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On March 12th, WeChat officially announced a new feature: users can now click "Ignore" on unwanted WeChat voice/video calls. The pop-up will disappear after clicking, and the recipient will not receive a "rejected" message. WeChat video calls also support screen locking, a feature that is being rolled out gradually. Furthermore, WeChat voice-to-text now supports simultaneous interpretation, and currently supports 18 languages, including Chinese.March 12 – According to Iranian sources, Iranian Foreign Minister Araqchi and UN Secretary-General Guterres spoke by phone on the evening of March 10 to exchange views on the latest developments regarding the US-Israeli attacks on Iran. Araqchi emphasized that Iranian schools, hospitals, residential areas, and historical sites were all deliberately attacked, an act that blatantly violates international law and basic humanitarian principles. He stated that Irans retaliation against the US and Israel was within the framework of its legitimate right to self-defense, and that Iran considers protecting the lives of its citizens an inescapable fundamental responsibility. Guterres stated that the attacks on Iran by the US and Israel were a clear and undeniable act of aggression. He stressed the need to adhere to the principles of international law, prevent further escalation, and curb the spillover of the conflict.March 12 – Economies reliant on the Gulf region face considerable uncertainty. For example, the IMF stated that talks with Pakistan were extended, partly to allow for a “more comprehensive assessment of the impact of recent global developments on the Pakistani economy.” Shankar Tareja, an analyst at brokerage firm Topline Securities, said that since Pakistan imports most of its oil from Gulf countries, the continued surge in crude oil prices could rapidly increase its import bill and exacerbate inflation in this economy, which still relies on IMF financing.March 12th - US President Trump earlier praised the International Energy Agencys (IEA) massive release of emergency oil reserves, saying it would ease pressure on energy prices while the US sought to "get the job done" in its actions against Iran. However, this clearly failed to reassure the market. Darrell Fletcher, Director of Commodities Management at Bannockburn Capital Markets, stated, "This is exactly what I was worried about regarding the IEAs release—completely ignored by the market, and now prices are even higher. This may be sending the wrong signal. What do they know that we dont?"Market news: Australia will temporarily allow higher sulfur content in fuel oil.

WTI struggles to prolong its two-day uptrend below $78, as negative sentiment undermines expectations for China-led oil demand

Daniel Rogers

Mar 02, 2023 15:46

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Following a two-day uptrend that reached the greatest levels in a fortnight, the price of WTI crude oil fluctuates between $77.80 and $90 early Thursday.

 

The recent struggles of the black gold may be related to the contradictory signals encircling China and the Oil equities. However, negative sentiment and the resurgence of the US Dollar appear to be the quote's greatest obstacles to the upside.

 

In addition, higher-than-anticipated US inventories weigh on the energy benchmark. The weekly data from the US Energy Information Administration (EIA) indicates a 1.165M increase in Oil inventories, compared to the expected 0.45M increase and the previous level of 7.648M.

 

The willingness of US President Joseph Biden to continue pumping the markets with the Strategic Petroleum Reserve (SPR) and the absence of offers for Russian Oil also exert downward pressure on the price of WTI crude oil.

 

The latest New York Times (NYT) headlines suggest a potential rift between the United States and China at the important event. According to the news, "China is urging the start of peace talks, and some Group of 20 nations may support that notion when they meet in India, but U.S. officials contend Russia would not negotiate in good faith."

 

It should be noted, however, that the recent uptick in China activity data and optimistic remarks from the dragon nation's policymakers keep black gold purchasers optimistic. China's Minister of Human Resources recently stated, "China's employment will continue to increase this year and remains stable overall." On Wednesday, China's Finance Minister Liu He expressed a willingness to increase the country's fiscal expenditure while noting that the foundation of China's economic recovery remains fragile.

 

However, hawkish remarks from policymakers of the US Federal Reserve (Fed), the Bank of England (BoE), and the European Central Bank (ECB) highlighted the need for additional rate hikes to combat inflation issues, which exerted downward pressure on the price of oil.

 

In response to these events, 10-year US Treasury bond yields surpassed 4% for the first time since early November 2022, while 2-year yields ascended to their highest levels since June 2007 by flashing 4.91%. The increase in US Treasury bond yields reflects the market's concerns, which in turn have impacted on bulls on Wall Street, S&P 500 Futures, and WTI bulls recently. Consequently, S&P 500 Futures were down 0.5 percent as of press time despite the varied closing of Wall Street benchmarks.

 

Moving on, G20 updates could be combined with comments from central bankers and secondary US data to amuse Oil traders.


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