Wednesday,15 June 2022 17:16:42

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Wednesday,15 June 2022 at 16:24

Oil producers will be forced to tap into "dwindling" spare capacity as supply runs short, the world’s leading energy authority has warned, leaving countries perilously exposed to potential shocks.

The International Energy Agency said Supplies may “struggle to keep pace with demand” next year as China emerges from the pandemic and sanctions on Russia grow.

The US and other producers outside of the Opec+ coalition are expected to help but Opec+ members, who include Saudi Arabia, will also need to do more, it indicated.

UK & European stocks closed higher as global markets watched monetary policy moves from several major central banks.

U.S. stocks rose as investors looked ahead to the Federal Reserve's latest monetary policy decision.

Oil prices edged down 1% on the back of concerns over fuel demand and global economic growth

Gold prices rose 1% bolstered by a pullback in the U.S. dollar and U.S. Treasury yields, ahead of a potentially aggressive interest rate hike from the Federal Reserve.

Markets

At the close

FTSE 100 7,273 +1.20%

FTSE 250 19,315 +1.42%

DAX 13,485 +1.36%

At 17:10

Dow Jones 30,513 +0.49%

S&P 500 3,769 +0.92%

NASDAQ 11,005 +1.64%

Fixed Income

UK 10-YR YIELD 11,005 +1.64%

Exchange Rates

GBP/USD 1.205

GBP/EUR 1.160

Commodities

Gold $1,822 +0.80%

Brent $120.06 (-0.62%)

Important - No news or research item should be construed as a recommendation to trade. The inclusion of securities within this report does not necessarily imply their suitability for individual portfolios or situations in respect of which further advice should be sought. Information contained in this report has been compiled from sources believed to be reliable but is not warranted to be accurate or complete.