On Friday, November 11th U.S. stock markets closed higher, spurred by tech giants amid easing Treasury yields, with investor focus on next week's inflation and economic updates. In economic data, the University of Michigan's consumer sentiment fell to a six-month low of 60.4 in November from 63.8 in October, below market expectations of 63.7. All S&P 500 sectors posted gains, with tech leading at 2.6%. The past week saw the Dow increase by roughly 0.7%, while the S&P 500 and Nasdaq advanced by 1
supply once china re-opens they will consume $2 million a day and they stopped doing covid. how come it s still at $83 a barrel? the fear was, and prices ran up on the concern that russian supplies would come out of the market. that hasn t happened. russian crude is in different places and the policy of both the u.s. and the eu has been to keep those supplies flowing to try to impact the price at which that oil trades. so the fact that prices are largely the same as what they were before because supply and demand is largely what it was before the war, there are risks that china and demand were to increase and we ll see in terms of how the recession in the u.s. would play out and the risks on the demand side of the two biggest economies. i want to ask you the big question that people look at
and most people said that the war is going to cause severe constraints on supply, once china reopens they will consume 2 million barrels a day that they stopped during covid. so how come it is still at $83 a barrel? the fear was, and prices ran up on the concern that russia supplies would come out of the market. that hasn t happened. russian crude is still flowing to different places but it is still in the market. and the policy of the u.s. and the e.u. has been to keep those supplies flowing to try to impact the price at which that oil trades. so i think the fact that prices are largely the same as they were before is because supply and demand is largely the same as it was before the war. there are risks that china demand could increase, we ll see how the concerns about a recession in the u.s. play out, but i think the risks are on the demand side in the two biggest economies. i want to ask you the question that people look at
you reminded a lot of folks thing that oil trades in the open markets and that was taken as a signal this administration didn t like traditional fossil fuel and this was going to be the tune and the tone. how bad does this get? it could get very bad. i suggest that it will. i wish that wasn t the message. but here s one of the reasons. diesel is what the runs this country. when you think about the trucks that move the groceries, all the other produce around in this country, diesel is right at the heart of it. that s one of the things that is really driving up the cost of food and that comes from heavy crude. heavy crude was accessed through two countries interestingly, russia and venezuela. i will suggest to you the biden administration knew and know what is going on today, that their policies will drive up the