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Thread: Oil edges up, wall street rises as investors parse trump budget

  1. #1
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    Oil edges up, wall street rises as investors parse trump budget

    2 Attachment(s) Wall Street rose on Tuesday as traders were relieved by the launch of President Donald Trump's budget proposal and oil prices inched up in spite of a White House proposal to sell half the region petroleum reserves.

    U.S. Treasury bond yields extended their rise in late trading after a sound 2-yr debt auction while euro zone shares closed higher on robust progress information. Oil prices rose somewhat in unstable trading as anticipations of an extension to OPEC-led provide cuts and still another fall in U.S. crude inventories offset the proposal in Trump's budget strategy to roll-out revenue of petroleum reserves more than 10 10 years. [O/R]

    U.S. crude CLcv1 rose 0.84% to $51.56 per barrel and Brent LCOcv1 was last at $54.26, up 0.72% on the day.

    Trump's first complete budget strategy requires an increase in military and infrastructure spending but additionally a raft of cuts, including health-care and food support.

    People will keep a watch on any kind of indication of company tax reform together with infrastructure spending, mentioned Nadia Lovell, U.S. equity strategist at J.P. Morgan Private Bank in New York. [.N]

    The Dow Jones Industrial Average .DJI rose 43.08 points, or 0.21%, to finish at 2-0,937.91, the SP 500 .SPX acquired 4.4 points, or 0.18%, to 2,398.42 and the Nasdaq Composite .IXIC added 5.09 points, or 0.08%, to 6,138.71.

  2. #2
    President Donald Trump's budget introduced Tuesday proposed radically downsizing the US Strategic Petroleum Reserve, arguing that America's shale growth has lessened the need for an emergency stockpile.

    Trump's proposal would sell off half the oil in the SPR, an emergency storage facility produced amid the energy shocks of the 1970s.

    Slashing the reserve would increase approximately $16.6 billion through 2027, component of a budget strategy that slashes social spending plans and several government departments, while boosting defense spending and border safety.

    Read more at https://finance.nine.com.au/2017/05/24/09/04/trump-proposes-selling-half-of-americas-strategic-oil-reserve#XhMariV4MXBJAJ4M.99

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