Crude oil is down about 7%, erasing the gains of the last two weeks
Oil prices rose slightly with the beginning of this week’s trading as a result of the positive data of China’s economic growth, as it recorded a remarkable increase and came at a rate of 4.5% higher than the expectations that indicated 4%, as well as the US oil inventories, which recorded a positive reading of -4.6 million, less than Expectations were for -0.4%, but despite this positive data for crude oil, we witnessed a decline of 7.6% during this week, touching the level of 76, which is its lowest level since the last three weeks.
The decline in crude oil prices came as a result of rising fears of economic recession amid expectations that the period of monetary tightening may be prolonged more than expected by the Federal Reserve and other central banks, which indicates a slowdown in the economic activity of the United States, which in turn is considered the first consumer of crude oil, which will negatively affect the economy. Oil prices in terms of falling demand
Positive inflation data for both Britain and Canada
Inflation data for Britain was released on Tuesday, April 19th, and it recorded a very positive reading, as consumer prices recorded on an annual basis, at a rate of 10.1%, higher than expectations, which were referring to 9.8%. which was 6%.
Inflation data for Canada was released on Thursday, April 18th as Consumer Prices YoY came in at a positive 4.6%, slightly above expectations of 4.5%.
Business reports of Netflix and Tesla for the first quarter of 2023
Netflix’s stock fell by 3.66% after the report was issued for the first quarter, to rise again, erasing all its losses as a result of the report, and recording an increase of 0.36%, to touch the level of 333.70.
Tesla witnessed a significant decline in the company’s net profit, which coincided with a 24% increase in revenue year-on-year. The company also witnessed a decline in gross profit margin for the third time in a row as a result of price cuts.
In terms of sales and production, Tesla is still witnessing an outperformance of production versus sales
Despite all these negative reports mentioned above, Tesla remains the leader in the US auto industry in terms of market value
