Oil Extends Gain as US Seizure of Venezuelan Tanker Adds to Risk

US initial jobless claims rose by 44,000 to 236,000 for the week ending December 6, marking the largest increase since the pandemic began. This surge in unemployment benefit applications contrasts with a narrowing trade deficit, which unexpectedly shrank to its smallest level since mid-2020 due to increased exports.

The US trade deficit unexpectedly narrowed in September to its smallest level since mid-2020, driven by a significant surge in exports. This development indicates a positive shift in the trade balance, reflecting stronger demand for American goods abroad.

US equity futures declined following Oracle's disappointing earnings report, which revealed a significant drop in cloud sales and a surge in AI spending. This comes after the S&P 500 experienced its largest gain on a Fed decision day since March, highlighting investor volatility. Additionally, US forces seized a sanctioned oil tanker off Venezuela's coast, escalating geopolitical tensions.

The US Federal Reserve has reduced its benchmark interest rate by 25 basis points, responding to persistent inflation and slowing job growth amid a lack of government data due to a shutdown. This marks a significant monetary policy shift as the Fed navigates economic uncertainties.

European stocks have risen, showing resilience against a backdrop of declining markets in the US driven by concerns over artificial intelligence (AI) valuations. This upward movement in Europe comes despite a challenging week for the region's stocks, which had recently suffered their worst performance since August.

The U.S. has seized an oil tanker off the coast of Venezuela, a move that poses significant risks to over 30 sanctioned ships operating in the region. This action reflects escalating tensions between the U.S. and Venezuela, particularly amid ongoing political turmoil and economic challenges faced by the Maduro regime.

The U.S. has seized an oil tanker near Venezuela that was reportedly flying a false Guyana flag, escalating tensions in the region. This action comes amid ongoing political turmoil in Venezuela and highlights the U.S. government's increasing military presence in the area.

Former President Donald Trump has introduced a new immigration initiative, offering $1 million 'gold card' visas to individuals who can demonstrate a substantial benefit to the United States. This program aims to attract skilled immigrants who can contribute positively to the economy and society.