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ECB President Christine Lagarde: It would be a mistake to say we need to ignore the current shocks; it is too early to draw such a conclusion.① Iran 1. Irans Interior Minister instructed border provinces to "eliminate the threat of a maritime blockade." 2. Irans Permanent Mission to Vienna: Claims that Iran is seeking nuclear weapons are a "monumental lie." 3. According to foreign media reports, Iran has begun restoring limited internet connections to some businesses and individuals. 4. Irans Oil Minister: Oil sales have been "favorable" since the outbreak of the war, and some funds will be used to restore industry. 5. An Iranian government spokesperson said that preliminary estimates indicate the US and Israeli military strikes have caused Iran $270 billion in losses. ② United States 1. The US military has increased the number of wounded in the war against Iran to nearly 400. 2. US officials: The US government will terminate sanctions waivers for Iranian maritime oil this week. 3. The US Treasury Department threatened to impose secondary sanctions on financial institutions supporting Iran. 4. The US Treasury Department: Short-term permits allowing the sale of Iranian oil will not be renewed after they expire in the coming days. 5. US officials: Ships seized by the US military and linked to Iran will be towed to a detention area in the Arabian Sea or Indian Ocean, and a permanent location will be determined. ③ Israel 1. Israel launched airstrikes on the Tyre and Nabatieh regions in southern Lebanon. 2. Trilateral talks between Israel, Lebanon, and the US concluded, with Israel and Lebanon agreeing to initiate direct negotiations. 3. US media: The head of Israels intelligence agency, Mossad, stated that he still seeks to overthrow the Iranian regime. ④ Strait of Hormuz 1. Iran—① Sources: Iran is considering suspending its shipping in the Strait of Hormuz to avoid undermining peace talks. 2. US—① US officials: The Strait of Hormuz is not being completely blocked; only ships entering and leaving Iranian ports are being targeted. ② US officials: More than 20 merchant ships have passed through the strait in the past 24 hours. ③ Vance on Iran closing the Strait of Hormuz: We can play this game too. ④ US Central Command: More than 10,000 US troops, more than ten warships, and dozens of aircraft are carrying out the mission of blocking Iranian ports. No ships have broken through the US blockade in the first 24 hours. 3. Other—① Iranian Ambassador to India: Indian oil tankers passing through the Strait of Hormuz have not paid passage fees to Iran. ② Sources: A meeting on the Strait of Hormuz, led by France and the UK, will explore the possibility of taking economic measures against Iran if the strait remains closed. ⑤ Ceasefire Negotiations 1. Trump: Talks with Iran "may be held in Pakistan within the next two days." 2. Iran—① An official from the Iranian Embassy in Pakistan stated that a new round of US-Iran talks may be held this week or early next week. Iran will prioritize Islamabad as the location for the new round of talks. ② Iranian lawmakers: Will continue to participate in negotiations while thwarting US plots. ③ Iranian Foreign Minister Araghchi and Omani Foreign Minister discussed the ceasefire and talks. 3. Pakistan—① Pakistani sources said Pakistan is calling for a 45-day extension of the US-Iran ceasefire. ② Pakistani President: Pakistan will strive to ensure the sustainability of the US-Iran peace process. ③ Pakistani Foreign Ministry: We invite the US and Iran to Islamabad for a second round of talks, but the date and time have not yet been determined. 4. Others—① The UN Secretary-General said the US and Iran are very likely to restart peace talks. ② Macron said he has spoken separately with the leaders of the US and Iran, calling for a swift resumption of negotiations and ensuring the implementation of the ceasefire. ⑥ Other Situations: 1. Russian Security Council: The US and Israel may be using negotiations to prepare for ground operations against Iran. 2. According to NBC News, citing an official, Lebanon and Israel agreed during the talks that Hezbollah should be completely disarmed and that Iran should no longer be allowed to influence Lebanons future. 3. Qatari Foreign Ministry spokesperson: There has absolutely been no discussion between Qatar and Iran regarding paying funds to prevent Iranian attacks on Qatar; any claims of such discussions are untrue.According to the network monitoring website DownDetector, user reports indicate that X is experiencing a malfunction within the United States.World Bank President: The World Bank may provide $80 billion to $100 billion in financing to countries severely impacted by the Middle East wars over the next 15 months.European Central Bank President Christine Lagarde will speak in ten minutes.

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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