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A German government spokesperson stated (regarding the conflict in Ukraine) that there can be no peace without Russias involvement.December 29 – The Shanghai Municipal Peoples Government and the State Power Investment Corporation (SPIC) signed a strategic cooperation agreement in Shanghai today (December 29). According to the agreement, both parties will fully leverage Shanghais comprehensive advantages and SPICs professional strengths, focusing on strengthening cooperation in areas such as nuclear energy, gas turbines, power supply security, clean energy transformation of thermal power plants, green energy development, and international expansion. This will achieve complementary advantages and mutual benefit between the central and local governments, helping SPIC accelerate its development into a world-class clean energy enterprise with global competitiveness, and assisting Shanghai in accelerating the construction of a modern industrial system and its transformation into a socialist modern international metropolis with global influence.On December 29th, Ukrainian President Volodymyr Zelenskyy stated that the establishment of a demilitarized zone along the border between Ukraine and Russia was not yet included in the discussion of the draft ceasefire agreement. Zelenskyy also revealed that the core issue currently under discussion is the establishment of a "free economic zone" in the Donbas region. He added, "There are no specific details yet, but discussions on this issue have begun." Russian Presidential Press Secretary Dmitry Peskov stated that Russia could not comment on the meeting between the US and Ukrainian presidents at this time, and that Russian President Vladimir Putin would not hold a direct telephone conversation with Ukrainian President Zelenskyy. Peskov stated that Russia demands the withdrawal of Ukrainian armed forces from the Donbas administrative border area as a precondition for a ceasefire.Xiaomi Group (01810.HK) spent HK$150 million to repurchase 3.9 million Class B shares on December 29.On December 29, CSPC Pharmaceutical Group (01093.HK) announced that its GLP-1/GIP receptor bipolar agonist polypeptide injection (SYH2069 injection) has been approved by the National Medical Products Administration of the Peoples Republic of China to conduct clinical trials in China.

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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