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Economic Highlights 08.01.2025: Oil Prices Continue Upward Trend

8 thg 1, 2025

At the close of trading on January 7, major U.S. stock indexes saw broad declines. The S&P 500 Index fell 1.11% to 5,909.03 points, the Dow Jones dropped 0.42% to 42,528.36 points, and the Nasdaq.


Composite tumbled 1.89% to 19,489.68 points. While the indexes showed slight gains early in the session, they reversed course later and ended lower.

The December 2024 Services PMI data released by ISM indicated faster-than-expected growth, raising concerns about prolonged inflationary pressures.

The yield on the 10-year U.S. Treasury bond continued to rise, reaching 4.693%, with an intraday high of 4.699%—the highest level since April 2024.


In the commodities market, spot gold prices rose 0.5% to $2,647.59 per ounce, after briefly climbing as much as 1% during the session. Gold futures also increased by 0.6% to $2,662.60 per ounce.


Oil prices maintained an upward trend. Brent crude oil gained 0.98%, settling at $77.05 per barrel, while WTI crude oil rose 0.94% to $74.25 per barrel. According to experts from UBS, the market is reflecting minor risks of supply disruptions from Iran to China. Additionally, Saudi Arabia raised its February oil prices for Asian markets—the first increase in three months—signaling higher demand from China.


In China, the Shandong Port Group announced on January 6 that it would ban U.S.-sanctioned oil tankers from accessing its major ports, including Qingdao, Rizhao, and Yantai. This move is expected to significantly restrict the access of sanctioned vessels to key energy hubs in Eastern China.


Source: SFVN (Compiled)

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