EUR/USD 1.17797
0.486%
Gold 4723.80
0.784%
Oil 92.012
-2.817%
USD/JPY 156.725
-0.130%
GBP/USD 1.36276
0.570%
GBP/JPY 213.582
0.450%
Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
Artificial Intelligence: 1. Ant Financial released its trillion-level flagship thinking model, Ring-2.6-1T. 2. Baidu released Wenxin 5.1, with pre-training costs only 6% of the industry average. New Energy Vehicles: 1. The China Association of Automobile Manufacturers (CAAM) and eight automakers denied online rumors of being summoned for talks. 2. NIO released its April report on intelligent assisted driving, showing total assisted driving mileage exceeding 170 million kilometers. 3. Cui Dongshu of the China Passenger Car Association (CPCA) reported that 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. Other: 1. Moderna, a US pharmaceutical giant, is developing a Hantavirus vaccine. 2. my countrys fourth-generation domestically developed superconducting quantum computer, "Origin Wukong-180," went online. 3. More than 100 Chinese institutions will jointly build a "space cloud" ecosystem. 4. The research vessel "Exploration One" arrived in Guangzhou, achieving several important scientific discoveries. 5. Alibaba did not participate in DeepSeeks financing negotiations; market sources denied rumors of a "breakdown." 6. General Administration of Customs: In the first four months of this year, my countrys electric vehicle exports increased by 68.1%; industrial robot exports increased by 30%.Tesla (TSLA.O): The Fremont factory has completed the production of the last Model S and the last Model X.1. Putin says the ceasefire in Ukraine stemmed from security warnings to Kyiv. 2. Putin: Russia has not received any prisoner exchange proposals from Ukraine. 3. Guterres welcomes the three-day ceasefire and prisoner exchange between Russia and Ukraine. 4. Putin: The door to negotiations with Europe has never been closed. 5. Putin: Russia will meet Slovakias energy needs. 6. Japans Ministry of Economy, Trade and Industry: Japan is considering sending officials to Russia as early as the end of May. 7. Putin: Meetings are possible in third countries, but only if a lasting peace agreement is reached. 8. Zelenskyy speaks with the President of the European Council to discuss issues including Ukraines accession to the EU. 9. Kremlin spokesman: There is still a long way to go to reach a peace agreement (with Ukraine). 10. Russian Ministry of Defense: Has responded to Ukraines violation of the ceasefire. Ukraine has attacked Russian military and civilian targets with drones and artillery.U.S. State Department: U.S. Secretary of State Marco Rubio met with the Prime Minister and Foreign Minister of Qatar. The United States supports Qatars defense efforts and emphasized the importance of continued close coordination to deter threats and promote stability and security in the Middle East.May 10th - The UK local elections concluded on May 9th, revealing a major defeat for the ruling Labour Party, which lost a significant number of local council seats. The opposition Conservative Party also suffered heavy losses, while the far-right Reform Party performed strongly. The local elections, held on May 7th, involved approximately 5,000 seats in 136 local councils across England, as well as all seats in the Scottish and Welsh Parliaments. According to British media reports, more than 20 Labour MPs in the House of Commons have publicly called for Starmers resignation or a timetable for his departure. Several cabinet members, including Chancellor of the Exchequer Reeves and Defence Secretary Healy, have publicly expressed their support for Starmer.

Oil Quiet As Price Cap Suggestion Assists in Relieving Supply Concerns

Skylar Williams

Nov 25, 2022 14:48

118.png


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.

Suggestion