back to top
HomeWorld NewsInflation worry over Gasoline prices, Crypto is still surging

Inflation worry over Gasoline prices, Crypto is still surging

Popular social media platform TikTok faces divestment

Oil prices surge due to US gasoline stock decline & geopolitics, impacting inflation. Crypto, commodity prices vary

Oil Prices and Inflation Concerns

Oil prices surged, driven by multiple factors including declining U.S. gasoline stocks, unexpected drops in crude stockpiles, and geopolitical tensions stemming from Ukrainian attacks on Russian refineries. U.S. crude reached over $80 per barrel, marking a year-on-year increase of 12%, the fastest pace since September. Rising fuel costs contributed to stickier consumer price readings for February. The Producer Price Index (PPI) for the month is anticipated to reflect a moderate increase, with annual headline PPI inflation expected at 1.1%, though core rates are forecast to dip below 2.0%. These figures are critical components of the Federal Reserve’s preferred inflation gauge, the PCE inflation index. The recent trend in oil prices and its impact on inflation could influence the Fed’s decisions regarding interest rates.

U.S. Economic Indicators

In the U.S., retail sales data for February is forthcoming, alongside the weekly jobless claims report. Despite concerns about inflation, futures pricing for a June interest rate cut has slightly diminished. Treasury yields saw a slight uptick following a decent 30-year bond auction, albeit market volatility decreased, as indicated by the MOVE index reaching its lowest level since September. Meanwhile, Tesla’s stock continues to decline due to waning demand for its electric vehicles (EVs) amidst a global slowdown in EV demand and concerns raised by Wells Fargo over the impact of price cuts on demand.

U.S. Market Inflation

Mixed economic reports in the U.S. caused volatility in the bond market, with Treasury yields rising after higher-than-expected inflation data but softening in other economic indicators. Expectations for Fed rate cuts in 2024 have shifted slightly, with potential delays due to stubborn inflation. Retail sales figures, although weaker than expected, could alleviate some upward pressure on inflation.

TikTok’s Future in the U.S.

The U.S. House of Representatives passed a bill mandating TikTok’s Chinese owner, ByteDance, to divest its U.S. assets within six months or face a ban. The bill, passed with a large bipartisan majority, awaits Senate approval. Failure to comply could result in the removal of TikTok from major app stores, potentially impacting ByteDance’s operations and posing implications for U.S.-China relations.

Open a Forex Live Trading account among the multiple available ones we have on our site. Every single one is tailor-made for a specific trading style


China’s stock market closed lower amidst declines in gaming and semiconductor stocks. Hong Kong shares also fell, with concerns over geopolitical risks lingering. Japan’s Nikkei 225 rose slightly, fueled by speculation that the Bank of Japan may end its policy to keep interest rates below zero.


German container shipper Hapag-Lloyd reported an 83% decline in net profit for 2023, attributing it to global vessel oversupply and crises in the Red Sea. European Central Bank officials’ speeches and key economic indicators in Europe are anticipated to guide market sentiment.

Global Market beyond inflation

Cryptocurrency prices dipped, with Bitcoin falling to $71,832.01, and Ether declining to $3,879.1. Commodities saw varied movements, with WTI crude rising to $80.64 a barrel, while spot gold fell to $2,159.42 an ounce.

Our economic blog is a place where you can get regular updates on news and helpful Forex tips