Oil, more or less?
Markets are still concerned about lockdowns in China, evidenced by the fall in US equities and a 2% drop in Apple\u2019s share price. Oil has also been falling, but NAB\u2019s Ray Attrill says the prospect of an increase in production by OPEC+ next month pushed prices lower for a while before people started asking, \u2018why would they do that?\u2019. The argument was it was to compensate for lost Russian oil as sanctions hit, with news reports that G7 and the EU might this week agree on the price cap beyond which they will not ship or insure Russian oil, irrespective of the destination. There\u2019s also discussion today on the fall in German producer prices, what the RBNZ will do tomorrow and what the RBA\u2019s Philip Lowe will say over dinner tonight.
Incidentally, today NAB trade donate the proceeds of today\u2019s trading revenue to First Nations Foundation, to support the financial literacy of Indigenous communities. Or you can make a donation. Go to www.nabtrade.com.au/charityday for more information.
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