Market Bizzz

Meanwhile, oil prices rose on expectations of lower Russian crude exports from the Baltic region in December, offsetting worries that a looming Arctic storm across the United States could snuff out transport fuel demand growth this holiday season.

Tesla’s stock has tumbled 36% so far in December, putting it on track for its worst ever monthly performance. By comparison, Tesla’s shares dropped 22% in March 2020, when the coronavirus pandemic tipped financial markets into a tailspin.

Tesla CEO Elon Musk said on Thursday he will not sell more Tesla stock for another two years.nWhile speaking in a Twitter Spaces audio chat, Musk said he foresees the economy will be in a “serious recession” in 2023 and demand for vehicles will be lower.

Currently, it is in a short-term correction. The stock can find support near the 31 level. Long-term investors should keep holding their positions as long as it sustains above the major support level placed around Rs 22. On the higher side, 36 and then 44 levels can be seen.

The falling stockpiles come as demand for heating oil is set to soar with a powerful winter storm hitting the United States, expected to bring sub-zero wind chills as far south as Texas and record-breaking lows to Florida and the eastern states.

Investors continue to grapple with the ramifications of the Bank of Japan’s (BOJ) shock decision to allow JGB yields to rise this week, leading many to assume an outright tightening of policy is only a matter of time.