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Germanys working-day-adjusted manufacturing orders in May were 5.3% year-on-year, in line with expectations of 5.70% and the previous value of 4.80%.Germanys seasonally adjusted manufacturing orders month-on-month rate in May was -1.4%, in line with expectations of -0.1% and the previous value of 0.60%.On July 4, Xiaomi Motors official blog said that as the Xiaomi YU7 is about to start delivery, the new version of Xiaomis end-to-end assisted driving HAD will also be launched simultaneously. The entire YU7 series will be equipped with the 10 million Clips version of Xiaomis end-to-end assisted driving system when it is released, and SU7Pro/Max/Ultra is expected to start pushing in late July.July 4, European Central Bank President Christine Lagarde said on Friday that the EUs economic system needs to be more efficient and productive so that the euro can play an equal role with the dollar as the worlds most important currency. "Political leaders and policymakers need to get involved to make our economy more productive and efficient, and then the euro can become a major global currency."Futures July 4 news, 1. WTI crude oil futures trading volume was 680,832 lots, a decrease of 138,022 lots from the previous trading day. The open interest was 1,993,630 lots, a decrease of 9,845 lots from the previous trading day. 2. Brent crude oil futures trading volume was 149,874 lots, a decrease of 4,134 lots from the previous trading day. The open interest was 177,772 lots, an increase of 41 lots from the previous trading day. 3. Natural gas futures trading volume was 427,949 lots, an increase of 112,281 lots from the previous trading day. The open interest was 1,500,816 lots, an increase of 4,078 lots from the previous trading day.

Oil Extends Gains After News of EU Proposal For Russian Oil Ban

Haiden Holmes

May 05, 2022 09:53

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Oil prices rose up at the start of Asian trade on Thursday, extending gains from the previous session, following the European Union's proposal of further sanctions against Russia, including a six-month crude oil embargo.


By 0:02 GMT, Brent crude futures were up 22 cents to $110.36 a barrel. The price of WTI crude futures increased by 15 cents to $107.96 a barrel.


On Wednesday, both benchmarks increased by more over $5 a barrel.


The plan, announced by European Commission President Ursula von der Leyen and requiring unanimous approval by the EU's 27 member states to become law, calls for the phase-out of Russian crude oil supplies in six months and refined products by the end of 2022. Additionally, it seeks to prohibit EU corporations from providing shipping, brokerage, insurance, and financing services for the shipment of Russian oil within a month.


However, the EU confronts the challenge of finding alternatives as it imports approximately 3.5 million barrels of Russian oil and petroleum products daily and is also reliant on Moscow's gas supplies.


A few eastern European countries are concerned that the stop will not provide them with the time to adapt.


Market traders expected the Organization of the Petroleum Exporting Countries and Associated Producers' meeting on Thursday, dubbed OPEC+.


The group is poised to agree to increase monthly output objectives by 432,000 barrels per day (bpd) in June, according to four OPEC+ delegates.


According to the US Energy Information Administration, oil stockpiles increased marginally last week. Stocks increased by 1.2 million barrels as the US increased the amount of crude released from its strategic reserves. 

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