EUR/USD 1.12567
0.277%
Gold 3328.98
0.698%
Oil 60.566
1.073%
USD/JPY 145.295
-0.432%
GBP/USD 1.33110
0.498%
GBP/JPY 193.410
0.097%
Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
On May 10, local time, Russian Presidents Press Secretary Peskov said that Russia is actively developing relations with many countries and will continue to do so. Peskov pointed out that it is very difficult to isolate Russia because Russia occupies a very important position in the world. In addition, Peskov also said that Russian President Putin is willing to engage with leaders of any country in the world, and he is willing to interact to the extent that they are ready to cooperate.On May 10, California Governor Gavin Newsom criticized the U.S. federal government in a video posted on social media. He said that the U.S. governments current tariff policy "may cause the United States to lose its position as the worlds largest economy." In the video, he criticized the U.S. governments tariff policy for blocking U.S. imports and directly affecting the daily lives of ordinary people. "In a few months, people will lack school bags and Christmas toys. Tariffs will make American families even worse." Newsom said that as the state with the strongest economic power in the United States, California occupies an important position in the global economy, precisely because California is committed to "reducing trade barriers and providing quality services to American consumers", but the current tariff policy is undermining all of this, leading to rising prices and stagnation at ports.Kremlin: European countries statements have a "confrontational character".May 10th news: On the evening of May 9th local time, a US federal judge ruled that the Trump administration may not continue to advance its large-scale layoffs or major restructuring plans for multiple federal agencies based on an executive order issued in February this year.Ukrainian President Zelensky: We all agree that the conflict in Ukraine must be ended "in a dignified and peaceful manner."

Oil Declines 3% on Russian Price Cap Talks, As U.S. Gasoline Prices Increase

Skylar Williams

Nov 24, 2022 14:18

119.png


Oil prices fell by more than 3 percent on Wednesday, extending a run of turbulent trading, as the Group of Seven (G7) nations explored a price restriction on Russian oil above the current market level and as gasoline stocks in the United States increased more than experts predicted.


Brent futures for January delivery decreased $2.95, or 3.3%, to $85.41 per barrel. U.S. crude sank $3.01, or 3.7%, to $77.94 a barrel. In early trade, both futures had climbed by over $1 per barrel.


The Energy Information Administration reported a 3.1 million-barrel rise in U.S. gasoline stocks, which was far greater than the 383,000-barrel increase projected by industry analysts.


The spike in gasoline prices is somewhat unexpected, according to Phil Flynn, an analyst with the Price Futures organization. The rise in gasoline supplies suggests that demand may be declining or that gasoline is being stockpiled ahead of the holidays.


In addition, EIA data indicated an oil inventory loss of 3.7 million barrels, although a Reuters survey projected a decline of 1.1 million barrels.


Reports that the G7 cap on the price of Russian oil might be higher than the current market price have weighed on prices.


According to a European official on Wednesday, the G7 nations are proposing a price cap in the area of $65-70/bbl for Russian oil carried by sea.


The price of Urals oil supplied to northwest Europe is between $62 and $63 per barrel, while the price in the Mediterranean is between $67 and $68 per barrel, according to data from Refinitiv.


Due to estimated production costs of around $20 per barrel, the cap would still make it profitable for Russia to export its oil, so averting a global market shortage.


A senior U.S. Treasury official indicated on Tuesday that the price cap is likely to be modified many times every year.


China, the world's top crude oil importer, has experienced a surge in COVID-19 cases; in response, Shanghai tightened procedures late Tuesday.


The OECD economic outlook anticipated a slowdown in global economic expansion for the coming year, which increased the pressure.


"On the bright side, the OECD does not anticipate a global recession, which may have contributed to the rise in oil prices and stocks," said Tamas Varga, an analyst at PVM Oil Associates.


In the Federal Reserve's November meeting minutes, the majority of policymakers agreed that it would soon be prudent to halt the rate of interest rate increases.

Suggestion