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American Airlines (AAL.O): The US government shutdown has had minimal impact.On October 23rd, JPMorgan analysts maintained their bullish stance on gold on Thursday, predicting that the price will average $5,055 per ounce by the fourth quarter of 2026. The banks research note stated that this forecast assumes that quarterly investor demand and central bank gold purchases will average 566 tons in 2026. Natasha Kaneva, JPMorgans head of global commodities strategy, stated, "Gold remains our highest-conviction long position this year, and as the market enters a cycle of Fed rate cuts, gold prices have room to rise." Gregory Shearer, head of base and precious metals strategy, added: "The Feds rate-cutting cycle, coupled with stagflation concerns, worries about the Feds independence and the risk of currency devaluation, together create a favorable backdrop for gold." Analysts believe that the recent market consolidation is a healthy phenomenon. Kaneva said: "The pullback reflects that the market is digesting the rapid rise since August... It is normal to feel panic in the face of such a rapid rise. This is essentially an imbalance between supply and demand - buyers are gathering and sellers are scarce." She reiterated her long-term target of $6,000 per ounce in 2028, emphasizing that the gold trend should be examined from a multi-year perspective.U.S. House Minority Leader Jeffries: Congress may need to take action on sanctions against Russia.Ukrainian President Zelensky: Russias frozen assets should not be used only for humanitarian purposes.American Airlines (AAL.O): Boeing and Airbus are expected to deliver on time.

Oil Prices Fall As the EU Seeks to Impose Russia Import Ban

Aria Thomas

May 17, 2022 09:48

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Oil prices opened down in early Asian trade on Tuesday as Hungary resisted European Union plans to implement a ban on Russian oil imports, a move that would constrain the global supply.


At 0004 GMT, Brent crude futures decreased 35 cents, or 0.3%, to $113.89 per barrel, while U.S. West Texas Intermediate (WTI) crude futures decreased 52 cents, or 0.5%, to $113.68 per barrel.


As a result of Russia's invasion of Ukraine, EU foreign ministers were unable to convince Hungary to rescind its veto of a proposed oil embargo against the country on Monday. An embargo requires consent from all EU member states.


On the demand side, China's data revealed that the world's second-largest economy processed 11 percent less crude oil in April than a year earlier due to tight COVID-19 lockdowns, with daily throughput falling to its lowest level since March 2020 as refiners reduced operations in response to weaker demand.


The United States is scaling up production in order to refill stocks that have dwindled as a result of Russia's war on Ukraine, which Moscow refers to as a "special military operation," and the recovery from the coronavirus outbreak.


In June, oil production in the Permian in Texas and New Mexico, the largest U.S. shale oil region, is expected to increase by 88,000 barrels per day (bpd) to a record-breaking 5.219 million bpd, according to a study released by the U.S. Energy Information Administration (EIA) on Monday.


Monday's statistics from the U.S. Department of Energy revealed that the Strategic Petroleum Reserve now contains 538 million barrels, the lowest level since 1987.