NEWSLETTER
Thursday / September 29Sep 29
Thursday / March 10
Volatility in oil
Global oil prices fell on Wednesday as OPEC member the United Arab Emirates said it supports pumping more oil into the market, which has been disrupted by supply cuts after Russia's invasion of Ukraine.
Brent crude futures were down $16.84, or 13.2%, to settle at $111.14 a barrel.
"We support production increases and will encourage OPEC to consider higher production levels," Yousuf Al Otaiba, UAE Ambassador to Washington, said in a statement tweeted by the embassy.
The United States has urged oil producers around the world to increase production if they can.
"We need more supply at this time of crisis," US Secretary of Energy Jennifer Granholm told attendees at an industry event in Houston.
No jets to Ukraine
The United States shut the door to the idea of supplying fighter jets to Ukraine, which its intelligence considers a "high risk" action that could increase Russia's chances of escalating tensions with NATO.
NATO ally Poland surprised Washington on Tuesday with a proposal to hand over Russian-made MiG-29 fighter jets to a US base in Germany as a way to replenish Ukraine's air force.
Pentagon spokesman John Kirby announced the US refusal, saying that the transfer of MiG-29s would change little for Ukraine compared to Russian capabilities, and emphasized that the US supports the procurement of other types of weapons.
The intelligence community has assessed that the transfer of MiG-29s to Ukraine could be perceived as a misconception and provoke a significant Russian backlash that could increase the likelihood of a military escalation with NATO, Kirby said.
Iran talks stalled
Diplomats familiar with the Vienna talks said parties trying to revive the nuclear deal with Iran struggled Wednesday to resolve last-minute requests from Russia that threaten to undermine negotiations, but the United States appeared reluctant to engage with Russia on the issue.
Western powers have warned Russia against breaking the nearly completed deal to return the US and Iran to the 2015 deal. Iran's chief negotiator returned to Vienna on Wednesday after consultations in Tehran.
Russia's envoy to the negotiations, Mikhail Ulyanov, dismissed all claims that Moscow had suspended the agreement and said that the final text was not completed in any case.
Iran's chief negotiator, Ali Bagheri Kani, unexpectedly returned to Tehran after Russian Foreign Minister Sergei Lavrov announced Moscow's new demands. Iran's foreign minister said at the time that he would not allow Tehran's interests to be harmed by "external elements".
US crypto regulation
US President Joe Biden signed an executive order calling on the federal government to examine the risks and benefits of cryptocurrencies.
According to the White House fact sheet, the decree calls on federal agencies to adopt a unified approach to the regulation and oversight of digital assets.
The measures announced Wednesday will focus on six key areas:
Consumer and investor protection, financial stability, illicit activity, US competitiveness on a global stage, financial inclusion, responsible innovation.
The Biden administration has urged the Treasury to evaluate and develop crypto-related policy recommendations. It also asked regulators to "provide adequate oversight and protection against the systemic financial risks posed by digital assets."
Biden tasked the Department of Commerce with "creating a framework for guiding US competitiveness and leadership and leveraging digital asset technologies."
Biden has ordered the government to place "urgency" in the research and development of a potential central bank digital currency, the CBDC.
US stocks
Stocks posted sharp gains Wednesday as oil in particular cooled off from recently soaring commodity prices amid the war in Ukraine.
The Dow Jones Industrial Average rose 653.61 points to 33,286.25, helped by gains in Salesforce, Nike and JPMorgan. The S&P 500 rose 2.6% to 4,277.88 on its best day since June 2020. The tech-focused Nasdaq Composite rose 3.6% to 13,255.55 on its best day since November 2020.
Wednesday's gains took the Dow out of the correction zone and the Nasdaq out of the bear market zone. Silver, copper and platinum fell on Wednesday. Wheat futures fell sharply, although palladium continued to rise.
Global oil prices fell on Wednesday as OPEC member the United Arab Emirates said it supports pumping more oil into the market, which has been disrupted by supply cuts after Russia's invasion of Ukraine.
Brent crude futures were down $16.84, or 13.2%, to settle at $111.14 a barrel.
"We support production increases and will encourage OPEC to consider higher production levels," Yousuf Al Otaiba, UAE Ambassador to Washington, said in a statement tweeted by the embassy.
The United States has urged oil producers around the world to increase production if they can.
"We need more supply at this time of crisis," US Secretary of Energy Jennifer Granholm told attendees at an industry event in Houston.
No jets to Ukraine
The United States shut the door to the idea of supplying fighter jets to Ukraine, which its intelligence considers a "high risk" action that could increase Russia's chances of escalating tensions with NATO.
NATO ally Poland surprised Washington on Tuesday with a proposal to hand over Russian-made MiG-29 fighter jets to a US base in Germany as a way to replenish Ukraine's air force.
Pentagon spokesman John Kirby announced the US refusal, saying that the transfer of MiG-29s would change little for Ukraine compared to Russian capabilities, and emphasized that the US supports the procurement of other types of weapons.
The intelligence community has assessed that the transfer of MiG-29s to Ukraine could be perceived as a misconception and provoke a significant Russian backlash that could increase the likelihood of a military escalation with NATO, Kirby said.
Iran talks stalled
Diplomats familiar with the Vienna talks said parties trying to revive the nuclear deal with Iran struggled Wednesday to resolve last-minute requests from Russia that threaten to undermine negotiations, but the United States appeared reluctant to engage with Russia on the issue.
Western powers have warned Russia against breaking the nearly completed deal to return the US and Iran to the 2015 deal. Iran's chief negotiator returned to Vienna on Wednesday after consultations in Tehran.
Russia's envoy to the negotiations, Mikhail Ulyanov, dismissed all claims that Moscow had suspended the agreement and said that the final text was not completed in any case.
Iran's chief negotiator, Ali Bagheri Kani, unexpectedly returned to Tehran after Russian Foreign Minister Sergei Lavrov announced Moscow's new demands. Iran's foreign minister said at the time that he would not allow Tehran's interests to be harmed by "external elements".
US crypto regulation
US President Joe Biden signed an executive order calling on the federal government to examine the risks and benefits of cryptocurrencies.
According to the White House fact sheet, the decree calls on federal agencies to adopt a unified approach to the regulation and oversight of digital assets.
The measures announced Wednesday will focus on six key areas:
Consumer and investor protection, financial stability, illicit activity, US competitiveness on a global stage, financial inclusion, responsible innovation.
The Biden administration has urged the Treasury to evaluate and develop crypto-related policy recommendations. It also asked regulators to "provide adequate oversight and protection against the systemic financial risks posed by digital assets."
Biden tasked the Department of Commerce with "creating a framework for guiding US competitiveness and leadership and leveraging digital asset technologies."
Biden has ordered the government to place "urgency" in the research and development of a potential central bank digital currency, the CBDC.
US stocks
Stocks posted sharp gains Wednesday as oil in particular cooled off from recently soaring commodity prices amid the war in Ukraine.
The Dow Jones Industrial Average rose 653.61 points to 33,286.25, helped by gains in Salesforce, Nike and JPMorgan. The S&P 500 rose 2.6% to 4,277.88 on its best day since June 2020. The tech-focused Nasdaq Composite rose 3.6% to 13,255.55 on its best day since November 2020.
Wednesday's gains took the Dow out of the correction zone and the Nasdaq out of the bear market zone. Silver, copper and platinum fell on Wednesday. Wheat futures fell sharply, although palladium continued to rise.
