EUR/USD 1.14483
0.599%
Gold 4097.02
2.403%
Oil 79.746
2.508%
USD/JPY 161.757
-0.425%
GBP/USD 1.34275
0.614%
GBP/JPY 217.202
0.179%
Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
On July 14th, according to the authorization announcement of the State Intellectual Property Office, Xiaomi Automotive Technology Co., Ltd. was granted a utility model patent for "Underwater Propulsion Device and Vehicle," with authorization announcement number CN224477061U. According to the patent description, the underwater propulsion device adopts a ring-shaped flow channel design with an outer casing and an internal guide section. The flow channel gradually narrows from the inlet to the outlet through the outer wall of the guide section. Combined with a flow channel layout that features a smaller inlet area and a larger outlet area, this smoothly guides the water flow through the channel, avoiding the formation of localized low-pressure areas due to rapid contraction and expansion. This reduces the cavitation effect that can cause noise and erode the blades. Furthermore, this patent suggests that Xiaomi may be exploring amphibious travel scenarios.Market news: The Ukrainian parliament has officially approved Sviridenkos resignation as prime minister.July 14 - According to local media reports on the 14th, a fire broke out in a building in downtown Brussels, the capital of Belgium, resulting in multiple deaths.Berkshire Hathaway: Buffett currently holds 188,290 Berkshire Class A shares and 1,162 Class B shares.On July 14, the Omani Ministry of Foreign Affairs issued a statement saying that, regarding the recent discussions surrounding navigation in the Strait of Hormuz, Oman will continue to cooperate with all parties in a transparent and neutral manner to promote the restoration of freedom of navigation in the Strait of Hormuz and ensure that the relevant arrangements are fully in accordance with international law. The statement added that Oman will continue to fulfill its obligations as a State Party to the United Nations Convention on the Law of the Sea and called on all parties concerned to respect international law and handle related issues in accordance with international law.

Oil Prices Fall Further Due to China-Taiwan Tensions and Growth Concerns

Haiden Holmes

Aug 05, 2022 11:00

8.png


As China-Taiwan tensions rose and the Bank of England hiked interest rates, a grim view for crude demand emerged, culminating in a further decrease in oil prices on Friday and a prediction of significant weekly losses.


As of 11:11 EST (00:11 GMT), Crude Oil WTI Futures traded down 0.3% to $88.30 per barrel, its lowest level since early February, before Russia's invasion of Ukraine.


Brent oil prices rose by 0.5% to $93.81 per barrel. Both indices fell more than 3 percent on Thursday and were projected to fall between 12 and 17 percent for the week.


China launched missiles around Taiwan on Thursday, escalating tensions prompted by the presence of Nancy Pelosi, the speaker of the United States House of Representatives, in Taiwan.


It is anticipated that the move will have a negative impact on the value of other assets in the region, as well as on perceptions of Asia's major economies.


In addition, the Bank of England increased interest rates and proposed more anti-inflation measures, indicating that the United Kingdom may soon experience economic turbulence.


As most economies struggle with increasing inflation, the (rapid) tightening of monetary policy in the developed world is fanning worries of an oncoming recession.


The decrease in oil prices this week was caused by a cascade of bad industrial indicators, which raised worries of a demand slowdown.


The surprise weekly increase in crude oil stocks in the United States signaled a probable supply surplus in the world's largest oil consumer.


In this environment, the Organization of Petroleum Exporting Countries and its allies (OPEC+) announced the weakest production rise in their history, indicating a grim demand outlook.


Despite a drop in global demand, a rising energy crisis in Europe would sustain oil prices. As a response to Russia's invasion of Ukraine, the bloc is aiming to reduce its dependence on Russian oil and gas.


The fall in oil prices offers import-reliant economies some relief from the inflation induced by growing fuel expenses.


Focus is now on the U.S. nonfarm payrolls data, which will provide more insight into the largest economy in the world.

Suggestion