Crude price ease among possible supply increase

News of the day, Thursday, 10 March

The e-commerce giant Amazon has announced yesterday the 20-for-1 split of its shares and a $10 billion buyback plan. Amazon shares had increased by 7% in extended trading after the announcement came out. This is the first stock split by Amazon since 1999. The company followed the example of Alphabet and Apple which had recently performed the same operation. The decision is aimed at giving medium investors more flexibility in trading amazon shares. Trading based on new share prices is scheduled to begin on June 6.

Crude prices have decreased to about $110 per barrel as the market reacts to the announcements about supply growth. UAE, an OPEC member, said it is ready to pump more oil to ease the aftermath of the war in Ukraine. The supposed supply increase goes along with hopes on soon Iranian nuclear deal success which kick crude prices from 2014 highs. Brent oil and WTI oil have plummeted by 13.2% and 12.5% responsibly which is the biggest daily decline since 2020 when the market was affected by the pandemic.

The price of Brent crude is $113.29, WTI — $109.80, GBP/USD — 1.3182, EUR/USD — 1.1061, and gold costs $1986.00 per ounce.