Crude Oil Prices Take a Dip After a Hot‑Start
Oil markets kicked off the week with a bang—both West Texas Intermediate (WTI) and Brent jumped over the last two‑month high. Gross, the spike was about +2.4 % for WTI and nearly a full point for Brent. But by mid‑morning, the trend flipped and both fell roughly 0.5 % from the closes.
WTI opened at around $79 a barrel and then slid to about $77.65 a little after 9:30 a.m. GMT. Brent followed suit, starting near $83.88 and trimming down to $82.50. The initial rally was driven by the flash‑point in the Middle East—an attack on a U.S. base in Jordan that sent shockwaves through the markets.
The Middle East Escalation – Why It Matters
Yesterday’s flare‑up crossed the red lines drawn by the United States—lives of soldiers and citizens were on the line. The Biden administration is feeling the pressure to play it safe before the 2024 presidential showdown. If the U.S. lashes back, even a limited strike could given fuel for more regional retribution, intensifying fears about oil supply security. Alternatively, a measured response might keep the political drama from spilling into the campaign trail.
China’s Economic Worries – A Bigger Influencer?
While geopolitical jitters are hot news, investors are more worried about China’s demand. The Chinese President is pushing for a “healthier economy” that prioritizes high‑value sectors and advanced manufacturing. These stimulus packages might take ages to pay off, which is why demand is still sluggish.
By contrast, the U.S. economy is on the up‑and‑up. Data from last week showed stronger growth in Q4 and a boost in services and manufacturing. The EU, on the other hand, is still struggling with contraction and negative sentiment, which only adds to the anxiety in energy markets.
Quick Tips: Getting Your Self Assessment Tax Return Right
- Gather All Documents Early – Make sure every invoice, original receipt, and bank statement is in one place.
- Use the Latest HMRC Guidelines – Tax rules change; keep your notes up to date.
- Check Deductions Carefully – Missed expenses can cost you, and unused deductions can be a big win.
- Keep Digital Backups – One time loss, can be a nightmare (especially if you’ve just got your computer updated).
- Enter Data Slowly and Verify – Trust your amounts, but double‑check every line.
- Seek Professional Help if Needed – A tax adviser can spot hidden savings.
- Submit Early, Celebrate Late – Submit before the deadline, then reward yourself with a coffee.
Tip‑top Advice for Tax‑Season Success
Remember, the goal isn’t just to file; it’s to file correctly. Follow the steps above, and you’ll have peace of mind while the markets do their own dance.
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