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Lotte Groups subsidiaries in Malaysia and Indonesia signed a naphtha deal worth RM103 million.On April 20, President Xi Jinping spoke by phone with Saudi Crown Prince and Prime Minister Mohammed bin Salman at the latters request. Xi Jinping pointed out that China attaches great importance to developing relations with Saudi Arabia and has always adhered to the principles of mutual respect, equality, and win-win cooperation. This year marks the 10th anniversary of the establishment of the comprehensive strategic partnership between the two countries. China is willing to take this opportunity to deepen strategic mutual trust, strengthen pragmatic cooperation, expand exchanges at all levels, and continuously broaden and deepen China-Saudi Arabia relations, setting an example for the development of relations between China and Arab countries. Regarding the current situation in the Middle East and the Gulf region, Xi Jinping emphasized that China advocates an immediate and comprehensive ceasefire and supports all efforts conducive to restoring peace, and insists on resolving disputes through political and diplomatic means. The Strait of Hormuz should remain open to normal navigation, which is in the common interest of regional countries and the international community. China supports regional countries in building a good-neighborly, developing, secure, and cooperative common home, taking their future and destiny into their own hands, and promoting long-term peace and stability in the region.The U.S. Geological Survey reports a 5.1-magnitude earthquake 115 kilometers from Miyako City, Japan.April 20th - According to the Fire and Disaster Management Agency of Japans Ministry of Internal Affairs and Communications, as of 6 PM local time on the 20th, Level 4 evacuation orders (out of 5) have been issued for 74,755 households and 156,471 people in four prefectures in Hokkaido and the Tohoku region. A Level 4 evacuation order means that people in the affected areas should quickly evacuate from dangerous locations to safe areas or designated shelters. The Japan Meteorological Agency reported on the 20th that a 7.5 magnitude earthquake struck off the northeast coast of Japan, and a tsunami of approximately 80 centimeters high was observed.A spokesperson for the German Finance Ministry (regarding UniCredit and Commerzbank) stated that the governments position is well-known and unchanged: the federal government supports Commerzbanks strategy of maintaining its independent development. Hostile takeovers are unacceptable.

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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