September 29, 2022

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Oslo Bors rises from the start - E24

Oslo Bors rises from the start – E24

The main index rises cautiously in early trading – the day after a significant drop in oil prices.

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The main index rose 0.14 percent half an hour after the stock market opened on Thursday morning.

This is after a sharp rally in Asian stock markets in the morning, with the Tokyo Stock Exchange rising nearly four percent.

Wall Street’s central indices also rose sharply the night before, with the S&P 500 capping its best day since June 2020. European stock markets also rose broadly on the same day.

Equinor shares rose 0.62 percent after falling in early trading, while shares of Aker BP rose 2.89 percent.

Oil price recovering

This development comes after a significant drop in oil prices. The price of North Sea oil, Wednesday, fell by about 10 dollars in 10 minutes. The downturn came after Ukraine said it was ready to make concessions with Russia. In addition, the United Arab Emirates has stated that the country will ask OPEC to speed up oil production, according to Bloomberg.

– If other OPEC countries are ready to stop the loss of Russian oil, it will be interesting to see the future of OPEC+ cooperation, wrote DNB Markets analyst Kelly K. Chen in the morning report.

At the same time, the price of oil recovered somewhat during the night and rises in the morning.

At the time of writing, one barrel of North Sea oil (Brent Spot) was trading at the time of writing for $116.31, up 3.43 percent since midnight. The price is still well below the high of over $130 earlier this week.

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Inflation and interest rate meetings

Before the stock market opened, Elliptic Labs (down 3.14%) and Cyviz (unchanged) reported quarterly.

Statistics Norway also published the latest inflation figures for February, which showed that food prices drove consumer price inflation to 3.7 percent annually.

Otherwise, the European Central Bank will hold a rate meeting on Thursday, and will release the decision this afternoon. The US is also publishing new inflation figures during the afternoon session, before the Federal Reserve begins its interest rate meeting next week.