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On November 8, Chicago Mayor Brandon Johnson addressed the UN Human Rights Council on November 7. Johnson stated that the US federal governments refusal to accept review by the Human Rights Council was an attempt to evade scrutiny. He argued that the Human Rights Council should apply the same accountability standards to the US federal government as it does elsewhere in the world, and that no country is above international law. Johnson called on the Human Rights Council to send independent experts to Chicago to investigate the challenges facing the city; he also urged the Council to take further accountability measures, including convening a special session to investigate the worsening human rights crisis in the United States. The UN Human Rights Council was scheduled to hold its fourth round of Universal Periodic Review (UPR) on November 7, but the US representative refused to attend, preventing the review from proceeding normally. The Human Rights Council adopted a decision that day urging the United States to resume cooperation with the UPR mechanism.Russian Ministry of Defense: Russian troops have occupied the village of Vovche in the Dnipropetrovsk region of Ukraine.Ukrainian Prime Minister: Russia’s attack on Ukrainian dams damaged several large energy facilities in the Kyiv, Kharkiv and Poltava regions.November 8th - Pfizer has finalized its $10 billion acquisition offer for Metsera, a startup focused on weight-loss drugs, after a bidding war with Novo Nordisk. Novo Nordisk stated that after careful evaluation, it decided not to raise its offer and will continue to monitor business expansion and other acquisition opportunities. Under the agreement, Pfizer will complete the transaction at a maximum price of $86.25 per share, including an initial cash payment of $65.60 per share, and an additional consideration of up to $20.65 per share if certain performance targets are met.November 8th - On November 7th local time, Canadian Prime Minister Mark Carney stated that the increasingly close economic relationship between Canada and the United States over the past decades has come to an end. Carney said that Canada once enjoyed some economic advantages due to its close ties with the US, but this has now become a weakness. He described this change as rapid and almost seamless, and called for a swift and radical shift in Canadas economic strategy.

Oil Prices Surge by $5 A Barrel As EU Inches Closer to Imposing A Ban on Russian Oil

Aria Thomas

May 05, 2022 09:46

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Oil prices spiked Wednesday after the European Union, the world's largest trade bloc, announced intentions to phase out Russian oil imports, sparking concerns about further market tightening as those nations seek enough supply.


Following Moscow's invasion of Ukraine, crude benchmarks have steadily increased in price over the last two months. Until far, the European Union has been unwilling to completely phase out Russian oil and gas imports, and its current plans do not include a blanket ban on all EU members.


Europe imports around 3.5 million barrels of Russian oil and petroleum products per day and is also reliant on Moscow's gas supply.


"Inventories are extremely low, and against this backdrop, there are a lot of worries about how (Europe) can compensate for this restriction," said Phil Flynn, senior analyst at Price Futures Group.


Brent crude futures finished at $110.14 a barrel, up $5.17, or 4.9 percent. West Texas Intermediate crude futures finished at $107.81 a barrel, up $5.40, or 5.3 percent, from the previous day's close.


President of the European Commission Ursula von der Leyen recommended a phased oil embargo against Russia on Wednesday, as well as penalizing Russia's central bank.


Von der Leyen stated that the Commission's proposals include phasing out Russian crude oil supply within six months and refined products by the end of 2022. Additionally, she committed to mitigate the move's impact on European economy.


Hungary and Slovakia, on the other hand, will be permitted to continue purchasing Russian crude oil under current contracts until the end of 2023, an EU source told Reuters.


Russia may compensate for the loss of a major customer by exporting oil to other importers such as India and China. Neither country has ceased purchasing goods from Moscow.


Needs for significantly increased supplies are unlikely to be fulfilled at Thursday's Organization of the Petroleum Exporting Countries and allied producers conference. OPEC+ is anticipated to follow through on its plan to gradually increase monthly production.


According to the US Energy Information Administration, oil stockpiles increased marginally last week. Stocks increased by 1.2 million barrels as the US increased the amount of crude released from its strategic reserves.


Fuel stocks declined in part as a result of increased exports of products following Russia's invasion, as importers sought alternative suppliers.


The markets have largely recovered from the Federal Reserve's announcement that it would raise interest rates by a half-point in an attempt to rein in growing inflation.


"Given the market's performance prior to the announcement, I believe (the Fed's decision) was a foregone conclusion," said Gary Cunningham, director of market research at Tradition Energy.

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