Oil prices test multi-year highs amid rising supply concerns
|The prices of Brent and WTI oil have been rising steadily for quite some time, however the situation seems to have accelerated lately as supply concerns mount after the recent storm hit the US and while recovering demand continues to add pressure. While it is unlikely OPEC will adjust production further, it will be important to keep an eye on supply levels moving forward if prices continue to rise. Brent was able to test the highest level since 2018 ($80) while WTI reached $76 and pulled back slightly after closing higher for the last five sessions and gaining over 8% since last Monday. While these sharp increases appear to be due to short term disruptions, Goldman Sachs still expects oil prices to hit $90 by the end of the year and although the determining factor is likely to be the return to an equilibrium, reaching that appears to be more challenging than previously forecasted.
Card factory interim results show positive impact of change in leadership
Card factory's six month results proved to be quite positive and in line with the board's expectations showing growth in all segments. While there has been a slight drop in online sales, it was partially due to the re-opening of stores which are still not back to pre-pandemic levels. These are promising results that could encourage investors and renew faith in the new business strategy which is centered around becoming the most successful omni-channel retailer of cards and gifts and which will continue to be pursued by the recently appointed CEO.
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