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The US military: It will not disclose the specific details of the strikes that have been or will be carried out on Yemen to "maintain operational security."ECB Governing Council member Knot: The central banks monetary policy meeting (decision) in June will be very complicated. Medium-term inflation risks actually include both upside risks and downside risks.On April 28, sources said that the ECB decision-makers are increasingly confident that they will cut interest rates in June in response to the continued decline in inflation, but they will not make a large cut. Last week, several ECB members attended the Spring Meetings of the International Monetary Fund (IMF) and the World Bank and talked about the possibility that the eurozone and global economy may deteriorate due to US tariffs. At the same time, the latest economic data released by the eurozone also reflects this phenomenon. As for inflation, there is no sign of deterioration due to tariffs. Sources said that more ECB members believe that it is a more appropriate decision to make the eighth consecutive interest rate cut of 0.25% at the interest rate meeting on June 4. The ECB will also release its latest economic forecasts on the same day. However, ECB officials remain open-minded and will make a final decision based on the data released next month.Russian Foreign Minister Lavrov: Russia has not received any proposal from the United States to assist in the operation of the Zaporizhia nuclear power plant.Russian Foreign Minister Lavrov: Russia will continue to strike targets used by the Ukrainian military as well as foreign fighters and military instructors sent by Europe.

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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