information were compromised. However, over 800,000 customers with prepaid accounts Heather names, phone numbers, and account PINS stolen. The good news is that T-Mobile is been hacked so many times that most of the data that has been stolen is probably already available in the dark web.

Iranians find huge natural gas deposit

Iranians find huge natural gas deposit

Iran revealed last week that they have found a huge new gas deposit located in the Iranian sector of the Caspian Sea. The structure is to be developed with the intention of forming a new natural gas hub in northern Iran to complement the southern gas hub centered on the massive South Pars field. The field is to be developed by KEPCO, an Iranian exploration and production company. Financial help is coming from both China and Russia and could add more to the imbalance of gas coming from the east into the European Union. The distribution of the natural gas has yet to be determined, as it could either come from Russia or Iran itself, depending on the situation when it comes to sanctions on the Islamic Republic.

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