Oil up as market weighs strong US economic growth, supply risks

Gold prices have surged to a record high, surpassing $4,500 an ounce for the first time, driven by escalating geopolitical tensions in Venezuela and anticipations of further interest rate cuts by the US Federal Reserve.

Digi Power X has reported the filing of proxy materials and the results of recent voting with regulators, marking a significant step in its corporate governance process. This filing is crucial for maintaining transparency and compliance with regulatory standards.

A loaded supertanker has returned to Venezuelan waters amid ongoing U.S. interceptions of oil tankers in the region, as reported by TankerTrackers.com. This development follows a series of U.S. military actions, including the seizure of a tanker allegedly flying a false Guyana flag, which has heightened tensions between the U.S. and Venezuela.

The United States has informed the United Nations of its intent to deprive Venezuelan President Nicolás Maduro and associated drug cartels of resources, escalating its campaign against the Maduro regime. This announcement comes amid heightened tensions following the U.S. seizure of an oil tanker off Venezuela's coast, which poses risks to over 30 sanctioned vessels in the region.

US crude oil inventories have surged, exceeding expectations, indicating a significant increase in stock levels that reflects changing market dynamics. This surge comes amidst fluctuating economic indicators, including recent drops in job openings and initial jobless claims.

A 62-year-old retail chain is quietly closing stores across the US, reflecting the ongoing transformation in consumer shopping habits driven by the rapid rise of online shopping. This shift has led to a significant decline in foot traffic at traditional brick-and-mortar locations, prompting the chain to reassess its physical presence.

Venezuela has turned to floating storage solutions as its onshore storage tanks reach capacity, reflecting ongoing challenges in its oil sector amid geopolitical tensions and U.S. interventions. This shift highlights the country's struggle to manage its oil exports effectively.

The US economy demonstrated robust growth in the third quarter, driven by strong consumer spending and a significant rise in exports. This positive trend indicates resilience in the economic landscape, with consumer confidence playing a crucial role in stimulating demand.