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July 4, gold futures rose, shaking off the earlier decline caused by stronger-than-expected U.S. non-farm payrolls data. Analysts at Commerzbank said in a report that gold prices are expected to close flat this week after recovering the losses caused by Thursdays employment report. The bank said the report was generally mixed, but the slight drop in the unemployment rate should make the Federal Reserve optimistic that the uncertainty surrounding U.S. tariff policies has not yet dealt a severe blow to businesses. The Federal Reserve may continue to delay rate cuts, which is a negative factor for gold, analysts wrote. However, the main support for gold prices comes first from volatile U.S. policies, which are eroding investor confidence in U.S. assets and boosting safe-haven demand for gold.International Atomic Energy Agency: A team of IAEA inspectors has safely left Iran and returned to its headquarters in Vienna today, following a stop in Tehran during the recent conflict.According to the Wall Street Journal: The United Nations withdrew its inspectors from Iran for security reasons.On July 4, a document showed that Google (GOOG.O) was hit by an EU antitrust complaint. A group of independent publishers complained about its AI overview feature and asked Google to take interim measures to prevent irreparable harm to them. Googles AI overview feature is an AI-generated summary that is displayed above traditional hyperlinks to related web pages and is shown to users in more than 100 countries. Last May, the company began adding ads to the AI overview. Googles integration of artificial intelligence into search is the companys biggest bet, but the move has raised concerns among some content providers such as publishers.Market news: Google (GOOG.O) faces EU antitrust complaints, and independent publishers have filed charges against its AI overview. Publishers seek EU interim measures, claiming irreparable damage to competition. Similar complaints and requests for interim measures have also been submitted to the UK competition regulator.

Oil Prices Stabilize as Shanghai's Lockdown is Eased and Russian Output is Reduced

Aria Thomas

Apr 13, 2022 09:27

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Shanghai said more than 7,000 residential units had been designated as lower-risk locations after a 14-day period with no new illnesses. Districts have begun stating which compounds are available for public inspection.


Meanwhile, the Organization of the Petroleum Exporting Countries (OPEC) cautioned that it would be hard to replace the 7 million barrels per day (bpd) of Russian oil and other liquids exports that would be lost as a result of sanctions or voluntary measures.


On Monday, Russian oil and gas condensate output dipped below 10 million barrels per day (bpd), the lowest level since July 2020, two individuals familiar with the data said on Tuesday, as trading was impeded by sanctions and logistical restrictions.


According to sources, Russia's average oil production declined more than 6% to 10.32 million barrels per day (bpd) on April 1-11, from 11.01 million in March.


Although the European Union has not yet imposed an embargo on Russian oil, certain foreign ministers have indicated that the possibility is being considered.


"The oil market is susceptible to a huge shock if Russia's energy sector is sanctioned, and that risk remains," stated Edward Moya, a senior market analyst at OANDA.


OPEC dropped its prediction for Russian liquids output in 2022 by 530,000 barrels per day, but maintained its forecast for global oil demand growth, citing the effect of Russia's invasion of Ukraine, rising crude prices, and the recurrence of the epidemic in China.


Indian Oil Corporation (IOC), which previously purchased Russian Urals in bids, has withdrawn the grade from its next crude offer. On Monday, US Vice President Joe Biden informed Indian Prime Minister Narendra Modi that purchasing more oil from Russia was not in India's best interests.


Members of the International Energy Agency (IEA) intend to release 240 million barrels over the next six months beginning in May in an attempt to stabilize the market.


While the release will alleviate acute shortages, economists cautioned that it would not address the underlying imbalance, and supplies will need to be replenished.


According to a preliminary Reuters poll, 8849|US crude oil inventories are estimated to have increased by 1.4 million barrels in the week ended April 8, after three consecutive weeks of declines.


The survey was taken ahead of Tuesday's American Petroleum Institute report, which is scheduled to release at 4:30 p.m. EDT (2030 GMT).

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