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March 22nd - WeChat launched an official crayfish plugin on March 22nd. Tencents Zhang Jun stated: "WeChat has updated its plugin to support crayfish integration. What WeChat strived for all along was to become a tool connecting people, devices, and services. This concept remains valid. This connection allows everyone to better manage their crayfish."A spokesperson for the Saudi Ministry of Defense said that four drones were intercepted in the eastern region.March 22 – Shougang Group and FAW Group have recently completed the material development and application verification of 2.4 GPa (2400 MPa) grade hot-formed steel. The successful development of this material marks my countrys entry into the ranks of global leaders in the application of high-performance automotive steel. The 2.4 GPa grade hot-formed steel will be first applied to key safety structural components of Hongqi models.March 22 – The China Development Forum Annual Meeting 2026 opened in Beijing on the 22nd. Before the opening ceremony, Jeffrey Sachs, a professor at Columbia University and a renowned economist, commented on the war with Iran, calling it a "shameful war" waged by the United States and Israel, which will severely impact the global economy, but its impact on China will be limited. He emphasized that if the war continues, it could trigger a global economic crisis. This war has not only closed the Strait of Hormuz but is also destroying the energy infrastructure of Gulf states. "All countries in the world should tell these two countries, stop, go home! You have abused the international system, you are reckless, you have violated the UN Charter, stop your aggression."The Israeli military says it is currently conducting airstrikes against Tehran.

Oil prices steady after precipitous declines due to weak U.S. demand

Haiden Holmes

Jul 22, 2022 11:27

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Oil prices stayed almost unchanged in early trading on Friday, after a loss of around 3 percent in the previous session due to deteriorating demand in the United States, the biggest oil consumer in the world, and a rise in output from Libya.


Brent oil prices rose 17 cents, or 0.2%, to $104.03 per barrel at 00:41 GMT, while U.S. West Texas Intermediate (WTI) crude futures were constant at $96.35 per barrel.


WTI has been hammered over the last two days as a result of the publication of data suggesting that U.S. gasoline consumption during the height of the summer driving season decreased by around 8% from the previous year due to record pump prices.


"At 8.52 million barrels per day, seasonal demand is at its lowest level since 2008," experts at ANZ Research said in a study.


The decrease in WTI has positioned the contract for a loss of 1.3% this week, its third consecutive weekly loss.


Brent was bolstered by signs of healthy demand in Asia, putting it on course for its first weekly gain in six weeks.


Despite increasing prices, gasoline and distillate fuel demand in India hit all-time highs in June, with refined product consumption 18 percent higher than a year earlier and Indian refineries operating at their busiest levels ever.


An analyst at RBC, Michael Tran, said in a note, "This signals much more than a solid return from COVID-affected years."


Brent's gains were limited this week by the return of production at important Libyan oil fields.


Meanwhile, the European Central Bank (ECB) raised rates more than expected on Thursday in an effort to curb inflation, with ECB President Christine Lagarde warning that inflation risks had increased due to the likelihood that the Ukraine conflict will continue for an extended period of time and that energy prices will remain elevated for an extended period of time.


"Is the horizon cloudy? Clearly it is, "Lagarde said.


She said that the baseline assumption of the central bank is that neither this year nor next would experience a recession.

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