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On March 17, the State Post Bureau held a directors office meeting. The meeting emphasized the need to improve rural postal and logistics services by addressing shortcomings, boosting capacity, optimizing services, and reducing costs, focusing on rural industrial development, rural construction, and rural governance. It stressed the importance of consolidating the achievements in building the rural postal and logistics system, improving rural express delivery terminal facilities, promoting efficient and coordinated e-commerce development, strengthening the public disclosure and management of service areas, and enhancing the supervision and management of rural express delivery service quality. The meeting also emphasized the need to leverage the universal postal services role as a safety net, strengthen the capacity of the rural postal service system, and support postal service outlets in expanding their service functions. Finally, the meeting stressed the importance of effectively implementing targeted poverty alleviation work, leveraging industry advantages, increasing consumer support, better meeting the postal needs of the people, and better contributing to the common prosperity of farmers and rural areas.Greek Prime Minister: Energy cooperation geopolitically links Greece closely with the United States.Thailand will raise diesel prices starting Wednesday.Thailand will raise diesel prices by 0.5 baht per liter.Greek Prime Minister: Europe should develop short-term and long-term measures to support consumers and businesses in coping with soaring energy prices.

Oil Price Prediction: After a Sell-Off, Oil Markets Will Rebound

Daniel Rogers

Jul 08, 2022 11:43

截屏2022-07-07 下午4.30.38.png 

 

After a significant sell-off that caused it to go below $100, WTI oil recovers. Recent publication of the Weekly Petroleum Status Report by the EIA acted as another market-bullish stimulus. According to the study, oil stockpiles rose by 8.2 million barrels over the prior week. Analysts anticipated a 1 million barrel decrease in crude stockpiles.

 

The rise in crude oil imports, which climbed by 0.8 million bpd from the previous week, was the main cause of the rise in crude stockpiles.

 

The rapid increase in crude stockpiles may have acted as a negative stimulus for the oil market. Other significant factors, though, supported the uptrend. Stocks of gasoline fell by 2.5 million barrels. Gasoline stockpiles are currently around 8% below the five-year average at this point in the year.

 

At 12.1 million bpd, domestic oil output remained constant. This is a positive development for the oil markets because it demonstrates that, despite high oil prices, domestic oil producers are not prepared to quickly raise production.

What Happens To WTI Oil Next?

WTI oil is still trading in the $100 to $120 area, according to today's trade. Recently made attempts to settle below the $100 mark failed, and WTI oil swiftly returned to the prior trading range.

 

Oil markets are still tight even if concerns about the recession have recently put major pressure on oil prices. There are currently no indications of demand destruction. Additionally, the output of domestic oil is not particularly susceptible to high prices.

 

The major concern to oil markets continues to be a probable recession, so traders will keep an eye on it in the forthcoming trading sessions. As a result of Japan's recent announcement that it is battling the seventh wave of the coronavirus, healthcare news will also need to be kept an eye on.


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