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On July 21, Jiang Lue, spokesperson for the China Coast Guard, stated that on the morning of July 21, out of humanitarian considerations, China allowed the Philippines to transfer injured personnel from the Philippine Coast Guard vessel No. 57, which was illegally grounded on Renai Reef, to the Philippine Coast Guard vessel No. 9702 via a ship-borne small boat. The Chinese Coast Guard questioned and confirmed the Philippine vessel and monitored the entire process. The Chinese Coast Guard will continue to carry out law enforcement activities in accordance with the law in Renai Reef and its surrounding waters to safeguard national territorial sovereignty and maritime rights.July 21 – The Japanese government has finally approved an annual economic and fiscal policy plan that emphasizes the independence of the Bank of Japan, but has yet to address the high cost of a significant reduction in the food sales tax. The Cabinet approved the plan on Tuesday, noting in a footnote that specific monetary policy tools will be the responsibility of the Bank of Japan, and its autonomy must be respected. This is a key addition to the original draft released on June 30. The plan does not include Prime Minister Sanae Takaichis commitment to suspend the food sales tax, a proposal that has raised concerns about how the government will raise funds without exacerbating its fiscal situation. The document states that the government will finalize the relevant policies in early August.The yield on Japans 30-year government bonds rose 3.0 basis points to 3.90%.On July 21, Horizon Robotics (09660.HK) announced that it expects its profit for the first half of 2026 to be between RMB 3.5 billion and RMB 4 billion, compared to a loss of RMB 5.233 billion in the same period last year, representing a turnaround from loss to profit. The Group anticipates an increase in revenue from continuing operations for the six months ended June 30, 2026, primarily driven by the combined performance of its two main revenue segments. The increase in revenue from product solutions is mainly attributed to the Companys continued strengthening of its market position and steady increase in market share, as well as the commencement of large-scale mass production deployment of its all-scenario urban NOA solution (HSD).U.S. stock index futures strengthened, with Nasdaq futures up more than 1%, Dow Jones futures up 0.27%, and S&P 500 futures up 0.4%.

Oil costs increase as supply restrictions trump economic worries

Charlie Brooks

Jul 05, 2022 11:12


Oil prices climbed on Monday as supply worries spurred by a decrease in OPEC production, unrest in Libya, and sanctions against Russia trumped fears of a worldwide recession that would diminish demand.


In June, Euro zone inflation hit an all-time high, boosting the case for rapid rate rises by the European Central Bank, while consumer sentiment in the United States reached an all-time low.


Brent oil rose $2.26, or 2%, to $113.89 a barrel as of 12:47 p.m. ET (1648 GMT), after shedding more than $1 in early trading. The price of U.S. West Texas Intermediate (WTI) crude rose $2.20, or 2%, to $110.63 despite the lack of trading activity over the Fourth of July holiday.


According to a Reuters survey, the Organization of the Petroleum Exporting Countries (OPEC) failed to meet its June goal of increasing production.


Thursday, authorities in OPEC member Libya declared force majeure at the Es Sidr and Ras Lanuf ports and the El Feel oilfield, claiming a reduction of 865,000 barrels per day in oil output (bpd).


Meanwhile, more than two weeks of unrest have caused Ecuador to lose almost 2 million barrels of production, according to Petroecuador, the country's state-owned oil company.


This week, a strike in Norway may restrict supply from the biggest oil producer in Western Europe and reduce overall petroleum production by 8 percent.


"This background of rising supply interruptions clashes with a probable shortage of spare production capacity among Middle Eastern oil producers," said Stephen Brennock of oil trader PVM, referring to the producers' limited ability to pump more oil.


And prices will climb if new oil production does not reach the market shortly.


On Monday, British Prime Minister Boris Johnson asked OPEC+ to raise oil output to tackle the growing cost of living.


As a consequence of Russia's invasion of Ukraine, supply concerns have sent Brent oil prices close to 2008's record high of $147 a barrel.


As a consequence of restrictions on Russian oil and limited gas supplies, surging energy prices have driven inflation in certain countries to multi-decade highs and stoked fears of a recession.


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