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On March 12, people familiar with the matter revealed that the Trump administration will nominate Federal Reserve Governor Bowman as the Federal Reserves vice chairman for supervision as early as today. Earlier this year, Barr resigned from the position of vice chairman of the Federal Reserve for supervision, avoiding a possible fight with Trump over the position. Barr said in January that the risk of a dispute in this position could distract the Federal Reserve from its mission. The White House did not immediately respond to a request for comment.March 12, Bank of America analysts said in a report that the Bank of England is unlikely to hint at a faster pace of future interest rate cuts at its next decision on March 20. "Amid increased uncertainty and high data dependence, we expect gradual and cautious guidance," Bank of America said. LSEG data showed that the market expects the Bank of England to keep interest rates unchanged at 4.50% on March 20 with a 92% chance. Bank of America analysts expect the Bank of England to cut interest rates three more times in 2025 and once more in 2026, with the final interest rate falling to 3.5%.US Secretary of State Rubio: Mineral agreement will not be presented as a security guarantee (for Ukraine).U.S. Secretary of State Rubio: The key issue in the Ukrainian peace talks is to provide Ukraine with a deterrent against future "aggression."Gas transmission operators say it would be better for Ukraine if as much as possible of its imports came from the United States as liquefied natural gas.

Oil Falls As Demand Concerns Intertwine With Tight Supply

Haiden Holmes

May 06, 2022 10:22

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Oil prices fell at the start of Asian trading on Friday, as fears about an economic slowdown dampening demand for petroleum competed with concerns about additional European Union sanctions against Russia, including a crude oil embargo.


By 0015 GMT, Brent futures had down 37 cents, or 0.3 percent, to $110.53 per barrel, while US West Texas Intermediate (WTI) oil had fallen 33 cents, or 0.3 percent, to $107.93 per barrel.


The Bank of England cautioned Thursday that the UK faces a double whammy of recession and inflation exceeding 10% if interest rates are not increased by a quarter of a percentage point to 1%.


Meanwhile, Wall Street stocks fell as investors fled risky investments, fearful that the Fed would raise rates further this year to rein in inflation.


On the supply side, the Organization of the Petroleum Exporting Countries, Russia, and allied producers, collectively known as OPEC+, agreed to another small monthly rise in oil production, as predicted.


Ignoring Western countries' pleas to increase output further, OPEC+ decided to increase June production by 432,000 barrels per day, in keeping with its strategy to undo limitations imposed during the epidemic.


The EU sanctions plan, which requires unanimous support from the bloc's 27 member states, calls for the phase-out of Russian refined goods by the end of 2022 and the prohibition of all shipping and insurance services used to carry Russian oil.


A Senate subcommittee in the United States passed legislation that may expose OPEC+ to litigation for colluding in rising oil prices. For more than two decades, Congress has failed to enact variations of the legislation, but politicians are concerned about growing inflation and high fuel costs.