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On March 29, the Wall Street Journal quoted a spokesman for the US Strategic Command as saying that several B-2 stealth bombers had flown from a base in Missouri to the US military base on Diego Garcia Island in the central Indian Ocean this week. Several strategic transport aircraft and refueling aircraft also arrived at the same time as the B-2 bombers. Diego Garcia Island is located at the junction of many routes in the Indian Ocean and has a very important strategic position. During World War II, it was a British air force base and an important naval port. After the United Kingdom and the United States signed an agreement in 1966, the United States leased Diego Garcia Island from the United Kingdom and established a large airport in the west of the island, which became an important base for the United States in the Indian Ocean. During the Gulf War, the Afghanistan War and the initial stage of the Iraq War, the US military launched air operations from Diego Garcia many times.March 29th news, On March 29th, at the 2025 Suzhou Sushang Conference, the "Suzhou City 2025 Action Plan for Optimizing the Business Environment" was officially released. The "Plan" launched 15 work measures around optimizing and improving the "five environments" of market, innovation, government affairs, rule of law, and humanities. The first is to create an open and orderly market environment. The "Plan" proposes to build a "financial supermarket" that combines online and offline by upgrading the comprehensive financial service platform to provide one-stop financial comprehensive consulting services. At the same time, optimize the financing coordination mechanism for small and medium-sized enterprises, promote non-repayment renewal loans, unsecured credit loans, first loans, inclusive loans in key areas, and refinancing services, and increase inclusive loans by no less than 100 billion yuan, so as to fully cover the reasonable refinancing needs of business entities. The second is to create a higher level of innovation environment. The third is to create an efficient and convenient government environment. The fourth is to create a stable and transparent legal environment. The fifth is to create a humanistic environment that is pro-business and safe for business.March 29th, Airbus announced that the European Space Agency (ESA) and Thales Alenia Space (67% owned by Thales Group and 33% by Leonardo) the main contractor of the ExoMars project have selected Airbus to build key systems for the ExoMars lander, including the mechanical, thermal control and propulsion systems required for the landing platform to ensure the safe delivery of the Rosalind Franklin rover to the surface of Mars.March 29th news: On March 29th, the Academy of Artificial Intelligence released the cross-entity embodied brain-brain collaboration framework RoboOS and the open source embodied brain RoboBrain. This is the first time in the market. This model can realize lightweight and rapid deployment of multi-tasks across scenarios and cross-entity collaboration, promoting single-machine intelligence to group intelligence.ASEAN foreign ministers said ASEAN is ready to support Myanmars relief and recovery efforts.

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.