WTI Crude oil has slipped below $80 after topping at about $97 just before the FTX scandal broke out. Pushing it down further is a request put in by China to Saudi Arabia to cut oil shipments. This implies a slowdown with their economy.
It might also have something to do with Biden suggesting that Saudi Arabia's Crown Prince MBS be granted immunity for Kashoggi murder lawsuit.
It's been an interesting week with a stray(?) missile fired from Ukraine into Poland, nearly bringing us to a nuclear crisis, an Iranian drone strike on an Israeli oil tanker, an Israeli air strike on Syria and the G20 summit which Zero Hedge reports has ended with a push for vaccine passports for all future international travel.
We'll see how well that goes...
Gold went down a bit with oil to $1750, a fall of about $17 which in my opinion isn't much to sneeze about.
Silver has been range bound at $21 for a couple of days after seeing a small spike two days ago.
The USD Index has been range bound below 107 all week and at time of writing, sits at 106.92 and doesn't appear to have been affected by the drop in oil. If oil continues to drop though, the dollar may not hold. It was last below 100 on April 13, 2022 and rode the wave as the price of gasoline went to record highs around the world, spiking to 114 on September 26.
In the meantime, enjoy the break at the pumps. It's still much higher than it was a year ago at this time but it's still better than no break at all. The cover shot is a receipt for $49.05 Canadian for 31.707 liters at $1.577 per liter, when I topped up this morning. I flashed my CAA card and got an extra 95 cents off. Otherwise, I would've had to shell out a full fifty dollars.
95 cents is still 95 cents!
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Check out some of my previous posts.
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