The exports of Russian crude to India and China doubled

News of the day, Friday, May 27

The U.S. dollar weakened today decreasing to a one-month low on rising expectations of the Federal Reserve's short-lived policy tightening cycle. The dollar index traded 0.2% lower earlier today.

Oil prices dipped today yet still holding near a two-month high, as tight supply worries because of a possible ban of Russian oil by the EU soar. Brent crude futures for July were down 0.2% and WTI crude decreased 0.2% as well.

An unprecedented volume of Russian crude is heading to China and India, as some other nations restrict oil imports. The size of current exports is between 74 and 79 million barrels, more than double of 27 million barrels before the invasion of Ukraine.

Wall Street closed sharply higher yesterday after aggressive interest rate hikes concerns waned together with an optimistic retail earnings outlook. The tech-heavy Nasdaq increased the most — the 2.7% surge was powered mainly by gains in Apple Inc, Tesla Inc, and Amazon.com Inc.

The price of Brent crude is $114.80, WTI — $114.50, GBP/USD — 1.2621, EUR/USD — 1.0735, and gold costs $1859.20 per ounce.