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British Defence Secretary Healy told British Prime Minister Starmer that he had failed, and the Treasury had been unwilling, to commit the necessary resources at a time when the country was facing increasing threats.On June 11, Premier Li Qiang chaired an executive meeting of the State Council, which discussed and approved in principle the draft revision of the Road Traffic Safety Law of the Peoples Republic of China, and decided to submit the draft to the Standing Committee of the National Peoples Congress for deliberation. The meeting pointed out that it is necessary to further improve the level of road traffic safety governance, actively and steadily address new safety risks, curb various traffic accidents, better protect the personal and property safety of the people, and contribute to high-quality development.On June 11, Premier Li Qiang chaired an executive meeting of the State Council. The meeting emphasized that building a beautiful China is a systematic project, requiring focused efforts on key areas, including the ongoing battles to protect blue skies, clean water, and clean soil, the coordinated optimization of ecosystems, proactive responses to climate change, and the acceleration of green production and lifestyles. The meeting also stressed the need for strengthened coordination and cooperation, employing a comprehensive approach that combines legal, market, technological, and policy measures to continuously advance the construction of a beautiful China.On June 11, Premier Li Qiang chaired an executive meeting of the State Council. The meeting emphasized the need to prioritize education, focusing on promoting fairness, optimizing structure, and improving quality to elevate the construction of a strong education nation to a new level. It stressed the importance of implementing major strategic tasks, shaping a new pattern of moral education, strengthening educations supporting role in science and technology and talent development, and comprehensively improving the quality and level of public education services. The meeting also called for optimizing the overall allocation of educational resources, strengthening investment guarantees, deeply implementing quality education, and promoting the healthy growth and all-round development of students.British Defence Secretary Healy resigned due to disagreements with Prime Minister Starmer over defense spending.

U.S. Confidence Boosts Oil Prices, While China's COVID Boosts Gains

Aria Thomas

Nov 11, 2022 15:46

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Oil prices rose on Friday as fears of a U.S. recession lessened, but were headed for weekly declines of more than 4% as a rise in COVID-19 cases in China, the world's biggest oil importer, raised the threat of decreased gasoline usage.


Brent oil futures increased 23 cents, or 0.3%, to $93.80 per barrel at 0101 GMT, extending the 1.1% advance from the previous session.


Futures for U.S. West Texas Intermediate (WTI) oil gained by 28 cents, or 0.3%, to $86.75 per barrel, after a 0.8% advance in the previous session.


WTI has declined by almost 6% this week, while Brent has declined by around 5%.


Analysts said that oil prices increased on Friday as the U.S. dollar sank after the publication of data on Thursday indicating that inflation was less than expected, decreasing expectations of rate hikes and increasing the likelihood of a soft landing for the biggest economy in the world.


A decrease in the value of the U.S. dollar enhances the demand for oil since it makes the commodity more inexpensive for customers using other currencies.


According to specialists, China continues to pose a threat on the demand side, with COVID-19 cases on the rise in the industrial hub of Guangzhou, where authorities on Thursday encouraged citizens to work from home.


"As traders are very sensitive to lockdowns in the world's largest oil importer, this might temporarily curb the oil market's bullish ambitions. Nevertheless, we are in a far better position than we were yesterday, "said SPI Asset Management managing partner Stephen Innes.


ANZ Research analysts said in a report that, in addition to work-from-home orders reducing mobility and fuel usage, people's fear of being quarantined slowed travel throughout China.


Last week, the oil market was encouraged by predictions that China may loosen its zero COVID policy, but this week, health officials made it clear that they will continue to strictly monitor any outbreaks.


"With additional lockdowns and restrictions still being enforced and President Xi Jinping's support for the program at the Party Congress in late October, it's difficult to see authorities deviating from the strategy in the near future," said commodities analyst Vivek Dhar of Commonwealth Bank in a note.

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