Investing.com
Published Dec 10, 2021 11:04
By Geoffrey Smith and Peter Nurse
Investing.com -- The release of the latest U.S. inflation numbers is key, ahead of the Federal Reserve's policy meeting next week. Both stocks and crude prices are seen edging higher, but activity is seen being relatively limited as traders wait for the key CPI data. Tensions between Russia and Ukraine continue to mount, while growth data out of the U.K. look set to force the Bank of England to stand pat next week. Here's what you need to know in financial markets on Friday, 10th December.
Oil prices stabilized Friday, but are still on course for their biggest weekly gain since late August.
The market has been boosted this week by early studies suggesting the current vaccines, admittedly with boosters, will work against the new Omicron variant, resulting in all likelihood in a relatively minor hit to global crude demand.
That said, traders will be keeping a close eye on the Chinese economy, as growth in the world's biggest oil importer struggles in the face of continued Covid travel restrictions. Additionally, ratings agency Fitch downgraded property developers China Evergrande Group and Kaisa Group, reinforcing fears of a potential slowdown in China's property sector, as well as the broader economy.
By 5:55 AM ET, U.S. crude futures were up 0.4% at $71.22 a barrel, while Brent futures climbed 0.3% at $74.61 a barrel. Both benchmarks were both on course for gains of about 7% this week, their first weekly gain in seven weeks.
Data detailing the Baker Hughes' rig count and CFTC positioning are due later, and round off the week.
Written By: Investing.com
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