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On March 29, the Wall Street Journal quoted a spokesman for the US Strategic Command as saying that several B-2 stealth bombers had flown from a base in Missouri to the US military base on Diego Garcia Island in the central Indian Ocean this week. Several strategic transport aircraft and refueling aircraft also arrived at the same time as the B-2 bombers. Diego Garcia Island is located at the junction of many routes in the Indian Ocean and has a very important strategic position. During World War II, it was a British air force base and an important naval port. After the United Kingdom and the United States signed an agreement in 1966, the United States leased Diego Garcia Island from the United Kingdom and established a large airport in the west of the island, which became an important base for the United States in the Indian Ocean. During the Gulf War, the Afghanistan War and the initial stage of the Iraq War, the US military launched air operations from Diego Garcia many times.March 29th news, On March 29th, at the 2025 Suzhou Sushang Conference, the "Suzhou City 2025 Action Plan for Optimizing the Business Environment" was officially released. The "Plan" launched 15 work measures around optimizing and improving the "five environments" of market, innovation, government affairs, rule of law, and humanities. The first is to create an open and orderly market environment. The "Plan" proposes to build a "financial supermarket" that combines online and offline by upgrading the comprehensive financial service platform to provide one-stop financial comprehensive consulting services. At the same time, optimize the financing coordination mechanism for small and medium-sized enterprises, promote non-repayment renewal loans, unsecured credit loans, first loans, inclusive loans in key areas, and refinancing services, and increase inclusive loans by no less than 100 billion yuan, so as to fully cover the reasonable refinancing needs of business entities. The second is to create a higher level of innovation environment. The third is to create an efficient and convenient government environment. The fourth is to create a stable and transparent legal environment. The fifth is to create a humanistic environment that is pro-business and safe for business.March 29th, Airbus announced that the European Space Agency (ESA) and Thales Alenia Space (67% owned by Thales Group and 33% by Leonardo) the main contractor of the ExoMars project have selected Airbus to build key systems for the ExoMars lander, including the mechanical, thermal control and propulsion systems required for the landing platform to ensure the safe delivery of the Rosalind Franklin rover to the surface of Mars.March 29th news: On March 29th, the Academy of Artificial Intelligence released the cross-entity embodied brain-brain collaboration framework RoboOS and the open source embodied brain RoboBrain. This is the first time in the market. This model can realize lightweight and rapid deployment of multi-tasks across scenarios and cross-entity collaboration, promoting single-machine intelligence to group intelligence.ASEAN foreign ministers said ASEAN is ready to support Myanmars relief and recovery efforts.

As The Dollar Rises, Oil Falls Despite Russian Supply Cuts

Skylar Williams

Feb 27, 2023 14:11

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Oil prices dipped in volatile trade on Monday, as a stronger dollar and concerns of recession risks offset gains from Russia's plans to deepen oil supply cuts.


At 04:11 GMT, West Texas Intermediate U.S. crude futures (WTI) were trading 23 cents or 0.3% lower at $76.09 per barrel, while Brent crude futures were down 30 cents or 0.36% at $82.86 per barrel.


Friday's closing prices for both indices were up by more than 90 cents.


Monday, the dollar hovered near a seven-week high after a slew of strong U.S. economic data bolstered the view that the Federal Reserve will need to raise interest rates further and for an extended period of time.


A strong dollar increases the cost of U.S. dollar-priced goods for foreign currency holders.


Vandana Hari, founder of oil market analysis firm Vanda (NASDAQ:VNDA) Insights, stated, "Crude continues to receive direction from the broader financial markets' sentiment."


Fears of a hawkish Federal Reserve returned to the forefront on Friday after the personal consumption expenditures (PCE) price index increased by 0.6% in January, following a 0.2% increase in December.


"Crude will undoubtedly face renewed pressure if risk aversion continues to grow," Hari predicted.


Last week, U.S. crude oil inventories reached their highest level since May 2021, according to data from the Energy Information Administration (EIA). This development added to the downward pressure on crude oil prices.


"The EIA data continue to generate more questions rather than provide clarity on markets," analysts at the consulting firm Energy Aspects wrote in a note, referring to the steep supply adjustment in the data that contributed to the increase.


On the supply side, Russia intends to reduce oil exports from its western ports by as much as 25% in March compared to February, exceeding its previously announced 5% production cut for the month.


Since February 24, 2022, when Russian military entered Ukraine for the first time, oil prices have decreased by approximately six percent annually.


Russia ceased oil deliveries to Poland via the Druzhba pipeline, the CEO of Polish refiner PKN Orlen said on Saturday, a day after Poland delivered its first Leopard tanks to Ukraine.


Two weeks after the invasion, oil prices soared to a record high of nearly $128 per barrel due to supply worries, but have since retreated due to fears of a global economic decline.


Separately, investors are awaiting this week's China manufacturing surveys to determine the direction of crude demand. This weekend marks the beginning of China's annual parliamentary session, during which new economic policy goals and guidelines will be introduced.


Ning Zhang, senior China economist at UBS Investment Bank, said in a note: "We anticipate the government to reiterate the importance of growth support and call for more policy support."


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