Oil hits one-year high as OPEC+ meet

Oil price rose for a second consecutive day on Thursday, as OPEC and its allies which includes Russia met to discuss output.

After several curbs in the last year, prices have risen to  pre-pandemic levels, with the cartel now debating whether to continue on this path, or ramp up production.

Saudi Arabia who we reported cut close to 1 million barrels per day in February have urged members to remain on this path.

However Russia believes that the time may have come to increase output, to compensate for the dismal demand last year. 

As of writing, WTI and Brent have both reached their highest level since January of last year, trading at $64.75 and $68.20 respectively.

U.S. Initial Jobless Claims on the rise

On the eve of  tomorrow’s Non-farm payroll , the release of weekly initial Jobless Claims provided some insight into the state of the U.S. jobs market.

After ADP payrolls rose more than expected yesterday, it was revealed that Jobless Claims rose, but less than expected.

Figures from the Labor Department showed that Initial claims for state unemployment rose to  745,000 for the week ending February 27th.

This was an increase from the previous release, where claims were at  736,000, despite this increase, claims were below market expectations of  750,000.

As a result, the S&P 500 ended a 2-day losing streak, trading 0.59% higher as of writing.

Amazon backed Deliveroo set to go public

Food delivery giant Deliveroo today announced that it will be going public later this year, and will be doing so in London.

In a boost to the FTSE 100, Deliveroo CEO and Founder Will Shu believes that remaining in London will be the best move for the company.

He stated that, “Deliveroo was born in London, This is where I founded the company and delivered our first order. London is a great place to live, work, do business and eat. That’s why I’m so proud and excited about a potential listing here”.

Amazon owns 16% of Deliveroo, after receiving approval from Britain’s Competition and Markets Authority to invest in the startup last year.

This move could boost the prospect of more startups looking to remain in London in a Post-Brexit world.