🛢️ Are Oil Prices About To Take Off?

Good morning. US stock futures fell in Wednesday morning trading as investors looked ahead to a key inflation report.

⛽ OPEC+ mulls output cut extension  

📝 Our report: Oil prices just sprang up by over $1 a barrel as insiders spilled the beans that OPEC+ might be thinking of stretching out those voluntary oil output cuts into the second quarter. In an effort to support oil prices, sources close to the oil cartel said the producer group could keep the additional cuts in place until the end of the year.  

 🔑 Key points:

• The Organization of the Petroleum Exporting Countries and allies led by Russia, known as OPEC+, agreed in November to voluntary cuts totalling about 2.2 million barrels per day (bpd) for the first quarter this year, led by Saudi Arabia rolling over its own voluntary cut.

• Adding to a possible supply crunch, Russian authorities announced a six-month ban on gasoline exports from March 1 to compensate for rising demand and to allow for refinery maintenance.

• In Asia, markets expect to see some improvement in Chinese oil demand as improving travel demand over the Lunar New Year holiday outweighed worries of slowing macro-economic indicators.

💡 So what: Extended oil output cuts by OPEC and its allies, holds significant implications for the oil market. By curbing production, OPEC+ attempts to balance supply and demand dynamics, thereby preventing sharp fluctuations in oil prices. While higher prices resulting from output cuts can bolster producer revenues, they may also translate into increased costs for consumers of petroleum products. Moreover, extended output cuts can influence investment decisions in the oil and gas sector, potentially shaping future production levels and industry dynamics.

Wednesday - GDP (revision), Atlanta Fed President Raphael Bostic Speaks

Thursday - Chicago Fed President Austan Goolsbee

Friday - Fed Governor Chris Waller Speaks, Construction Spending

 📈 Sam Zell shares his 8 tips on becoming a great investor

👨🏾‍💼 Trying to figure out the career path that’s right for you? Consider these steps!

💲 Follow these steps to take control of your finances!

 📈 Get 5.1% APY For Your Extra Cash

Many of you ask where we’re putting our extra cash to earn the highest interest while still having access to it.

I’ve looked through plenty of high yield options and my top pick is Moomoo. It’s offering one of the highest yields available today at 5.1% APY.

And the best part? No minimum deposits, no cap on interests, and you can withdraw your cash at anytime.

Moomoo is offering Daily Market Briefs subscribers a limited-time deal: earn 5.1% APY on your cash and get up to 15 free stocks.

PS: Despite the funny name, Moomoo is a registered broker dealer with the SEC and is a member of SIPC meaning you’re insured up to $500,000.

🚗 Bye bye Apple Car

WHAT: Apple's electric dreams just got unplugged! According to company insiders, they're ditching their decade-long quest to build an electric car, waving goodbye to what could've been one of the most electrifying projects in Apple's history.

WHY: The decision to ultimately wind down the project is a bombshell for the company, ending a multibillion-dollar effort that would have vaulted Apple into a whole new industry. The tech giant started working on a car around 2014, setting its sights on a fully autonomous electric vehicle with a limousine-like interior and voice-guided navigation.

🏬 Macy’s to shutter stores in turnaround attempt

WHAT: Looks like Macy's is doing a little retail cleanup, shutting down 150 lackluster locations, with 50 waving goodbye by the end of 2024. The company made the announcement as it released its latest batch of earnings that came in slightly higher than expectations

WHY: As part of the turnaround effort, the company said it plans to focus its resources to improve assortment and invest in digital sales, along with an expansion of small-format stores.

💲 Buy-now, pay-later firm considers mega IPO

WHAT: Hold on to your fintech hats! Klarna, the Swedish buy-now, pay-later sensation that once wore the crown as Europe's most valuable startup, is now gearing up for a potential US public market listing. According to insiders, the company recently started having detailed discussions with investment banks to work on an initial public offering that could happen as early as the third quarter, with Klarna reportedly seeking a valuation of $20 billion.

WHY: Klarna’s valuation reached a staggering $45.6 billion in a 2021 round before falling to $6.7 billion the following year, as rising interest rates forced investors to reconsider backing online lending platforms.

✏️ DMB Insider Quiz ✏️

🧑‍💻 We read your emails and poll replies daily.

Hit reply and let us know what you want more of!

See ya next time, Daily Market Briefs