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The Central Bank of Peru kept its benchmark interest rate unchanged at 4.25%.On September 11, Canadian Prime Minister Mark Carney met with visiting Ukrainian President Volodymyr Zelensky in Calgary, Alberta, on September 10. The two sides decided to cooperate in expanding the production of military drones and announced a series of new agreements. According to a press release from the Prime Ministers Office, Canada will establish a national digital platform for military drones, modeled after Ukraines "Brave One" drone platform, to accelerate the research, development, procurement, and deployment of drones and counter-drone systems, ensuring the equipment supply for the Canadian Armed Forces and Coast Guard. Canada has signed an initial procurement contract worth CAD 50 million (approximately USD 36.15 million). In addition, the two sides signed the "Canada-Ukraine Centennial Partnership Declaration" and a joint declaration on strengthening defense and security cooperation.Oracle (ORCL.N) executives: Customers used our embedded AI capabilities more than 150 million times this quarter, representing a 42% increase in usage compared to the previous quarter.The China Earthquake Networks Center automatically determined that an earthquake of approximately magnitude 3.2 occurred near Weining County, Bijie City, Guizhou Province at 05:53 on September 11. The final result is subject to the official rapid report.On September 11, according to CBS News, US President Trump proposed a "Trump bonus" of $5,000 to every American citizen if the Republican Party retains control of the House and Senate after the midterm elections. The day after proposing the idea, when asked by reporters whether the money would require congressional approval, Trump stated, "Well, we dont think so. If they really needed it, they certainly would, but we dont think its necessary. The country is doing very well right now, and weve earned trillions of dollars through tariffs and other means. Today, the total amount of manufacturing plant construction and other investments in the United States exceeds $20 trillion, a scale far exceeding any previous period. We think this is a good thing. However, we have a condition: the money must be spent domestically—we dont want this money flowing to other countries. We think this is a very good initiative, very popular, and will inject strong momentum into the economy."

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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