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Russian Foreign Minister Lavrov: Venezuelan President will visit Russia on May 9.April 12, Bank of England Monetary Policy Committee member Green said on Saturday that it is not clear what impact Trumps import tariffs will have on British inflation, and the unpredictable trend of the US dollar makes this mystery more difficult to solve. Green said in a panel discussion at the Delphi Economic Forum in Greece that the increase in trade barriers may drag down economic growth in European countries, "but the implications for inflation are unclear." But Green said that the most important thing to pay attention to is the change in the exchange rate: "The key channel is actually the exchange rate, and this is really difficult because the exchange rate has not been running as the model shows in the past week." "The US dollar exchange rate has fallen, not appreciated as people expected."According to AFP: World Health Organization member states reached an "in principle" agreement on Saturday to respond to future pandemics.On April 12, the United Nations Office for the Coordination of Humanitarian Affairs said in a letter released on the 11th that due to the "brutal cuts" in funding, especially the US governments drastic suspension of foreign aid, the agency will lay off 20% of its staff, or more than 500 staff members. According to AFP, Tom Fletcher, the United Nations Under-Secretary-General for Humanitarian Affairs and Emergency Relief Coordinator, wrote in a letter to staff that the agency "faces the most difficult situation ever." The United Nations Office for the Coordination of Humanitarian Affairs currently has a total of about 2,600 staff members working in more than 60 countries and regions, providing long-term assistance to conflict areas such as Ukraine, the Gaza Strip, and Sudan.Irans top diplomat: If the United States participates in the negotiations on an equal footing, there is a chance to reach a preliminary consensus in further negotiations.

WTI recovers to $87.50 on Iran, OPEC+ buzz

Daniel Rogers

Sep 02, 2022 14:38

 截屏2022-09-01 下午4.56.12_1024x576.png

 

WTI crude oil prices consolidate weekly losses near a two-week low in Friday's Asian session. The energy benchmark hails the expected output drop from major suppliers while ignoring US-Iran oil deal discussions. The market's consolidation before the US jobs data seems to favor the latest commodity bounce.

 

Reuters reports that OPEC+ will meet on September 5 amid a backdrop of dropping prices and demand, even as top producer Saudi Arabia claims supply remains tight. OPEC+ this week reduced its demand estimate, now projecting demand to lag supply by 400,000 bpd in 2022 and 300,000 bpd in 2023.

 

On a second page, Reuters sources Iranian official news as claiming Iran has given a 'constructive' response to US suggestions aimed at restoring the 2015 nuclear deal.

 

Covid-led lockdown in China's Chengdu joins gloomy Manufacturing PMIs and hawkish Fedbets to squeeze WTI crude oil prices.

 

US 10-year Treasury rates decrease one point from late June's highs to 3.25 percent, while two-year bond coupons fall from a 15-year high. The CME's FedWatch Tool predicts a 74% chance of a rate hike in September, up from 69%.

 

Looking ahead, oil traders will watch the US Nonfarm Payrolls (NFP) and Unemployment Rate for August for fresh impulse.

 

Although $85.30-50 horizontal support limits the black gold's immediate fall, recovery is elusive until reaching the 50-DMA and 200-DMA, around $95.15-30.

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