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Clare » May 6th, 2022
Oil rises to $111 amid fears of a shortage
05/06/2022
Oil prices witnessed a rise today, Friday, in light of investors’ fear of a shortage, in light of the “OPEC +” decision and the statement of the President of the European Commission.
The prices of July futures for Brent crude oil rose 0.58% to $111.54 a barrel, and June futures for West Texas Intermediate crude rose 0.55% to $108.56.
In addition, the price hike supports the recent proposal of European Commission President Ursula von der Leyen to introduce a complete oil embargo on Russian oil in phases as part of a new sixth round of sanctions.
“The focus may remain on supply issues arising from the European Union’s proposal to impose sanctions on Russian oil within six months,” the Wall Street Journal quoted UOP analysts as saying. LINK
Al-Kazemi’s advisor clarifies the implications and impact of the US Federal Reserve raising interest rates on the Iraqi economy
2022-05-06 nBaghdad – INA – Nassar Al-Hajj
The financial advisor to the Prime Minister, Mazhar Muhammad Salih, explained, today, Friday, the implications and impact of raising interest rates by the US Central Bank on the Iraqi economy, while identifying two matters for managing currency risks, foreign reserves, exchange rates and interest.
Saleh said, to the Iraqi News Agency (INA), that “the implications and impact of raising the interest by the American bank on the Iraqi economy are twofold, the first is that the country is the debtor party, as the increase in interest on the US dollar will lead to an increase in the cost of loans withdrawn in dollars, especially those whose benefits are determined.”
The annual basis is based on the market or (moving) interest in dollars, which is indicated by the financial markets on the rise, such as the (Libor) interest, which is the interest of lending and borrowing between banks in dollars in the London market, and even if some loans carry a fixed interest on the loan itself, but they carry a (prudent risk margin around the fixed interest). itself) and called (spread), in order to avoid market fluctuations,” noting that “the latter, that is, (the spread) will rise automatically, taking into account the high interest risks.”
The statement added, “As for the second part, and with the country being the creditor, investing in dollar deposits or US bonds for Iraq will be expected to raise returns in the future, with US interest rates mostly rising, and it depends on the nature of the contractual interest, is it fixed or variable?”
If the interest on dollar bonds are It has a fixed contractual character until the maturity date, and it is required to liquidate it in the secondary market and transfer it to liquid cash for various purposes.
He pointed out that ” LINK
Source: Dinar Recaps
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