Energy news

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Investors cautious ahead of the Fed and ECB later in the week

Investors appear to be treading carefully ahead of some key interest rate announcements this week, most notably the Fed on Wednesday but also the ECB one day later. Eurozone inflation data for April didn't throw up any nasty surprises a couple of days before the central bank makes its decision, rising slightly to 7% as expected, while core stayed stubbornly high at 5.6%. A 25 basis point rate hike is now heavily backed with one or two more to come over the following months.

02-05-2023 09:11 GMT by Craig Erlam

Oil prices stabilize, gold consolidates ahead of FOMC

Were fears of oil deficit premature? Oil prices appear to have stabilized in recent days, not far from the middle of the range they traded within from early December to March. The post-OPEC+ gains have now been wiped out which suggests traders are now of the belief that the economic outlook has deteriorated to the extent that the output cut won't create the deficit that was feared when some were calling for $100 oil.

02-05-2023 09:06 GMT by Craig Erlam