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OPEC Oil Cartel

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Right at the start of the stock market on Monday, the oil cartel OPEC+ shocked the markets with the message that from May, the daily production volume is to be reduced by 1.15 million barrels. 

If in addition Russia's reduction were taken into account, it could even come to a shortage of oil production of 1.65 million barrels per day.  After publication of the message the price for a barrel of oil of the US sort WTI jumped on Monday around 6 per cent to over 80 US dollar. In addition, numerous analyst houses brought an oil price of 100 U.S. dollars into play, which was last reached in the summer of 2022.

After the number of job openings in the U.S. for the month of February fell by 632,000 to 9.9 million on Tuesday, according to the monthly Job Openings and Labor Turnover Survey (JOLTS report), below the forecast of 10.4 million, the ADP report published on Wednesday was also below the expectation of 200,000 with an increase of 145,000 new jobs in March. 

Market participants see this as the first sign that the Fed's interest rate hikes are now having a negative impact on the U.S. labor market.

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