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On March 7, Wang Yi said when talking about Sino-US relations that mutual respect is an important prerequisite for Sino-US relations. If you fail to do something, you should look for the reasons within yourself. The United States should review what it has gained from the tariff war and trade war in recent years. Has the trade deficit expanded or shrunk? Has the competitiveness of the manufacturing industry increased or decreased? Has inflation improved or worsened? Has the peoples lives improved or worsened? Sino-US economic and trade relations are mutual and equal. If you choose to cooperate, you can achieve mutual benefit and win-win results. If you blindly exert pressure, China will resolutely counter it.March 7, Wang Yi: China has been working for peace since the first day of the crisis. The negotiation table is the end of the conflict and the beginning of peace.March 7th, Wang Yi: There are more than 190 countries in the world. Just imagine, if every country emphasizes its own national priority and believes in strength and status, then the world will return to the law of the jungle.Pricing documents show that Qatar set the April offshore crude oil price at a premium of $2.10 per barrel over the Oman/Dubai average price, and the onshore crude oil price at a premium of $1.85 per barrel over the Oman/Dubai average price.March 7th, Japans government bond yield curve steepened amid the prospect of strong wage increases in Japan. Two economists at Barclays FICC Research said in a research note that the Japan Trade Union Confederation on Thursday released the results of a survey of union members wage increase demands before the spring wage negotiations in 2025. Economists pointed out that the average of the overall demands was 6.09%, the first time it has exceeded 6% since 1993. Economists who expect the Bank of Japans next rate hike to be in July said the results are favorable for the Bank of Japan.

Oil Prices Begin the Week Lower as Fears of a Chinese Covid Lockdown Fuel Demand Concerns

Charlie Brooks

Apr 12, 2022 09:18

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On the New York Mercantile Exchange, oil futures declined 4.04 percent to close at $94.29 a barrel, while Brent crude futures slid 4.2 percent to trade at $98.49 a barrel on the London's Intercontinental Exchange (NYSE:ICE).


China's travel ban has harmed travel activities in the world's second biggest economy, placing a squeeze on jet fuel and crude oil consumption. "Air traffic has been reduced to 10% of its normal level not just in Shanghai, but also in other parts of the nation," Commerzbank stated in a note.


According to Commerzbank, the effect of decreased transport demand is estimated to be between 1.2 million and 1.3 million barrels per day, with jet fuel consumption accounting for around half of this amount.


However, there looks to be some relief on the horizon, as Shanghai officials said Monday that they will begin relaxing lockdowns in certain neighborhoods. The announcement comes after China's financial capital recorded a record number of new Covid cases on Sunday, exceeding 25,000.


Demand is being slashed at a time when extra production is scheduled to come online, putting more downward pressure on oil prices. The International Energy Agency's member states agreed last week to release 60 million barrels over the next six months, assuaging concerns about a supply crisis.

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