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May 2nd - In Greg Abels first quarter as CEO, Berkshire Hathaways cash reserves jumped to a record high of $397 billion. While the companys cash reserves declined slightly at the end of last year, they increased significantly in the first quarter due to net sales of $8.1 billion in stock during that period.The Yemeni Coast Guard stated that the oil tanker M/T EUREKA was hijacked off the coast of Shabwa. The tanker has been taken into custody by boarding personnel and subsequently sailed towards the Somali coast.May 2nd - According to foreign media reports, the German auto industry is calling for an immediate de-escalation of the tariff dispute between the US and the EU, and demanding that both sides begin negotiations immediately. Trump previously stated that he would raise tariffs on EU cars to 25%, claiming that the EU had failed to fully comply with the trade agreement negotiated with the US. Hildegard Müller, president of the lobbying group German Association of the Automotive Industry, said in an emailed statement on Saturday: "The US-EU trade agreement must be mutually respected. This also means that the EU must finally approve its due portions of the agreement reached last summer." A spokesperson stated that the EU is fulfilling its commitments according to standard legislative procedures and has consistently provided full information to the US administration. The spokesperson added that the European Commission will seek a clear explanation from the US while reserving various options to protect EU interests.The China Earthquake Networks Center officially determined that a 4.6-magnitude earthquake occurred in Kuqa City, Aksu Prefecture, Xinjiang, at 19:34 on May 2, with a focal depth of 17 kilometers.On May 2nd, Iranian Justice Chief Justice Ejai stated that Iran does not shy away from negotiations with the United States, but firmly opposes US coercion. He pointed out that negotiations are reasonable and logical, but this does not mean accepting the USs domineering demands, nor can Iran tolerate the US imposing its will through threats. At the same time, Ejai emphasized that Iran does not want war, and even less does it want a prolonged war.

Following a two-day increase, oil prices were subdued and were on course for a weeklong decline

Haiden Holmes

Aug 19, 2022 11:17

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After a two-day jump on indications of increased U.S. demand, oil prices traded flat on Friday, but were still poised for weekly losses due to concerns about a Chinese slowdown and a probable Iranian-led supply glut.


At 20:19 ET (00:19 GMT), West Texas Intermediate Futures jumped 0.1% to $90.62 per barrel, while London-traded Brent oil futures increased 0.1% to $96.62 per barrel. In response to a string of positive demand indicators from the United States, both contracts have risen between $2 and $3 during the past two days.


Nonetheless, they were anticipated to lose over 2% each for the week, as negative economic news from China, a major importer, drastically lowered prices at the beginning of the week. According to data released on Monday, Chinese industrial output dropped in July, while the People's Bank of China unexpectedly slashed interest rates in reaction to lackluster development.


Speculation regarding the possible revival of the Iran nuclear deal, which might result in the lifting of numerous Western sanctions against the country, further reduced oil prices. It is predicted that this action will enhance daily supply by more than one million barrels.


Concerns over slowing global economic growth have drastically lowered oil prices in recent months, with prices recently reaching their lowest levels since February, wiping out all gains made due to supply bottlenecks caused by the Russia-Ukraine conflict.


Nonetheless, this week's second half showed minimal price support. Two days ago, oil prices increased as a result of a larger-than-anticipated fall in U.S. crude inventories and signs that gasoline consumption in the country was rising steadily.


Traders also hypothesized that the Organization of the Petroleum Exporting Countries (OPEC) and its allies (OPEC+) could restrict output to stabilize prices.


Despite the cartel's recent return to pre-COVID production levels, OPEC Secretary-General Al Ghais has recently hinted at a supply cut if prices continue to fall.


Ghais also reassured entrepreneurs that forecasts of an economic collapse in China were exaggerated.

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