Crude oil prices exploded higher this week as the military conflict escalated in Iraq. Sunni militants have reportedly captured multiple major Iraqi cities and now threaten to take Baghdad, the capital.
Early Thursday morning, the European Central Bank announced that it was making an unprecedented move: lowering interest rates below zero. This means that banks will actually pay 0.1% for the privilege of having their money held by the ECB.
Crude oil prices gained sharply this week, hitting a one-month high after U.S. Energy Information Administration statistics showed a quick drawdown in supplies. In its weekly Petroleum Status Report, the EIA stated that U.S.
US crude oil supplies are continuing to swell, reaching nearly 400 million barrels last week, the highest level since 1931. Oil supplies are rising even as refineries are running near full-speed, pumping out large volumes of gasoline and diesel fuel.
Global farmers, fishermen, meteorologists and commodities traders are closely watching water temperatures in the South Pacific, waiting to see if the water will warm up this summer, a telltale sign of the El Niño phenomenon. According to the U.S.
Gold prices plunged this week, falling over $40 per ounce during the day Tuesday, the largest sell-off this year. Prices sank after poor economic news from China indicated that gold demand may be waning there.