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On January 29, Premier Li Qiang and British Prime Minister Keith Starmer jointly attended the closing ceremony of the China-UK Business Council meeting at the Great Hall of the People in Beijing and delivered speeches. More than 110 representatives from Chinese and British enterprises and institutions attended. Li Qiang stated that China and the UK are important economic and trade partners with broad common interests. As long as both sides adhere to mutual respect, move in the same direction, eliminate interference, and cooperate openly, they can achieve win-win results and create common prosperity through mutual benefit. Currently, unilateralism and protectionism are on the rise, and geopolitical conflicts are intensifying, severely impacting the world economy and business development. Against this backdrop, China and the UK should continue to uphold the "ice-breaking spirit" and strengthen cooperation ties. This is not only a rational choice for both countries to cope with risks and promote common development, but also a due responsibility for China and the UK as major powers to work together to solve global problems.January 29th - Canadas trade deficit widened more than expected, driven by increased volatility in gold exports and declines in both imports and exports of motor vehicles and parts. Statistics Canada reported on Thursday that the countrys trade deficit reached C$2.2 billion in November. Economists had previously predicted a deficit of C$690 million. The agency stated that total exports fell 2.8% in November, with exports of metal and non-metallic mineral products experiencing the largest drop at 24.4%. This was primarily dragged down by a 36% decline in exports of unwrought gold, silver, platinum, and their alloys. The report noted that gold has been the main driver of volatility in Canadian exports in recent months. In November, Canadian exports of unwrought gold to the UK, the US, and Hong Kong all declined sharply.The U.S. trade deficit widened by the largest margin since 1992.The final reading of U.S. nonfarm unit labor costs for the third quarter was -1.9%, compared to an expected -1.90% and a previous reading of -1.90%.The number of Americans filing for unemployment benefits for the week ending January 24 was 209,000, compared with an expected 205,000 and a revised 210,000 for the previous week.

Due to supply restrictions, oil prices rise as attention goes to the OPEC+ conference

Aria Thomas

Jul 29, 2022 11:09

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Oil prices rose by about $1 in early trade on Friday, supported by supply concerns and a weaker U.S. dollar as attention focuses on what OPEC and allies, including Russia, decide at a meeting next week that would mark the conclusion of their 2020 production reduction agreement.


Futures for September delivery of U.S. West Texas Intermediate (WTI) crude rose by $1.09, or 1.1 percent, to $97.51 a barrel as of 00:41 GMT, reversing losses from the previous session, which was plagued by concerns of a U.S. recession.


The September Brent oil futures price jumped by 86 cents, or 0.8%, to $108.00 per barrel. The more often traded October contract increased 87 cents, or 0.9%, to $102.70.


Brent is anticipated to improve by more than 5 percent for the week, its second consecutive weekly gain, while WTI is anticipated to increase by around 3 percent, recouping its losses from the previous week.


Tina Teng, an analyst at CMC Markets, said, "There is a minimal likelihood that oil prices will sustain large losses owing to the weak U.S. currency and the ongoing supply pressure."


Generally, oil prices rise when the dollar falls because a weaker dollar makes crude oil more inexpensive for buyers holding foreign currencies.


The next meeting of the Organization of the Petroleum Exporting Countries (OPEC) and allies led by Russia, known collectively as OPEC+, will be crucial on August 3, as the producers have reversed the record 9.7 million barrels per day (bpd) supply cut they agreed to in April 2020, when the COVID-19 pandemic lowered demand.


Two OPEC+ sources told Reuters that the organization will discuss a modest increase in oil output for September. Two OPEC+ sources also stated that the organization may consider keeping September's oil production the same.


After U.S. Vice President Joe Biden's trip to Saudi Arabia this month to negotiate an oil production deal, a decision not to boost oil production would be upsetting for the United States.


The U.S. government is happy about the next OPEC+ meeting, according to a senior U.S. administration official who said on Thursday that an increase in production would help stabilize the market.


Analysts, however, said that it would be difficult for OPEC+ to considerably raise production, given that several nations are failing to meet their output quotas due to underinvestment in oil resources.


"OPEC production is limited, although Libyan and Ecuadoran supplies are stabilizing. Several member states' insufficient investment would restrict production "ANZ Research analysts noted.


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