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On August 18th, Yonhap News Agency reported that sources revealed that South Korean President Lee Jae-myung plans to send a special envoy to China around the 25th. The report said the delegation may include former National Assembly Speaker Park Byung-seok and Democratic Party of Korea lawmaker Kim Tae-nyeon. A DPK official stated, "Nothing has been finalized yet, but I understand they are considering coordinating the departure date around the anniversary of the establishment of diplomatic relations between South Korea and China (August 24th)." As of press time, no official South Korean official has publicly responded to this news. However, Yonhap News Agency noted that Lee Jae-myungs possible special envoy visit to China "reflects his commitment to handling relations with China."Indian Oil Corporation executive: The discount on Russian oil is about $1.5 per barrel (relative to the relevant benchmark price).According to data from the China Index Academy (CIA) on August 18th, in July 2025, with pre-owned home listings remaining high across 100 cities, the "price-for-volume" phenomenon continued to dominate the market. The average price of pre-owned residential properties in these 100 cities was 13,585 yuan per square meter in July, a 0.77% decrease month-over-month and a 7.32% decrease year-over-year. Regarding rental housing, the decline in average residential rents in key cities narrowed in July, driven by demand during the graduation season. The average rent across 50 cities reached 34.93 yuan per square meter per month in July, a 0.07% decrease month-over-month and a 3.81% decrease year-over-year.Indian Oil Corporation executive: Processed 24% of Russian crude oil in June quarter.On August 18, the Transport Prosecutors Office of the Ural Federal District of Russia announced on the 18th local time that an An-24 passenger plane carrying 6 crew members and 40 passengers skidded off the runway while taking off at Roshchino Airport in Tyumen Oblast that morning. There were no casualties in the incident.

The Oil Market Shrugs Off A Spike in U.S. Inventories And Edges Up

Charlie Brooks

Feb 16, 2023 10:43

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Oil prices rose in early Asian trade on Thursday as the market brushed off a massive increase in U.S. oil inventories and the International Energy Agency upgraded its demand forecast.


By 01:31 GMT, Brent crude prices increased by 26 cents to $85.64 per barrel, whereas U.S. West Texas Intermediate (WTI) crude futures advanced by 34 cents to $78.


The Energy Information Administration (EIA) said that U.S. crude oil inventories increased by 16.3 million barrels last week to reach 471.4 million barrels, the largest level since June 2021. The larger-than-anticipated increase was mostly attributable to a data adjustment, which analysts said mitigated the impact on oil prices. [EIA/S]


The International Energy Agency (IEA) estimated that oil demand will climb by 2 million barrels per day (bpd) in 2023, an increase of 100,000 bpd from last month's estimate, reaching a record 101.9 million bpd, with China accounting for 900,000 bpd of the increase.


Upon easing COVID-19 restrictions, China will account for over half of 2023 oil demand increase, according to the IEA.


The U.S. currency, which normally moves inversely with crude prices, also helped oil.


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