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  Oil drops 2% as concerns over China’s demand wipe out last week’s gains Oil prices dropped by approximately 2% on Monday, erasing last week’s gains, as China’s oil imports fell for the fifth consecutive month, fueling concerns over fuel demand. This decline was further driven by OPEC’s decision to lower its global oil demand growth forecasts for 2024 and 2025. China’s stimulus measures failed to boost investor confidence, while markets remained tense over the potential for Israeli strikes on Iranian oil infrastructure. On Monday, OPEC revised its forecast for global oil demand growth in 2024, marking its third consecutive downward adjustment for the upcoming year. The primary contributor to this downgrade was China, the world’s largest importer of crude oil, as OPEC reduced its growth estimate for the country from 650,000 barrels per day (bpd) to 580,000 bpd. Data indicated that China’s crude oil imports for the first nine months of this year fell nearly 3% compared to the previ...

  CARDANO FOUNDER SAYS SEC VS. RIPPLE RESOLUTION FOR CRYPTO Cardano’s price rose 3.29% at $0.38616 on Tuesday.  Cardano (ADA) creator and Ethereum (ETH) co-founder Charles Hoskinson claims that he detected “rumors” concerning the safety and Exchange Commission (SEC) vs Ripple case can public conclude on Dec. 15, with unfortunate consequences for the crypto business. During a “surprise” solicit from me something (AMA) session streamed on Dec. 11, Hoskinson same that he had “rumors that the Ripple case is settled Gregorian calendar month fifteen, which might have ruinous implications for the business a method or the opposite.”  He prompts that the cryptocurrency house might attempt to create its stand against the regulator’s decision: The report follows Ripple Labs filing its final submission in its current legal battle against the U.S. Securities and Exchange Commission. The legal battle — which started at the tip of 2020 — was initiated by the regulator WHO argued that Ri...

  EUROPEAN STOCKS HIGHER; EUROZONE PPI DATA DUE European stock markets climbed higher Tuesday, building on the previous session’s positive start to the new quarter. By 03:45 ET (07:45 GMT), the DAX in Germany traded 1.9% higher, the CAC 40 in France rose 2.3%, and U.K.’s FTSE 100 climbed 1.1%. European equities have started the new quarter on an upbeat note, bouncing after the sharp losses of the third quarter caused by concerns over slowing growth and aggressive monetary policy tightening. Helping the tone was the decision of the U.K government to reverse proposed tax cuts for top earners. That said, this only rules out a small percentage of the planned 45 billion pounds of unfunded tax cuts announced last week, and seriously undermines the authority of both the Prime Minister Liz Truss and Chancellor of the Exchequer Kwasi Kwarteng. Also helping sentiment was Australia’s central bank raising interest rates by a smaller-than-expected 25 basis points earlier Tuesday. The economic d...