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On May 9th, NIO posted on social media to refute rumors that it had been summoned for questioning, stating that they were pure fabrication.On May 9th, JiKrs legal department posted on social media that they have recently noticed a group of social media accounts maliciously spreading information such as "eight new energy vehicle companies were summoned for talks," and using AI software to fabricate false information that JiKr had been "summoned for talks," which has greatly damaged JiKrs brand reputation. JiKr has not received any such "summoning" information. Regarding these malicious attacks and defamation, we have collected and secured evidence and will protect our rights in accordance with the law.May 9th - According to the latest data released by Cui Dongshu, Secretary-General of the China Passenger Car Association, my countrys automobile exports reached 3.28 million units from January to April this year, a year-on-year increase of 52%, setting a new record in recent years. The total export value reached US$56.9 billion, a year-on-year increase of 54%, also a new record in recent years.On May 9th, Bank of Americas latest forecast indicates that the Federal Reserve will postpone interest rate cuts until the second half of 2027, primarily due to high inflation and strong job growth. Bank of Americas global research division had previously predicted two rate cuts this year, one in September and one in October, a view partly based on the expectation that Trumps nomination of Kevin Warsh to succeed Jerome Powell as Fed chairman would guide policymakers towards looser monetary policy. However, this view has changed with evolving economic conditions. Bank of America economists recently stated, "We no longer expect the Fed to cut rates this year." They also pointed out that multiple shocks impacting the economy, including the Iran war, tariffs, and the rise of artificial intelligence, have made predicting interest rate changes more difficult.Israel Defense Forces: The targets included weapons storage facilities, launchers, and buildings used by Hezbollah to advance terrorist activities against Israeli civilians and IDF soldiers.

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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