Oil prices rose after the Russia price cap pact, with world shares mixed
Oil prices rose after the Russia price cap pact, with world shares mixed
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United States: World stocks were mixed and oil prices rose after the European Union and the Group of Seven democracies decided to boycott the majority of Russian oil and agreed a $60 per barrel price cap on Russian exports.

The CAC 40 in Paris fell 0.2% to 6,728.57 and the DAX in Germany fell 0.3% to 14,490.99. In Britain the FTSE 100 rose 0.1% to 7,562.40. S&P 500 futures declined 0.4%, while Dow futures lost 0.3%.

A barrel of US benchmark crude rose 55 cents to $80.53 a barrel, in electronic trading on the New York Mercantile Exchange. It fell by $1.24 to $79.98 a barrel on Friday.

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Brent crude rose 56 cents to $86.13 a barrel on Monday after Western countries imposed a $60-a-barrel price cap and imposed sanctions on some types of Russian oil.

The two sanctions measures may have resulted in an unknown amount of Russian oil being removed from the market, reducing supply and driving up prices.

Turkey, the world's second-biggest oil producer, was able to redirect the majority, but not all, of its previous European shipments to customers in China and India.

The Saudi-led OPEC oil cartel and its allies, which include Russia, decided on Sunday not to change their plans to supply oil to the world economy.

The OPEC+ alliance decided in November to cut production by 2 million barrels per day; This deduction is still in effect.

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Hong Kong's benchmark rose 4.5% to 19,518.29 during Asian trade. The Shanghai Composite rose 1.8% to reach 3,211.81.

Market participants claim manufacturing and trade disruptions will ease as Chinese authorities ease some of the toughest rules imposed to control the coronavirus outbreak, while pursuing their "zero-covid" strategy, which aims to kill every infected person. Is to separate, still in progress. place.

Restrictions include lockdowns of certain areas or structures, routine testing requirements and the closure of factories and other businesses.

Shanghai and Beijing, among other Chinese cities, recently experienced several days of protests as anger over COVID-19 restrictions reached a boiling point.

In an extraordinary display of public disapproval in a society where the ruling Communist Party exercises near total control, some people called for Chinese President Xi Jinping to resign.

The Kospi fell 0.6% to 2,419.32 in Seoul, while the Nikkei 225 rose 0.2% to 27,820.40 in Tokyo. The S&P/ASX 200 rose 0.3% to 7,325.60 in Sydney. Mumbai shares declined, but increased in Singapore and Taiwan. Thailand's markets remained closed due to the holiday.

A report showing accelerating US wages prompted investors to worry about inflation, leading to a mixed stock performance on Wall Street on Friday. It rekindled concerns that the Federal Reserve may not be able to scale back its key interest rate hikes as expected.

The Dow Industrial gained 0.1% while the S&P 500 declined 0.1%. The Nasdaq's overall index declined 0.2%.

Since the beginning of the month, stocks have been rallying on hopes that inflation may peak. This allows the Federal Reserve to reduce rate increases with the aim of reducing inflation by slowing the economy and lowering the price of stocks and other investments.

But according to a labor market report released Friday, workers' wages increased by 5.1% last month compared to a year earlier. That's an increase from the 4.9% gain in October and easily exceeds economists' predictions for a recession.

Last month, American businesses added 263,000 new jobs. More than 200,000 were forecast by economists, and the unemployment rate remained unchanged at 3.7%. With a higher percentage of people either not working or looking for work than before the pandemic, many Americans are also outright unemployed, which could put more pressure on employers to raise wages.

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The US economy will enter a recession next year, according to a growing number of economists, primarily as a result of higher interest rates.

In foreign exchange, the dollar fell to 135.31 yen from 134.39 Japanese yen late on Friday. The euro rose from $1.0540 to $1.0553.

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