Asian stocks were poised to climb Monday after the S&P 500 rose to the cusp of a bull market amid strengthening bets for a Federal Reserve rate pause this month. Oil rallied on a supply cut from Saudi Arabia.
Oil advanced at the week’s open after Saudi Arabia said it will make an extra 1 million barrel-a-day supply cut in July, taking its production to the lowest level for several years following a slide in crude prices.
President Joe Biden’s signature of legislation suspending the federal debt ceiling has given the Treasury Department the green light to resume net new debt issuance after months of disruption.
Gasoline consumption in the US continues to increase as the summer driving season gets underway. Elsewhere, stockpiles of thermal coal at Chinese ports are on the rise, while surging copper inventories signal a softening market. Here are five charts to consider in global commodities this week.
Saudi Arabia will make an extra 1 million barrel-a-day oil supply cut in July, taking its production to the lowest level for several years after a slide in crude prices.
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