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August 19th - Tesla has released a large-scale model of a steamed bun. It is reported that the Tesla infotainment system is now gradually rolling out this feature.Argus Research: Raises its target price for ConocoPhillips (COP.N) from $136 to $153.On August 19, the Ministry of Justice responded to a reporters question regarding the EUs foreign subsidy investigation, stating that the EUs recent investigation into JD.com, using its Foreign Subsidies Regulation, arbitrarily demanded extensive and unnecessary information about China from the Chinese entity. This constitutes an undue demand on the entity and a serious violation of international rule of law. To safeguard national sovereignty, security, and development interests, and to protect the legitimate rights and interests of Chinese citizens, legal persons, and other organizations, the Ministry of Justice, in accordance with the Regulations of the Peoples Republic of China on Anti-Unfair Extraterritorial Jurisdiction, together with the Ministry of Commerce and other relevant departments, has identified and determined that the EUs actions constitute unfair extraterritorial jurisdiction measures, and demands that no organization or individual implement or assist in the implementation of such measures. The Ministry of Justice hopes the EU will immediately correct its erroneous practices, cease abusing the "foreign subsidy" investigation tool, and create a fair, just, and predictable market environment for companies investing and operating in the EU. If the EU persists in its unilateral actions, China will resolutely retaliate in accordance with the law.Market news: During a meeting with Iranian Parliament Speaker Qalibaf, the Speaker of the Iraqi Parliament called for special status for Iraqs oil exports via the Strait of Hormuz.On August 19, the Ministry of Justice issued an announcement regarding the EUs foreign subsidy investigation practices constituting undue extraterritorial jurisdiction. According to Articles 3 and 6 of the "Regulations of the Peoples Republic of China on Combating Undue Extraterritorial Jurisdiction," the Ministry of Justice, in conjunction with the Ministry of Commerce and other relevant departments, determined that the EUs cross-border investigation practices against Chinese entities in its investigation of JD.com, utilizing its Foreign Subsidies Regulation, constituted undue extraterritorial jurisdiction measures. No organization or individual may implement or assist in the implementation of such undue extraterritorial jurisdiction measures. This announcement is effective from the date of its publication.

Oil Prices Drop As Industry Data Shows Rising U.S. Crude Stocks

Haiden Holmes

Feb 15, 2023 11:35

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As industry statistics pointed to a far larger-than-anticipated increase in U.S. crude stocks, oil prices declined in early Asian trade on Wednesday, after plunging by more than $1 per barrel in the prior session.


By 01:11 GMT, Brent crude prices fell 20 cents to $85.38 per barrel, whilst U.S. West Texas Intermediate (WTI) crude futures fell 19 cents to $78.87 per barrel.


Approximately 10.5 million barrels were added to U.S. oil stocks for the week ending February 10, according to market sources quoting American Petroleum Institute data released on Tuesday.


The increase was far greater than the 1.2 million-barrel increase that nine analysts surveyed by Reuters had predicted, which may indicate a decline in gasoline consumption.


According to anonymous sources, gasoline inventories increased by around 846,000 barrels, while distillate inventories increased by approximately 1.7 million barrels.


Wednesday at 10:30 a.m. EST (0330 GMT) the government's official inventory estimates are due.


The U.S. Department of Energy's (DOE) decision this week that it will sell 26 million barrels of oil from the nation's strategic reserve, which is already at its lowest level in about four decades, also weighed on crude prices.


The Organization of the Petroleum Exporting Countries (OPEC) upped its 2023 global oil demand growth prediction for the first time in months in response to China's reopening, bolstering prices, and lowered supply expectations for key non-OPEC producers, signaling a tighter market.


OPEC forecasts that global oil consumption will increase by 2,32 million barrels per day (bpd) or 2.3% this year, an increase of 100,000 bpd since February.

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