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On May 9, Hongmeng Intelligent Driving released its April Intelligent Driving Assistance Report. The report shows that Hongmeng Intelligent Drivings total mileage in April exceeded 264 million kilometers, the user activity rate reached 88.62%, the average intelligent driving assistance mileage per user reached 561.65 kilometers, and a total of 16.254 million times of intelligent assisted parking were used.Bank of England Governor Andrew Bailey said on May 9 that the trade deal reached between the United States and the United Kingdom on Thursday was a good thing, but tariffs on most British exports to the United States are still higher than they were before last month. "In a world where actual tax rates will be higher than before all this started, this is good news," he said during a question-and-answer session at an economic conference in Reykjavik. Bailey also reiterated that the British economy is highly affected by the global economy and depends largely on the agreements reached by other countries with the United States. Baileys remarks were similar to his remarks at a press conference yesterday, when a deal seemed to be about to be reached but the details had not yet been announced.European Commission President Ursula von der Leyen: Before the summer, we expect a major boost to the capital markets.Sources: In trade negotiations, India has asked the United States to waive all current and future tariffs. India has proposed to reduce the tariff gap with the United States from nearly 13% to less than 4% under a potential trade deal.Information from the Hong Kong Stock Exchange shows that Deutsche Banks shareholding in Bilibili (09626.HK) increased from 23.10% to 23.24% on May 6.

Oil Prices Soar on Word That Germany Relaxes Objection to Russian Oil Embargo

Aria Thomas

Apr 29, 2022 09:28

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Traders were reacting to media reports that Germany's Economy Minister Robert Habeck stated Tuesday that the EU's largest economy could survive an EU embargo on Russian oil imports and that Germany hoped to find alternative sources of supplies.


By 1:38 p.m. EDT, Brent crude futures had risen $1.89 to $107.21 a barrel (1838 GMT). West Texas Intermediate crude in the United States increased $2.61, or 2.6 percent, to $104.63.


Germany is significantly reliant on Russian energy supplies and had previously resisted a complete embargo.


Prior to the Ukraine war, Russia supplied nearly a third of Germany's oil. Habeck announced a month ago that the government had reduced its reliance on Russian oil to 25% of imports.


"As a result, oil from the free world will become more expensive, while oil from the Iron Curtain will lose even more value and become more heavily discounted," said John Kilduff, a partner at Again Capital LLC in New York.


Moscow has begun to use energy exports as a stick in reaction to the US and its allies' response to Russia's invasion of Ukraine.


Russia has cut off gas supplies to Poland and Bulgaria and is attempting to convince the EU to adopt its new gas payment system, which entails creating accounts with Gazprombank and converting payments in euros or dollars to roubles.


Russian oil production could decrease by as much as 17% in 2022, according to a document seen by Reuters from the economy ministry, as the country deals with Western sanctions.


Despite this anticipated shortage, sources told Reuters that the OPEC+ group of producers, which includes the Organization of the Petroleum Exporting Countries and allies led by Russia, is set to maintain its modest pace of output growth when it meets on May 5.


The US dollar climbed to its highest level in two decades on Thursday, aided by weakening in the currency's biggest rivals, including the yen and euro. A higher dollar is typically detrimental to oil prices that are denominated in the greenback, as it increases the cost of the commodity to holders of other currencies.


Beijing shuttered certain public venues and increased COVID-19 checks in others as the majority of the city's 22 million citizens conducted additional mass testing in an attempt to avert a Shanghai-style shutdown. The latest shutdown has caused disruptions to industry and supply systems, heightening concerns about the country's economic progress.


Sinopec (NYSE:SHI) Corp, Asia's largest oil refiner, expects demand for refined oil products to recover in the second quarter as COVID-19 outbreaks are gradually brought under control.


Global economy slowing as a result of increasing commodity prices and an escalation in the Russia-Ukraine war might exacerbate fears about oil demand.

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