Oil prices were little changed on Thursday as investors eagerly awaited the outcome of an anticipated OPEC+ meeting that could lead to deeper supply cuts in 2024.
Brent crude futures for January climbed 70 cents to $83.80 a barrel by 0935 GMT, on subdued volumes given the contract is meant to expire today. The more active February contract was up 58 cents at $83.46 a barrel.
Meanwhile, U.S. West Texas Intermediate crude futures crept up 55 cents at...

Core PCE inflation annualized:
1 month: 2.0%
3 months: 2.4%
6 months: 2.5%
12 months: 3.5%
we're almost at the soft landing.
If you exclude housing or treat it differently the story is a bit better.
3-month annualized inflation:
Core w/ new rent: 1.5%
Core ex housing: 1.7%
Core ex housing & used cars: 2.1%
Core services ex housing: 2.7%
(Note the last always runs high, is equivalent to 2% PCE.)
Still...

Oil prices began to retreat on Thursday afternoon as it became clear that OPEC+ members were agreeing to voluntary cuts beginning in the new year, and that those cuts would be announced only by each member country instead of by the group as a whole.
- WTI crude futures fell after OPEC+ concluded its Ministerial Meeting.
- Immediately following the meeting’s kickoff, it was also announced that Brazil would join the OPEC+ group ef...

- Prior report 46.7
- Prices paid 49.9 vs 45.1 prior
- Employment 45.8 vs 46.8 prior
- New orders 48.3 vs 45.5 prior
- Inventories 44.8 vs 43.3 prior
- Production 48.5 vs 50.4 prior
Comments in the report from respondents:
“Economy appears to be slowing dramatically. Customer orders are pushing out, and all efforts are being made to right-size inventory levels, both to mitigate carrying costs on pushed-out orders and to load up on inventory ...

"It would be premature to conclude with confidence that we have achieved a sufficiently restrictive stance, or to speculate on when policy might ease. We are prepared to tighten policy further if it becomes appropriate to do so."
Comments from the Fed chair
It's premature to say that mon pol is restrictive enough
Fed will raise rates if needed to lower inflation
Fed is making rate decisions meeting by meeti...

An overwhelming majority of Venezuelan voters who took part in a referendum regarding most of the territory of neighboring Guyana voted in favor of claiming sovereignty over it.
Per the Venezuelan government, as much as 95% of voters supported the claim, with 10.5 million votes counted, Reuters reported.
The referendum took part despite the fact that the disputed territory—an oil-rich region called Essequibo—is part of an active...

Oil prices continued to decline on Monday despite production cuts announced by OPEC and its allies.
The West Texas Intermediate contract for January fell $1.03, or 1.39%, to to settle at $73.04 a barrel, while the Brent
crude contract for February dropped 85 cents, or 1.08%, to settle at $78.03 a barrel.
Oil futures have declined 6% since Wednesday's close.
Several OPEC members and allied nations such as Russia, called OPEC+, announced last Thursday...