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July 2, London spot gold prices rose 25.7% in the first half of 2025 (January 1 to June 30), the largest half-year increase since the second half of 2007. "International gold prices will remain in a volatile upward channel in the second half of the year." Bai Xue, senior deputy director of Fang Jinchengs research and development department, believes that the markets risk aversion demand will still exist in the second half of 2025, which will provide long-term support for gold prices. In addition, the global central banks willingness to allocate gold is still strong. As the credit risk of the US dollar intensifies, central banks of various countries will strengthen their gold reserve layout based on strategic security and asset allocation needs.U.S. Treasury Secretary Benson: (When asked if he thinks Federal Reserve Chairman Powell will cut interest rates before the fall) I think they may act earlier than the fall, but they will definitely cut interest rates in September at the latest.U.S. Treasury Secretary Benson: Its "a little confusing" that tariffs didnt push the Fed to cut rates.On July 2, the Egyptian Ministry of Petroleum issued a statement saying that it had received a report from the oil and gas production company OSOCO that the barge "Adam Ocean 12" capsized in the Zait Mountain area in the Gulf of Suez. A working group led by the Egyptian Minister of Petroleum and Mineral Resources and the Minister of Labor has rushed to the scene of the accident to assess the situation and supervise the rescue operation. According to official sources, there were about 30 people on the barge. The bodies of the four victims have been found, 23 people have been successfully rescued, and several missing people are still being searched and rescued. The source said that the capsized barge was operating in the Red Sea at the time. The cause of the accident is still under investigation.US President Trump: Our representatives held long and productive talks with Israel today regarding Gaza. Israel has agreed to the necessary conditions to finalize a 60-day ceasefire. During this period, we will work with all parties to try to end the war.

Oil Prices Rise on The Possibility of A Deeper Russian Supply Reduction

Charlie Brooks

Feb 23, 2023 11:56

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Oil prices rose on Thursday as reports suggested that Russia's supply cuts will be larger than previously announced, but markets suffered severe weekly losses due to concerns of rising interest rates.


According to Reuters, Moscow plans to reduce crude exports from its western ports by up to 25 percent in March compared to the previous month in an effort to increase oil prices. The action is anticipated to result in a greater reduction in supply than the 500,000 barrels announced earlier this month.


The supply reductions are a response to price ceilings imposed by the West on Russian crude exports, which Moscow has condemned.


By 21:29 ET, Brent oil futures increased 0.5% to $80.89 per barrel, while West Texas Intermediate crude futures increased 0.5% to $74.28 per barrel (02:29 GMT). This week, both contracts were down roughly 3%.


This week, crude oil prices declined as the dollar strengthened in response to a growing number of wagers that the Federal Reserve will recommence increasing interest rates at a rapid pace next month. The markets are concerned that rising interest rates will restrain economic growth later this year, thereby diminishing oil demand.


The minutes from the Federal Reserve's February meeting revealed that the majority of officials supported additional interest rate hikes. After the meeting, higher-than-anticipated inflation readings could prompt more officials to call for larger rate increases.


Wednesday's industry data indicated that U.S. crude inventories increased by 10 million barrels in the week ending February 17. The reading typically foreshadows a similar trend in data from the U.S. Energy Information Administration, which is anticipated to indicate that U.S. inventories increased for a ninth consecutive week. The data is due Thursday evening.


Increasing U.S. inventories and the planned sale of 26 million barrels from the U.S. Strategic Petroleum Reserve indicate a potential supply surplus in the world's largest oil consumer, which is anticipated to limit any crude price appreciation.


In recent weeks, crude markets have been weighed down by this and concerns of additional Fed-induced demand headwinds.


Later in the day, a second estimate of fourth-quarter U.S. GDP will be released. However, crude markets have reacted negatively to data indicating resilience in the U.S. economy, as it gives the Fed more leeway to continue raising interest rates.