EUR/USD 1.17092
-0.103%
Gold 4339.50
0.156%
Oil 56.513
1.153%
USD/JPY 157.685
1.371%
GBP/USD 1.33734
-0.060%
GBP/JPY 210.883
1.325%
Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
On December 21, the Communist Party of Cuba issued a statement on its official website on the 20th, condemning the US governments escalation of aggression against Venezuela in the strongest terms and accusing the US of its recent actions in Venezuela of being a deliberately planned and dangerous act.SpaceX: Public safety is always our top priority during flight tests. We will continue to ensure that public safety is maximized.On December 21, six sources familiar with U.S. intelligence said that a U.S. intelligence report continues to warn that Russian President Vladimir Putin has not abandoned his goal of occupying the whole of Ukraine and reclaiming the European parts of the former Soviet Union. This report contrasts sharply with the account given by U.S. President Donald Trump and his Ukrainian peace negotiators, who claim Putin wants to end the conflict. According to one of the sources, the latest report was dated late September. This intelligence also contradicts Putins denial of posing a threat to Europe. According to the sources, this intelligence is largely consistent with the views of European leaders and intelligence agencies that Putin covets the entire territory of Ukraine and former Soviet states, including some NATO member states.December 21 - According to the Japan Meteorological Agency, a 5.5-magnitude earthquake struck off the eastern coast of Aomori Prefecture, Japan, at approximately 10:29 a.m. local time on December 21. The maximum tremor was felt as a 4, and the epicenter was 50 kilometers deep.On December 21, the United States intercepted another oil tanker off the coast of Venezuela, which the Venezuelan government called an act of piracy. Jeremy Paner, a partner at the Washington-based law firm Hughes Hubbard and a former investigator with the Office of Foreign Assets Control (OFAC), said the ship was not subject to U.S. sanctions. “The seizure of a vessel not sanctioned by the United States marks a further increase in pressure on Venezuela by Trump,” Paner said. “This also contradicts Trump’s statements that the U.S. will blockade all sanctioned oil tankers.”

As China's reopening enhances demand predictions, oil prices rise

Skylar Williams

Sep 19, 2022 10:47

74.png


The relaxation of COVID lockdowns in a key Chinese metropolis fuelled optimism regarding the ultimate revival of demand in the largest petroleum importer on the planet.


On Monday, Chengdu, the second-largest Chinese city plagued by COVID lockdowns after Shanghai earlier this year, will begin relaxing a two-week ban. It is projected that the relocation will improve economic activity in the city, with the restoration of public and private transportation contributing to the rise in demand.


London Brent oil prices jumped 1% to $92.50 per barrel by 20:49 ET, while U.S. West Texas Intermediate futures climbed 1.2% to $85.81 per barrel (00:49 GMT). Concerns over the likelihood of a worldwide recession resulted in three consecutive weeks of losses for both contracts, which are presently recovering.


The demand prognosis for this year has been significantly reduced due to lockdowns in China, rising inflation, and rising interest rates, resulting in a dramatic decrease in oil prices. China's economy was devastated by the halt of industrial production in a number of major centers.


In addition, supply gluts caused by the slow depletion of the U.S. Strategic Petroleum Reserve and supply increases by Russia contributed to the decline in prices from their annual peaks.


This week's focus is on a meeting of the U.S. Federal Reserve, during which it is widely expected that the central bank will raise interest rates by 75 basis points and signal future tightening. The move is also anticipated because August inflation data in the United States were greater than anticipated, indicating that inflationary pressures have yet to abate in the country.


These two factors are anticipated to weigh substantially on economic growth, which may have a negative effect on crude oil demand in the country. They are also expected to strengthen the dollar, making foreign crude imports costlier.


Last week, with the announcement of U.S. inflation statistics, oil prices declined significantly, while expectations of an increase in Russian output also weighed.


As winter approaches, however, it is expected that global oil demand will increase, as high natural gas prices push more nations to switch to oil for heating purposes.


Demand for gasoline in the United States has shown resilience so far in 2018 and is expected to remain stable in the coming months.

Suggestion