U.S. Crude Oil Supplies Rise on Higher Net Imports

U.S. applications for unemployment benefits decreased by 6,000 to 216,000 for the week ending November 22, according to the Labor Department, indicating that layoffs are not spiking as previously feared.

Oil futures settled higher after a volatile trading session, showing resilience despite bearish signals from U.S. crude and product stock builds. The market's focus shifted towards ongoing peace negotiations between Russia and Ukraine, which are influencing trader sentiment.

U.S. crude oil inventories saw an increase last week, attributed to a rise in imports and a decline in exports, as reported by the U.S. Energy Information Administration. This shift reflects changing dynamics in the oil market, where net imports have become a significant factor in inventory levels.

American shoppers are reconsidering purchases from Canada and England due to a new $10 tariff on items valued under $27, which was introduced to combat drug trafficking and low-quality goods entering the U.S. market. This change has led to a decline in small-item purchases from these countries.

Gold prices have risen as weak U.S. economic data has fueled expectations for a potential interest rate cut by the Federal Reserve in December. This increase reflects a growing sentiment among investors who are responding to recent dovish comments from central bankers.

Cantor Fitzgerald, led by Howard Lutnick's two elder sons and three co-CEOs, is experiencing its most successful year to date, largely due to an early investment in cryptocurrency. This strategic move has positioned the firm favorably in the evolving financial landscape.

Abercrombie & Fitch reported a significant increase in its stock price following quarterly sales that exceeded Wall Street expectations, indicating a positive trend for its flagship brand and continued popularity for Hollister.

The 10-year Treasury yield has fallen below 4% as U.S. consumer confidence has declined sharply, reflecting growing concerns about the economic outlook. This drop in consumer sentiment is indicative of a potential slowdown in spending and economic activity.