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On December 13th, it was reported that an EU official stated on the 12th that Ukraines accession to the EU before 2027 is "absolutely impossible." According to reports, a European diplomat said that Ukraines accession to the EU before 2027 is "extremely difficult," and it is unclear whether EU leaders support this plan. Hungarian Prime Minister Viktor Orbán stated on the 8th that the EUs admission of Ukraine would be tantamount to declaring war on Russia, and that the EU is preparing for war with 2030 as the target date.On December 13, Venezuelan President Maduro stated that the United States usual tactics of lying, coercion, extortion, and threats are "completely ineffective" and "will never work" against Venezuela, following the recent seizure of an oil tanker in waters near Venezuela and the announcement of new sanctions.On December 13th, two US officials stated that the UN-authorized international stabilization force in Gaza could be deployed as early as next month, but the method for disarming Hamas remains unclear. The force will not fight Hamas, and its size, composition, and rules of engagement are still being determined.On December 13, the National Trust for Historic Preservation, a U.S. heritage preservation organization, filed a lawsuit on December 12 against U.S. President Trump and several federal agencies, demanding a halt to the ongoing renovation project of the White House banquet hall and claiming the project is illegal. The trust issued a statement on December 12 announcing that it had filed the lawsuit in the U.S. District Court for the District of Columbia, seeking a halt to the White House banquet hall renovation project until it undergoes a comprehensive design review and public comment period, and receives congressional approval. The trust argues that the Trump administration, in rapidly advancing the White House banquet hall renovation project, failed to submit planning proposals for necessary review as required by law, and that the project, without congressional authorization, exceeds the presidents constitutional authority. The lawsuit names Trump, the National Park Service, the Department of the Interior, the General Services Administration, and the heads of these departments as defendants.On December 13th, the White House announced that U.S. Special Envoy for the Middle East, Viktor Witkov, will meet with Ukrainian President Volodymyr Zelensky and several European leaders in Berlin this weekend to advance the U.S.-proposed Russia-Ukraine peace plan by the end of the year. Analysts suggest this "urgent dispatch" highlights the U.S.s attempt to narrow its differences with Ukraine on the terms of the Russia-Ukraine peace plan before the end of the year. Witkov is scheduled to hold talks with officials from France, the UK, and Germany on December 14th and 15th, respectively.

Oil prices rise in the United States due to limited supply and growing fuel demand

Haiden Holmes

Jul 28, 2022 11:24

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Oil prices gained on Thursday, extending gains from the previous session, on the back of falling crude inventories and rising gasoline demand in the United States.


Brent oil futures for September rose 40 cents, or 0.4%, to $107.02 a barrel as of 00:10 GMT on Thursday, following Wednesday's $2.22 increase.


The price per barrel of U.S. West Texas Intermediate crude (WTI) increased by 52 cents, or 0.5%, to $97.78, following a gain of $2.28 in the previous session.


According to the Energy Information Administration, crude oil stockpiles in the United States declined by 4.5 million barrels last week, while gasoline consumption rose by 8.5% week over week.


As WTI traded at a substantial discount to Brent, global buyers found U.S. crude grades to be increasingly attractive.


On the demand side, the U.S. Federal Reserve increased its benchmark overnight interest rate by three-quarters of a percentage point, as expected, to combat inflation, while the dollar fell owing to expectations of a slower rate of rate rises.


The falling dollar also contributed to the rise in crude oil costs, as it makes oil purchased in dollars more cheap for international customers.


A senior G7 source revealed on Wednesday that the richest nations of the Group of Seven want to establish a price-capping mechanism on Russian oil shipments by December 5.


This week, executives indicated that the availability of fracking equipment and people, in addition to financial constraints, might hamper the increase of U.S. crude oil production.


Russia has restricted gas supply through Nord Stream 1, its principal gas pipeline to Europe, to 20% of capacity. According to experts, this may trigger a shift from gasoline to crude oil in the near future, driving up oil prices.

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