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Affected by Saudi Arabia and other major oil-producing countries announcing production cuts on April 2, international oil prices rose sharply on the 3rd. The price of New York light crude oil futures for May delivery rose $4.75 to close at $80.42 a barrel.

Market analysts believe that this round of production cuts will lead to a rise in international oil prices and further push up inflation, which will force the Fed to return to the route of substantially raising interest rates. But at the same time, the Fed has to contend with the possibility that rate hikes will further hit the economy.

According to a report provided by UBS, there has been a wave of small and medium-sized business closures in the United States recently, mainly because it is difficult for small and medium-sized enterprises to withstand multiple pressures such as high interest rates, high inflation and low growth during the interest rate hike cycle.

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OPEC Plus production cut likely to push oil prices to $100 per barrel

By Admin