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On April 4, the Yangtze River Delta Railway ushered in the peak of passenger flow during the Qingming Festival. It is expected to send 4.1 million passengers today, 365,000 more than the same period last year, an increase of about 9.8%, and is expected to set a new record for single-day passenger volume. This years Qingming Festival railway transportation will start from April 3 to 7. The Yangtze River Delta Railway is expected to send 17.6 million passengers in 5 days, with an average daily passenger flow of 3.52 million, a year-on-year increase of 6.8%.The yield on the two-year U.S. Treasury note fell to a six-month low of 3.6550% and was last at 3.6611%.On April 4, local time on April 3, U.S. Secretary of Health and Human Services Robert Kennedy Jr. said that about 20% of the layoffs in the Department of Government Efficiency were wrong and needed to be corrected. The U.S. Department of Health and Human Services laid off about 10,000 people on the 1st. Kennedy said that people who should not have been laid off were laid off, and the department is restoring their positions. Kennedy said that canceling the entire lead poisoning prevention and monitoring department of the Centers for Disease Control and Prevention was one of the mistakes. At present, it is unclear what other projects Kennedy may plan to restore.Bank of Japan Governor Kazuo Ueda: Will consider the impact of food costs on consumers.On April 4, local time on the 3rd, the automobile company Stellantis said that due to the impact of the US import automobile tariff policy, the company decided to lay off 900 employees in its five US factories and suspend production operations at two assembly plants in Canada and Mexico. Antonio Filosa, Chief Operating Officer of Stellantis Americas, said that the US factories that were laid off were powertrain and stamping parts factories, which produced spare parts for two assembly plants in Canada and Mexico. According to the plan, the assembly plant in Canada will stop production for two weeks, and the assembly plant in Toluca, Mexico will suspend production throughout April. Filosa said the company is "continuing to evaluate the medium- and long-term impact of tariffs on operations."

Oil Increases 1.5% And Achieves Another Weekly Increase Due to Supply Worries

Aria Thomas

May 07, 2022 09:32

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Oil prices surged over 1.5 percent on Friday, registering a second consecutive weekly increase, as expected European Union sanctions on Russian oil increased the likelihood of a tighter supply and traders shrugged off concerns regarding global economic growth.


Brent futures increased by $1.49, or 1.3%, to $112.39 per barrel. The price per barrel of U.S. West Texas Intermediate (WTI) crude increased by $1.51, or 1.4%, to $109.77.


Phil Flynn, an analyst with Price Futures Group, stated, "In the short term, the fundamentals for oil remain optimistic, and the only factor holding us back is the worry of a future economic slowdown."


WTI rose around 5 percent for the week, while Brent rose nearly 4 percent, after the EU imposed an embargo on Russian oil as part of its toughest-to-date package of sanctions in response to the situation in Ukraine.


Three EU sources told Reuters that the EU is modifying its sanctions strategy in an effort to win over recalcitrant governments and gain the necessary unanimity from the 27 member states. The initial proposal called for a stop to EU crude and oil product imports from Russia by the end of this year.


"The impending EU oil embargo against Russia has the makings of a severe supply crunch. In any event, OPEC+ is unwilling to assist, despite the fact that rising oil costs are causing inflation to rise to dangerous levels "Stephen Brennock, a PVM analyst, commented.


The Organization of the Petroleum Exporting Countries, Russia, and allied producers (OPEC+) held to its decision to increase its June output target by 432,000 barrels per day despite appeals from Western nations to increase output more.


However, economists anticipate a far smaller increase in real production due to capacity restrictions.


According to Jeffrey Halley, senior market analyst for the Asia-Pacific region at OANDA, "there is no possibility that certain countries would meet their quotas due to production difficulties affecting Nigeria and other African members."


A panel of the U.S. Senate adopted on Thursday a bill that could expose OPEC+ to lawsuits for colluding in raising oil prices.


On the supply side, the number of oil rigs in the United States increased by five to 557 this week, the highest level since April 2020. []RIG/U]


The U.S. Commodity Futures Trading Commission (CFTC) reported that hedge funds reduced their net long crude futures and options holdings in the week ending May 3.


As a result of the U.S. government's plan to purchase 60 million barrels of crude oil to replace emergency stocks, investors anticipate a rise in demand from the U.S. this autumn. However, indicators of a faltering global economy fueled demand concerns, so restraining oil price increases.


The Bank of England issued a warning on Thursday that Britain faces the double whammy of a recession and inflation above 10 percent. It increased interest rates by a quarter-point to 1 percent, the highest level since 2009.


China's strict COVID-19 restrictions are generating headwinds for the second-biggest economy and largest oil importer in the world.


The largest district of Beijing, Chaoyang, which is home to embassies and massive offices, will be devoid of any non-essential services.