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Kremlin: Ukraines attack on Russian oil infrastructure could lead to further increases in oil prices.May 3 - A draft OPEC+ statement indicates that seven OPEC+ countries have agreed to raise their June oil production target by approximately 188,000 barrels per day, marking the third consecutive month of increases. This move aims to demonstrate the organizations readiness to increase supply after the war. Sources say that despite the UAEs withdrawal from the organization this week, OPEC+ will continue to pursue its production increase plan. The seven member countries meeting on Sunday are Saudi Arabia, Iraq, Kuwait, Algeria, Kazakhstan, Russia, and Oman. A report from OPEC last month stated that the average daily crude oil production of all OPEC+ members in March was 35.06 million barrels, a decrease of 7.7 million barrels per day from February, with Iraq and Saudi Arabia experiencing the largest production cuts due to export restrictions. The draft statement indicates that the seven member countries will meet again on June 7.The draft statement indicates that OPEC+ plans to increase its oil production target by 188,000 barrels per day starting in June.On May 3rd, rumors circulated online that "starting May 1st, ETC will no longer be used on highways; passengers can enter without a card simply by showing their license plate." This rumor sparked heated discussion online, with some netizens even considering removing their ETC devices from their cars. However, after verification with multiple sources, reporters confirmed that no such "new regulation" has been issued by relevant departments. Industry experts stated that these rumors represent a one-sided and inaccurate interpretation of the "mobile phone+" cardless passage technology and constitute exaggerated advertising.British Prime Minister Starmer: We will work together to build a stronger Britain.

Silver Price Prediction - Silver Price Increased Due to Weak Dollar

Alina Haynes

May 12, 2022 11:03

On Wednesday, silver prices increased alongside the other precious metals. As yields decreased, the dollar declined. In spite of stronger-than-anticipated headline and core CPI reports, Benchmark rates declined today. Gold prices rose as the currency weakened.

CPI Rose Greater Than Anticipated

Wednesday, the U.S. Labor Department revealed April's CPI. The headline CPI came in at 8.3%, slightly lower than March but higher than the 8.1% experts had predicted. The study also revealed that the core CPI, excluding food and energy, rose by 6.2% year over year, which was greater than anticipated. The month-over-month growth also exceeded projections. The Bureau of Labor Statistics (BLS) stated that April inflation grew 0.3% on the headline CPI, compared to the 0.2% expected, and 0.6% on the core CPI, compared to the 0.4% expected gain.

Technical Evaluation

After falling, silver prices recovered, reclaiming short-term support near the September lows at 21.42.

 

Near the 20-day moving average of 23.52, there is observed to be resistance. The 20-day moving average has fallen below the 50-day moving average, indicating a medium-term decline. As indicated by the fast stochastic crossover buy signal, near-term momentum has turned positive. Prices are oversold since the fast stochastic is displaying a value of 13 below the oversold threshold of 20.

 

The medium-term momentum has become negative as the histogram and MACD both print in a negative direction (moving average convergence divergence). The MACD histogram is moving in a negative direction, reflecting the downward trend in price movement.

 

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