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Boeing (BA.N) said on November 16 that it will ensure its factories have the capacity to absorb higher production levels before further increasing aircraft output next year, highlighting the aircraft manufacturers cautious strategy after years of production setbacks. The company recently received approval from U.S. regulators to increase monthly production of its 737 aircraft from 38 to 42. Stephanie Popp, head of Boeings commercial aircraft business, said the companys current focus will be on "stabilizing" existing production rhythms before further increases in production.Boeing (BA.N): Before ramping up production again next year, it will ensure that its factories are ready to handle a higher proportion of aircraft production.According to the Financial Times, U.S. Trade Representative Greer is increasingly dissatisfied with the slow progress made by the European Union in reducing tariffs and regulatory barriers.Airbus: We expect the Middle East to need 4,080 passenger aircraft over the next 20 years, including 2,380 single-aisle aircraft and 1,700 wide-body aircraft.November 16th - According to two industry sources and data from the London Stock Exchange Group (LSEG), the port of Novorossiysk in Russia resumed oil loading operations on Sunday after a two-day suspension. LSEG data shows that the Suezmax tanker "Alan" and the Aframax tanker "Rhodes" are currently loading oil at the ports berths. Previously, a Ukrainian drone attack caused the Russian Black Sea port of Novorossiysk to suspend oil exports on Friday, prompting Transneft, the Russian oil pipeline monopoly, to suspend crude oil supplies to the export terminal. The attack damaged two oil berths at the port, temporarily disrupting port operations.

As Fed Worries Mount, Oil Prices Fall And Are on Course For Weekly Losses

Skylar Williams

Feb 17, 2023 11:48

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Concerns over increasing U.S. interest rates and a strong currency mostly overshadowed optimism on a potential recovery in Chinese demand, which led to a modest decline in oil prices on Friday and a projected weekly loss.


The U.S. producer price index inflation for January was higher than anticipated, after a report on the consumer price index that suggested inflation will likely continue tenacious in the world's largest economy.


The findings, along with harsh overnight comments from Federal Reserve officials, indicated further interest rate rises in the coming months, which investors fear will stifle economic growth and weigh on petroleum consumption this year.


Around 21:13 ET, Brent oil prices decreased 0.1% to $84.55 per barrel, while West Texas Intermediate crude futures decreased 0.7% to $77.97 per barrel (02:13 GMT). This week, both futures were expected to lose between 1.5% and 2%.


Overnight, the dollar appreciated as Fed governors James Bullard and Loretta Mester advocated for more rate rises by the central bank, which impacted on petroleum prices. The dollar's strength raises the price of petroleum for overseas customers, hence diminishing global oil demand.


The Biden Administration's anticipated sale of 26 million barrels of petroleum from the Strategic Petroleum Reserve also weighed on oil prices earlier this week. This, along with statistics indicating a far larger-than-anticipated increase in U.S. oil stockpiles, suggested an imminent U.S. supply glut.


This week, oil prices were buoyed by optimism over a rebound in Chinese demand. However, the negative supply and monetary policy cues essentially negated this optimism, resulting in a decline in crude prices. In recent sessions, oil prices fluctuated wildly as markets evaluated a more optimistic demand forecast against hints of impending conflict.


The Organization of Petroleum Exporting Countries and the International Energy Agency both increased their demand predictions for the year, with a rebound in China expected to account for over fifty percent of oil demand this year.


China proposed fresh spending measures this week as part of its efforts to bolster economic development following three years of COVID restrictions.


Although China's relaxation of the majority of anti-COVID policies this year, China's economic figures have been fairly mediocre. Oil bulls are now waiting for more consistent evidence of economic improvement in the top oil importer in the world.

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