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[German Institute for Economic Research: The weakening of Germanys economic potential stems from a failed ecological transition] Fratzcher, director of the German Institute for Economic Research, said that the potential growth rate of the German economy may be below 1% within ten years. The weakening of Germanys economic potential stems from a failed ecological transition, an overreliance on fossil fuels and expensive imported energy sources, and a neglected transition to sustainable and innovative technologies.[Germanys main economic research institutions issued a joint report saying that the German economy faces long-term weakness] On the 29th local time, the main German economic research institutions, the German Institute for Economic Research, the German Institute for World Economic Research, the Leibniz Institute for Economic Research and the Ifer Institute for Economic Research The joint report issued stated that due to the shortage of skilled workers and high energy import prices, the German economy will face continuous weakness for many years. It is expected that the annual growth rate of the economy in the medium term will be less than 1%, which is far below the average level of the past 30 years.British Ministry of Defense: Ukrainian soldiers have arrived in the UK to receive training on the "Challenger 2" tank, which is expected to end in the spring.Qatari Foreign Minister: During his visit to Iran, he conveyed information from the United States to Iran.Market news: Iran and Qatars foreign ministers discussed the Iran nuclear deal.

WTI fluctuates around $80.00 following a V-shaped recovery as OPEC and allies intervene

Alina Haynes

Nov 22, 2022 14:53



Futures for West Texas Intermediate (WTI) on the New York Mercantile Exchange (NYMEX) have had a steep comeback to near the psychological resistance of $80.00 after reaching an 11-month low of $75.27. The black gold is hovering at the $80.00 threshold as Saudi Energy Minister Abdulaziz bin Salman Al-comments Saud's have sparked supply concerns.


The Saudi Energy Minister affirmed that the existing OPEC+ agreement will remain until the end of 2023, confirming rumors that OPEC+ will intervene in the oil market to maintain oil prices from their unbalanced fluctuations. Previously, oil exporting nations agreed to reduce daily oil output by two million barrels in order to increase oil prices. The action is expected to disrupt the current demand-supply mechanism; consequently, oil prices are becoming more efficient.


On the demand side, the escalation of Covid-19 infections in China has prompted concerns over the future oil consumption. The present trend of increasing Covid-19 cases could push the Chinese government to reinstate Covid-19 limitations, as they are the sole means of restricting the virus's spread. The investment banking firm Goldman Sachs has reduced its projection for Brent crude oil prices in the fourth quarter from US$110 per barrel to US$100 per barrel due to the rising infection rates in China.


In the meantime, the demand for US Durable Goods will also reveal the future oil consumption in the US economy. According to forecasts, US Durable Goods Orders will settle at 0.4%, the same as their previous publication. Additional growth in the market for durable goods would eventually indicate oil demand forecasts.