U.S. oil inventories Archives -

Cryptocurrencies Surge Ahead of Fed Decision as Bitcoin Exceeds $102,000:
Cryptocurrencies rallied on Wednesday despite investor caution ahead of the Federal Reserve’s interest rate decision.
Bitcoin recorded gains surpassing $102,000, while Ethereum, Ripple, and Dogecoin also rose.
Meanwhile, the “Trump” token saw a decline.

Contents:

Cryptocurrencies

U.S. Oil Inventories
Chinese Demand Slowdown

Cryptocurrencies Surge Ahead of Fed Decision

Cryptocurrencies saw gains during Wednesday’s trading session despite
cautious market sentiment ahead of the Federal Reserve’s interest rate decision.
Bitcoin surpassed $102,000, with Ethereum, Ripple, and Dogecoin rising, while the “Trump” token declined.

Daily trading volume in the crypto market dipped amid expectations that the Fed would maintain interest rates.
In a significant development, the Czech National Bank announced that it is considering investing 5% of its reserves in Bitcoin.
Additionally, Bitwise filed to launch a Dogecoin exchange-traded fund (ETF).

Meanwhile, Matrixport predicted a 20% rise in Bitcoin’s price during the Chinese Lunar New Year holiday,
citing past years’ positive performance trends.

U.S. Oil Inventories Rise Amid Declining Distillate Stockpiles and Stable Prices

According to the American Petroleum Institute (API), U.S. crude oil inventories increased by 2.86 million barrels last week.
However, stockpiles at the key storage hub in Cushing, Oklahoma, fell by approximately 144,000 barrels.

API data also revealed a 1.89 million-barrel increase in gasoline inventories,
while distillate stocks—including diesel and heating oil—declined by 3.75 million barrels for the week ending January 24.

Oil prices climbed at Tuesday’s close in energy markets.
Brent crude futures for March delivery rose 0.55% to $77.49 per barrel,
while U.S. WTI crude futures for March gained 0.8%, settling at $73.77 per barrel.

Chinese Demand Slowdown Pressures European Luxury Goods Stocks

European luxury goods stocks declined on Wednesday after LVMH’s earnings report indicated a slowdown in consumer spending in China,
reflecting caution amid weakening economic growth.

LVMH shares fell by more than 5%, while shares of Kering and Christian Dior saw similar declines.
Despite LVMH reporting better-than-expected revenues of €84.68 billion for 2024,
sales in Asia—particularly in China—showed significant deceleration, negatively impacting the entire luxury sector.

Cryptocurrencies Surge Ahead of Fed Decision as Bitcoin Exceeds $102,000

Oil prices varied after tensions eased in the Middle East:
Oil prices saw a slight movement on Thursday after falling 3% in the previous session,
with ongoing market concerns about demand this year,
but signs of escalation of conflict in the Middle East might be avoided,
a region home to many of the world’s leading oil producers.

Content
Price Increase
Conflict in the Middle East

Price Increase

Brent crude futures rose by just 13 cents or 0.15% to $87.42 per barrel,
while West Texas Intermediate crude in the U.S. increased by six cents or 0.07% to $82.75 per barrel.
The main crudes had fallen by three percent in the previous session,
due to signs that oil demand this year is lower than expected due to slowing economic
growth in China and increasing U.S. oil inventories, the world’s largest oil consumer.

Since the beginning of April, the average global oil consumption has been 101 million barrels per day,
which is 200,000 barrels per day less than the bank’s forecasts.
Demand has increased by 1.7 million barrels per day since the beginning of the year,
which is less than the bank’s November forecast of a two million barrel-per-day decrease

Conflict in the Middle East

On the other hand, investors are dismissing the possibility of Israel responding
to the attack launched by Iran with drones and missiles on April 13.
Iran carried out this attack in retaliation for an aerial assault that it blamed
on Israel targeting the Iranian embassy complex in Damascus on April 1,
which resulted in the deaths of Iranian military leaders.

Iran, the third-largest oil producer in the Organization of the Petroleum Exporting Countries (OPEC),
expects that easing tensions will reduce the chances of oil supply disruptions in the Middle East.
The rise in U.S. oil inventories has put pressure on prices.
On Wednesday, the U.S. Energy Information Administration reported that crude oil inventories
rose by 2.7 million barrels to 460 million barrels in the week ending on April 12,
which contradicts analysts’ expectations of a 1.4 million barrel increase.

Oil prices varied after tensions eased in the Middle East