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On May 24, Russian Ambassador to the UK Andrei Kelin said in an interview with the Russian Satellite News Agency that British society is increasingly tired of the Ukrainian conflict and British citizens do not want their country to accept Ukrainian refugees. In response to the question of whether British society is tired of the Ukrainian issue, Kelin said: "British society is tired of the Ukrainian issue, although it is not in the majority. If a year ago we were still talking about 80% of British people supporting their governments actions in Ukraine, now this proportion is seriously declining. I dont want to reveal specific numbers because they fluctuate frequently, but the trend is obvious. This is a decline in public support. More and more people are talking about the British people being tired of Ukrainian refugees and not wanting to take them in anymore."Russian Ministry of Defense: Russian troops occupied Stopchi and Otradny in eastern Ukraine.Russian Ministry of Defense: Russian troops have occupied the Roknia region in eastern Ukraine.According to the New York Times: Documents show that the U.S. Environmental Protection Agency wants to lift restrictions on greenhouse gas emissions from power plants.On May 24, the European Union is considering removing more than 20 banks from the international payment system SWIFT, while lowering the price cap on Russian oil and banning the Nord Stream gas pipeline project as part of a new sanctions package. According to people familiar with the matter, the European Commission is seeking the opinions of member states on these plans. The EU is also weighing additional transaction bans on about 20 banks and new trade restrictions worth about 2.5 billion euros to further cut Russias revenue and ability to obtain technology needed to manufacture weapons. As part of the package under discussion, the groups executive body also plans to propose a reduction in the G7 oil price cap to about $45. This move is likely to require the support of the United States. The Group of Seven prohibits service providers from transporting and handling crude oil above the cap, which is currently $60.

Despite an increase in US official oil stock statistics, WTI extends its rebound to near $79.00

Daniel Rogers

Dec 30, 2022 11:20

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West Texas Intermediate (WTI) futures on the New York Mercantile Exchange (NYMEX) have continued their recovery move over the important resistance level of $78.50 during the Tokyo morning session. As a result of supply concerns due to a prohibition on oil sales from Russia to G7 nations and the European Union and anticipation of a recovery in demand predictions in China as a result of reopening steps, the oil price experienced buying activity around $77.00.

 

Russia has no intention of supplying fossil fuels at prices lower than those prevailing on the market, therefore oil supply is projected to remain a key concern. Without a question, western nations are actively seeking alternatives to Russia to meet their oil demand, but their reliance on Russian oil will keep them in agony in the medium run.

 

Meanwhile, the sheer velocity of reopening steps by the Chinese government in Beijing has caused short-term chaos owing to a sharp increase in the number of infections; however, Covid-19 may have reached its peak and the economy will restore its forward momentum.

 

According to a letter from Goldman Sachs economists, "For oil prices, we remain bullish on oil prices in the immediate future given the possibility for increasing China demand, and reduced supply growth from US shale due to discipline/tight service markets, and OPEC+ quota reduction."

 

The United States Energy Information Administration (EIA) stated on Thursday, for the week ending December 23, that the oil price rebounded following a short decline due to an increase in oil stockpiles. The official US agency reported an increase of 0.718,000 million barrels in oil inventories, whereas the market had anticipated a decrease of 1.52 million barrels.

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