"The release of 400 million barrels of oil would more than double the agency's biggest prior release, when IEA member countries in 2022 put 182 million barrels on the market after Russia launched its full-scale invasion of Ukraine, the officials said. The proposal was circulated at an emergency meeting of energy officials from the IEA's 32-member countries on Tuesday."
"Consumer prices were up 2.4% annually as expected, and were up 0.3% for the month. Excluding volatile food and energy prices, core CPI posted a 0.2% monthly reading and 2.5% annual rate, compared to forecasts for 0.2% and 2.5%, also in line with the estimates."
"Shares of Oracle are up 10%, or by $15.26, after beating third-quarter numbers and raising guidance. For Q3, EPS of $1.79 beat by 10 cents. Revenue of $17.19 billion, up 21.7% year over year, beat by $280 million. Cloud revenue was $8.9 billion, up 44% year over year."
Stock markets show minimal movement with S&P 500 futures up 0.1% while major indices remain largely flat. Oil prices surge $3.55 following Iranian strikes on three cargo ships in the Strait of Hormuz. Consumer inflation rises 2.4% annually and 0.3% monthly, matching expectations, with core CPI at 2.5% annually. The International Energy Agency proposes releasing 400 million barrels of oil reserves, the largest in history, to counteract rising crude prices. Oracle shares jump 10% after beating earnings expectations with Q3 EPS of $1.79 and revenue of $17.19 billion, up 21.7% year-over-year, with cloud revenue growing 44%.
Read at 24/7 Wall St.
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