EUR/USD 1.14404
-0.019%
Gold 4015.33
0.979%
Oil 81.356
3.134%
USD/JPY 162.380
0.010%
GBP/USD 1.34578
-0.153%
GBP/JPY 218.532
-0.116%
Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
July 19th - According to NewsNation: US President Trump reiterated that Iran "cannot and should not have nuclear weapons." After Iran announced a suspension of its commitments under the interim agreement, Trump stated that he "doesnt care at all."Iranian Foreign Minister Araqchi and Iraqi Foreign Minister Fuad Hussein held a telephone conversation to discuss the situation in the Middle East and bilateral cooperation.U.S. Commerce Secretary Rutnick: The United States has reached a very good agreement on the Gordi Howe International Bridge (the U.S.-Canada transnational bridge). The United States will receive 50% of the net revenue up to 2041 and will have a say in setting tolls.According to the New York Times, U.S. officials said that Iranian attacks on U.S. military bases in Jordan damaged several U.S. helicopters and injured dozens of U.S. personnel.July 19th - According to the Wall Street Journal, the U.S. labor market remains robust according to most key indicators. However, nearly two million Americans have been unable to find work for at least six months. Data from the U.S. Department of Labor shows that in June, the number of long-term unemployed (unemployed for 27 consecutive weeks or more) accounted for 27.3% of the total unemployed, up 4 percentage points from a year ago. This proportion is close to its highest level since the end of 2021. Because the overall unemployment rate remains low, the size of the long-term unemployed population is not yet sufficient to cause a substantial shock to the economy. However, analysts say its ripple effects are accumulating. Preston Mooy, senior economist at Employ America, said, "We havent seen large-scale layoffs in the past few years, so the number of short-term unemployed has remained relatively stable. But at the same time, hiring activity has seen a fairly significant decline." Even if some long-term unemployed people find new jobs, the weak hiring environment means more people are constantly joining the long-term unemployed group, keeping this number consistently high.

Oil Prices Rise 1% on Hopes For China Demand And Supply Worries

Skylar Williams

Feb 21, 2023 11:28

119.png


Oil prices gained over 1% on Monday, supported by confidence over Chinese demand, sustained output limits by major producers and Russia's promises to rein in supply.


Brent crude closed up $1.07, or 1.3%, at $84.07 a barrel. U.S. West Texas Intermediate crude (WTI) for March, which expires on Tuesday, last increased 85 cents, or 1.1%, at $77.19.


Monday volumes were subdued due to the Presidents' Day market vacation in the United States.


When the United States reported larger crude and gasoline stocks, both crude benchmarks finished $2 lower on Friday, a fall of around 4% for the week.


Experts anticipate that China's oil imports will reach a record high in 2023 due to rising demand for transportation fuel and the introduction of new refineries.


China is the world's largest importer and is projected to recover rapidly from the COVID transition, so it makes sense that the country's optimism has contributed to crude's recent advances, according to Craig Erlam, senior markets analyst at OANDA in London.


China and India have become big customers of Russian crude amid Western sanctions on Russian oil and more recently, embargoes and price controls due to the Ukraine crisis.


In India, the third-largest oil importer in the world, crude imports reached a six-month high in January, according to government data.


According to five sources familiar with the situation, the Chinese commerce ministry has met with independent oil refiners to discuss their dealings with Russia, imports that have saved Chinese buyers billions of dollars.


"The government wants to know how much independent refiners may potentially purchase and their genuine demand for such imports," said a source familiar with the discussions.


Russia plans to cut oil production by 500,000 barrels per day (bpd), corresponding to around 5% of its output, in March after the West imposed price limitations on Russian oil and oil products.


The Organization of the Petroleum Exporting Countries (OPEC) and its allies agreed in October to reduce oil output objectives by 2 million barrels per day (bpd) until the end of 2023. Russia is a member of the OPEC+ producing group.


Goldman Sachs (NYSE:GS) analysts said in a 19-Feb-2019 note that future oil supply shortfalls will likely push prices toward $100 per barrel by the end of the year.


Prices will increase "when the market returns to deficit as a result of underinvestment, shale restrictions, and OPEC discipline," they concluded.

Suggestion