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August 17th - According to the Financial Times, JPMorgan Chase (JPM.N) CEO Jamie Dimon spoke with UK Chancellor of the Exchequer Healy by phone last week, warning him against raising taxes on the banking sector. The UK government is currently considering imposing new taxes on banks ahead of the October budget. Dimon stated that an uncompetitive tax system could weaken Londons status as a financial center, potentially leading to an outflow of capital and financial jobs from the UK.According to Al Jazeera, the Speaker of the Iranian Parliament stated that we must reach a level of deterrence to avoid falling into a cycle of war, peace, and then more war.Market news: Stripe is about to acquire artificial intelligence company OpenRouter for more than $7 billion.August 17th - According to Politico, U.S. Attorney General Todd Branch said on Sunday that he is willing to disagree with the president on legal issues. He emphasized that Trump wants cabinet members to disagree with him when necessary. When asked if he could reject the presidents preferred course of action if his legal opinion differed from the presidents, Branch said, "I think he would expect me to tell him no." However, he did not commit to the Justice Department always acting independently of the White House. "No, I would not make that commitment," he said, "and no attorney general should make that commitment."Iranian media outlet Fars News reported that the Deputy Political Commander of the Iranian Revolutionary Guard stated that while their operations have so far been defensive, they may shift to an offensive posture in the future. The armed forces will adopt transformative strategies and take any action necessary to defend the country.

Oil Decreases As China COVID Restricted Trump's U.S. Output Raise Concerns

Charlie Brooks

Oct 31, 2022 14:24

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On Monday, oil prices declined due to concerns that extending COVID-19 limitations in China may reduce demand, offsetting signs that production at the leading U.S. shale field is decreasing.


Monday at 01:51 GMT, Brent crude futures decreased 36 cents, or 0.4%, to $95.41 a barrel, following a 1.2% decline on Friday.


Following a loss of 1.3% on Friday, U.S. West Texas Intermediate (WTI) crude traded at $87.67 per barrel, a decline of 23 cents, or 0.2%.


Stephen Innes of SPI Asset Management stated that extending COVID limitations in China often creates concerns regarding crude oil consumption from the largest crude importer in the world.


As COVID infections spread, Chinese municipalities are enforcing Beijing's zero-COVID policy, diminishing the likelihood of a demand rebound.


Despite this, WTI continues to be supported by warnings from major U.S. producers that productivity and volume gains in the Permian Basin, the nation's largest shale production region, are slowing.


The warnings were given during the same week when U.S. oil exports reached an all-time high, which contributed to a 3.4% spike in WTI prices. Brent gained 2.4% last week, its second weekly increase in a row.


Separately, on Sunday, People's Bank of China Governor Yi Gang reaffirmed the central bank's existing policy goals of preserving sufficient liquidity and extending lending support for the real economy.


According to two OPEC sources, the Organization of Petroleum Exporting Countries is expected to retain its position that oil demand will climb for another decade despite the growing use of renewable energy and electric vehicles.


In the meantime, the large profits of global oil giants such as Exxon Mobil Corp (NYSE:XOM) and Chevron Corp (NYSE:CV) have reignited calls for windfall taxes.

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