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Russian Defense Ministry: Russia has struck Ukrainian military airports and fuel storage facilities.On February 2, local time, the Ukrainian State Emergency Service reported that 12 people had been killed in a missile attack on a residential building in Poltava, Poltava Oblast. Poltava Oblast had previously announced a three-day mourning period from February 2 to February 4. Russia has not yet responded to this.Syrian state news agency: Syrias transitional President Ahmed Salah visited Saudi Arabia on Sunday, his first foreign trip.On February 2, Hong Kong SAR Government Financial Secretary Paul Chan Mo-po published a blog on the 2nd, saying that the SAR government will soon announce the advance economic estimates for the fourth quarter and the whole year of 2024. The relevant data show that Hong Kongs economy is in a stable and progressive trend. The quarterly data reflecting the recent trends, such as passenger data, private consumption, stock market and property market, employment market, and inflation, continued to improve, allowing Hong Kongs economy to start this year with a stable trend.February 2, according to a report by Russias TASS on the 2nd, regarding the decision of NATO member states to send warships and aircraft to patrol the Baltic Sea, Russian Ambassador to Denmark Vladimir Barbin said in an interview that NATO is trying to turn the Baltic Sea into NATOs inland sea, and Russia will take all necessary measures in accordance with international law to protect its interests. According to the report, NATO Secretary-General Mark Rutte said earlier that in order to protect the submarine infrastructure of NATO member states, NATO will carry out patrol operations in the Baltic Sea, and frigates and maritime patrol aircraft will participate.

Oil Prices Rise As China Relaxes COVID Controls And Supplies Tighten

Charlie Brooks

Jun 07, 2022 11:04

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China's easing of COVID restrictions and skepticism over the efficacy of a higher production goal by OPEC+ countries contributed to a slight increase in oil prices on Tuesday.


Brent oil futures were up 19 cents, or 0.2 percent , at $119.70 a barrel at 0050 GMT.


Futures for U.S. West Texas Intermediate (WTI) oil increased 25 cents, or 0.2%, to $118.75 a barrel. Monday saw the index reach a three-month high of $120.99.


In the following weeks, researchers at ANZ Research anticipate that easing travel restrictions in China would increase oil consumption.


Beijing and the business capital Shanghai have returned to normal in recent days after two months of harsh lockdowns to prevent the spread of the Omicron strain. In the majority of Beijing on Monday, traffic restrictions were eased and restaurants opened for dine-in service.


Saudi Arabia, the world's largest oil exporter, increased the official selling price (OSP) for its flagship Arab light crude to Asia by $2.10 from June to a $6.50 premium over Oman/Dubai quotes in July, just below the all-time high recorded in May, when prices reached an all-time high due to fears of disruptions in Russian supplies.


The Organization of Petroleum Exporting Countries and its partners, collectively referred to as OPEC+, voted last week to increase production for July and August by 648,000 barrels per day, or 50 percent more than had been originally anticipated.


All OPEC+ members contributed to the enhanced objective. Nonetheless, several countries, particularly Russia, which faces Western sanctions, have little space to increase production.


"While the new higher monthly objectives continue to be driven by proportionate contributions from all members (including Russia), it is implausible to anticipate an increase close to the headline level," said SPI Asset Management managing partner Stephen Innes in a note.


According to a preliminary Reuters poll released on Monday, crude oil stocks in the United States likely declined last week, but gasoline and distillate stockpiles likely rose.


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