EUR/USD 1.09319
0.096%
Gold 3021.77
0.690%
Oil 68.274
1.532%
USD/JPY 149.628
0.282%
GBP/USD 1.29897
-0.003%
GBP/JPY 194.365
0.289%
Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
March 18, Ukraines foreign minister said on Tuesday that Ukraine would not accept any peace agreement that would undermine its sovereignty or territorial integrity or limit its ability to join a military alliance. This statement came on the eve of a phone call between the leaders of the United States and Russia. Ukrainian Deputy Foreign Minister Andriy Sibyha said that Ukraine would not accept any restrictions on its military capabilities or recognize Russias occupation of any territory. Sibyha said, "We are not an obstacle to peace. We do expect Russia to unconditionally agree to a ceasefire."On March 18, Paul Hollingsworth, an analyst at BNP Paribas, said that US tariffs may affect economic growth faster than inflation, so the European Central Bank will continue to cut interest rates, at least in the short term. He said: "The negative impact of tariffs and the uncertainty associated with them on economic growth may be faster than the boost to medium-term growth prospects from increased fiscal spending." The agency expects the European Central Bank to cut interest rates in April and June, while the money market shows that investors are uncertain about the interest rate decision in April, and are currently pricing in a 57% chance of a rate cut and a 43% chance of keeping interest rates unchanged.Market News: Russian President Vladimir Putin reportedly wants to suspend all arms supplies to Ukraine as part of a ceasefire agreement with Trump.Russian Deputy Prime Minister Novak: The global oil market is currently in a state of balance. OPEC+s increase in oil production by 100,000 barrels per day in April will not affect the oil market. The balance between global oil supply and demand will be maintained in April, and we will keep an eye on it.Russian Deputy Prime Minister Novak: Russian refineries are operating normally and the Russian market is well supplied with petroleum products. It is expected that by 2025, Russias oil production will be between 515 million and 520 million tons. Russias oil processing volume in 2025 will be higher than in 2024.

Oil prices fall as rising COVID cases in China reignite fuel demand concerns

Skylar Williams

Jul 18, 2022 11:00

86.png


Oil prices fell $1 in early trade in Asia on Monday, erasing Friday's gains, as attention reverted to rising COVID-19 cases in China and the likelihood of gasoline consumption restrictions in the world's top oil importer.


Futures for August delivery of U.S. West Texas Intermediate (WTI) oil declined $1.54, or 1.6%, to $96.05 a barrel at 00:55 GMT on Saturday, after gaining $1.91 on Friday.


Brent oil futures for September delivery fell $1.47, or 1.5 percent, to $99.69 a barrel, paring Friday's gain of 2.1%.


China, the second-largest oil consumer in the world, reported 691 new COVID cases on Saturday, up from 547 the previous day, and the highest number of locally transmitted cases since May 23.


"Oil opens the week lower as the market digests the demand impact of the increase in new COVID cases in China and as the market cautiously awaits the monumental event risk of whether Nord Stream 1 gas flow from Russia to Europe will resume later this week," said Stephen Innes, chief executive officer of SPI Asset Management.


The largest system carrying Russian natural gas to Germany, the Nord Stream 1 pipeline, commenced 10 days of annual maintenance on July 11. Due to the war in Ukraine, governments, markets, and companies are afraid that the shutdown might be prolonged.


This gas loss would have a devastating impact on Germany, the fourth-largest economy in the world, and raise the possibility of a recession.


As predicted, Vice President Joe Biden's trip to Saudi Arabia generated no pledge to raise oil output from the biggest OPEC producer. Prior to Biden's meeting with Saudi Crown Prince Mohammed bin Salman, this belief in an impending oil scarcity led to last Friday's price increase.


Biden wants Gulf oil firms to raise output in an effort to lower oil prices and inflation.


Amos Hochstein, a senior counselor for energy security at the U.S. State Department, indicated on CBS' Face the Nation on Sunday that the trip will result in oil producers taking "a few more steps" in terms of supply, but he did not identify which nation(s) will raise output.


As their current output agreement expires in September, the August 3 meeting of the Organization of Petroleum Exporting Countries (OPEC) and its partners, including Russia, known collectively as OPEC+ will be closely watched.

Suggestion