TNT: CandyKisses: Oil prices are falling amid the rise of the dollar and economic concerns
Oil prices fell in early Asian trading, today, Thursday, as the dollar’s strength and economic problems overshadowed optimism about consumer demand
Brent crude futures fell 59 cents, or 0.7%, to $88.73 a barrel, while US crude futures fell 54 cents, or 0.7%, to $81.59, according to “Reuters”. The two benchmark crudes witnessed a rise in the previous two sessions amid trading volatility, after they reached their lowest level in nine months this week.
The dollar value index witnessed an upward trend this morning, after hitting a new two-decade high against a basket of currencies on Wednesday before retreating. A strong dollar reduces the demand for oil by making it more expensive for buyers who use other currencies.
The Bank of England said it was committed to buying as many long-term government bonds, known as gold bonds, as needed between Wednesday and October 14 to stabilize its currency after the British government’s budget plans announced last week caused the pound to fall.
Goldman Sachs lowered its 2023 oil price forecast on Tuesday, due to expectations of weak demand and a stronger US dollar, but said the global disappointment with supplies bolstered its outlook for the long-term upside.
Samson: Samson: The Central Bank announces the achievement of the largest cash reserve in its history
29th September, 2022
The Central Bank of Iraq announced, on Thursday, the achievement of the largest reserve in its history, with a number exceeding 87 billion dollars.
The Central Bank adviser, Ihsan Shamran al-Yasiri, told the official news agency, “The Central Bank’s reserves exceeded 87 billion dollars, which is the largest number that the Central Bank of Iraq’s reserves reach.”
He pointed out that “the Iraqi currency is very strong because the reserves constitute 130 percent of the source of circulation from the funds in banks and others, in addition to its function to meet the requirements of traders to import goods.”
He explained, “The reserve is not an absolute number for the economy’s recovery, as it previously reached 40 billion, and the economy was recovering, as the lesson is in the financial guidance and financial discipline that the state contributes to making.”
He pointed out that “every uncontrolled government spending indirectly affects and decreases the reserve,” expressing his hope that “the reserve will exceed $100 billion.” LINK
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