Oil prices are marching closer to $100 per barrel
Oil prices have been climbing ever since the global economy started to recover from Covid-19. Now, as the United States warns that Russia could imminently invade Ukraine, they’re pushing even higher.
Saudi Arabia and the United Arab Emirates could do more, but Staunovo thinks this is unlikely to happen unless the situation really escalates.
Why it matters: Higher oil prices could shock the economies of countries that consume lots of oil and hurt consumers’ already-strained pocketbooks.
But behind all the volatility, analysts are pointing to a bright spot: Companies continue to mint very strong profits, a dynamic that could keep stocks from falling too far despite selling pressure.
S&P 500 companies are now expected to grow fourth-quarter earnings by more than 30%, based on results that have already posted and projections for those still on deck.
Crypto exchange Coinbase said it had to throttle traffic for a few minutes after running a Super Bowl ad featuring a bouncing QR code that took users to a landing page that touted a bitcoin giveaway for new users.
FTX, another crypto exchange, featured comedian Larry David, while Crypto.com — which recently bought the naming rights to Los Angeles’ Staples Center, now the Crypto.com Arena — got LeBron James on board.