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Market news: Quantum Cyber has received approval to acquire a stake in SpaceX (SPCX.O).Argus Research: Initiated coverage research on SpaceX (SPCX.O) with a "Hold" rating.The Stoxx Europe 600 index fell further to 1%, hitting a new intraday low.June 26 – The 33rd meeting of the China-Russia Joint Committee on Border Affairs was held in Moscow from June 24 to 25, 2026. The meeting was co-chaired by Sun Hongliang, Minister-Counselor of the Department of Boundary and Ocean Affairs of the Ministry of Foreign Affairs of China, and Kozlov, Ambassador-at-Large of the Ministry of Foreign Affairs of Russia, who was the chief representative of the Chinese side. Representatives from the foreign affairs, defense, customs, water resources, and immigration departments and local governments of both countries participated. Both sides spoke highly of bilateral relations, fully affirmed the achievements in border management and cooperation, and exchanged in-depth views and reached broad consensus on the implementation of the Agreement on the Management System of the China-Russia Border, border control and law enforcement cooperation in border areas, border management, port cooperation, and cross-border water cooperation. Following the meeting, both sides signed the meeting minutes.On June 26, President Xi Jinping signed Presidential Decrees No. 77, 78, and 79. Decree No. 77 states that the revised Trademark Law of the Peoples Republic of China, adopted at the 23rd meeting of the Standing Committee of the 14th National Peoples Congress on June 26, 2026, is hereby promulgated and will take effect on January 1, 2027. Decree No. 78 states that the Decision of the Standing Committee of the National Peoples Congress on Amending the Certified Public Accountants Law of the Peoples Republic of China, adopted at the 23rd meeting of the Standing Committee of the 14th National Peoples Congress on June 26, 2026, is hereby promulgated and will take effect on January 1, 2027. Decree No. 79 states that, according to the decision of the 23rd meeting of the Standing Committee of the 14th National Peoples Congress on June 26, 2026, Guan Zhiou is removed from the post of Minister of Natural Resources.

On indications of growing U.S. fuel demand, oil recoup some of its losses

Charlie Brooks

Aug 31, 2022 10:55

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Oil prices inched up on Wednesday after industry data revealed that U.S. gasoline inventories fell more than expected, recovering modestly after a 5% drop on Tuesday due to concerns that fuel demand may suffer as China tightens COVID-19 regulations and central banks hike interest rates.


Futures for U.S. West Texas Intermediate (WTI) crude oil rose 64 cents to $92.28 a barrel at 00:12 GMT, after plunging $5.37 per barrel the previous session owing to recession fears.


Brent crude futures increased 0.5%, or 48 cents, to $99.79 a barrel on Wednesday, erasing Tuesday's loss of $5.78 per barrel. Wednesday marks the conclusion of the contract for October. The contract for November climbed 0.6%, or 61 cents, to $98.45 per barrel.


For the week ending August 26, gasoline inventories declined by around 3.4 million barrels, while distillate inventories, which include diesel and jet fuel, decreased by about 1.7 million barrels.


The fall in gasoline supplies was nearly three times more than the average decrease of 1.2 million barrels forecast by eight Reuters analysts. They expected distillate stockpiles to decrease by 1 million barrels.


In contrast to analysts' predictions of a fall of around 1.5 million barrels, API data revealed an increase of approximately 593,00 barrels.


Concerns that several of China's largest cities, including Shenzhen and Dalian, are implementing lockdowns and business closures to combat COVID-19 at a time when the world's second-largest economy is already experiencing sluggish growth and limited price increases.


ANZ Research analysts noted in a note that mood is negatively impacted by the spread of COVID-19 in China.


Three sources told Reuters on Tuesday that the worst violence seen in Baghdad in years had no effect on Iraqi oil exports. Tuesday, violence subsided when the popular cleric Moqtada al-Sadr ordered his followers to halt their marches.

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