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European Commission: The war with Iran has triggered an energy shock, reigniting inflation and shaking market sentiment.The yield on 30-year UK government bonds is on track for its biggest weekly drop since December 2023, falling about 23 basis points since the close of trading on May 15.On May 21, He Yadong, spokesperson for the Ministry of Commerce, announced at a regular press conference that Sino-Russian trade has exceeded US$200 billion for three consecutive years, reaching US$85.2 billion from January to April this year, a year-on-year increase of 19.7%, achieving a good start. He Yadong stated that the heads of state of China and Russia highly praised the achievements of Sino-Russian economic and trade cooperation in recent years. Both sides will continue to strengthen communication on economic and trade policies, create new engines of growth with new quality productivity, and promote the upgrading of trade in goods and services. China and Russia will firmly defend their right to independently develop bilateral economic and trade partnerships. Under the joint witness of the two heads of state, the Ministry of Commerce and relevant Russian departments signed cooperation documents on trade, support for multilateralism, and other matters.May 21st - UK government bond yields fell following weak preliminary May PMI data. The UK Composite PMI, which measures manufacturing and service sector activity, fell to 48.5 from 52.6 in April. A PMI reading below 50.0 indicates contraction in business activity. The weak data could further dampen the prospect of a near-term interest rate hike by the Bank of England. Tradeweb data showed that after the data release, the yield on 10-year UK government bonds fell 5 basis points to 4.944%, a new low in 11 days.Japanese Prime Minister Sanae Takaichi: Gasoline prices in Japan remained the lowest among the G7 countries this week.

Oil Quiet As Price Cap Suggestion Assists in Relieving Supply Concerns

Skylar Williams

Nov 25, 2022 14:48

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Benchmark Brent oil declined on Thursday, while West Texas Intermediate (WTI) crude remained unchanged, hovering at two-month lows due to uncertainty about the degree to which a proposed G7 restriction on the price of Russian oil would limit supply.


A larger-than-anticipated rise in gasoline inventories in the United States and an expansion of COVID-19 limitations in China also knocked on oil prices.


At 15.15 p.m. ET (2015 GMT), Brent oil prices decreased 29 cents, or 0.3%, to $85.12 per barrel, while U.S. WTI crude futures decreased 2 cents, to $77.96 per barrel.


Due to the Thanksgiving break in the United States, trade volumes were quite low.


The announcement on Wednesday that the expected price ceiling for Russian oil may surpass the current market level triggered a decrease of about 3 percent for both benchmarks.


European Union nations remained divided over what level to cap Russian oil prices to limit Moscow's ability to pay for its battle in Ukraine without causing a global oil supply shock; if positions converge on Friday, more conversations are possible.


A European official claimed that the G7 is discussing a cap of $65-$70 per barrel for Russian oil transported by sea, but European Union member states have not yet reached an agreement on a price.


A higher price ceiling might encourage Russia to continue selling its oil, decreasing the possibility of a global oil supply shortage.


According to two sources, several Indian refiners are discounting Russian Urals crude by between $25 and $35 per barrel compared to the worldwide benchmark Brent oil. Urals is Russia's principal crude export.


Despite the obstacles, Bart Melek, global head of commodities market strategy at TD Securities, is rather optimistic about oil. "The Russian price ceiling is another aspect that contributed to the current price fall," he stated.


The Energy Information Administration (EIA) said on Wednesday that gasoline and distillate inventories in the United States climbed substantially during the previous week. [EIA/S]


In contrast, oil stockpiles decreased by 3.7 million barrels to 431.7 million barrels in the week ending November 18, despite a Reuters survey predicting a reduction of 1.1 million barrels.


China reported the highest daily number of COVID-19 cases since the outbreak began over three years ago on Wednesday. Local officials intensified measures to remove the breakouts, raising investor anxiety over the economy and demand for fuel.

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