EUR/USD 1.16200
-0.118%
Gold 4087.06
-2.019%
Oil 59.748
2.053%
USD/JPY 154.527
0.003%
GBP/USD 1.31675
-0.179%
GBP/JPY 203.477
-0.155%
Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
On November 16th, according to a report by the US-based "Defense News" website on November 14th, US Army Secretary Driscoll stated on the 12th that the US defense industry, especially major arms contractors, has "deceived" the American people, the Department of Defense, and the Army, resulting in damage to the interests of the US military. Reuters pointed out that for a long time, US government accountability officials and some members of Congress have believed that contractors are overcharging the military. Under the current supply method, the US Army cannot purchase a single screen control knob for a Black Hawk helicopter separately; it must spend $47,000 to purchase the entire set including the knob, while manufacturing the knob separately would only cost $15. The report noted that it is rare for a current US government official to use "unusually blunt" language to publicly criticize arms contractors.On November 16, it was reported that the U.S. Navy, together with the forces of Trinidad and Tobago, will conduct military exercises in waters near Venezuela from November 16 to 21. Venezuelan President Maduro stated on November 15 that this move was "irresponsible" and called on the public to mobilize against the U.S. military threat.Pratt & Whitney executives: The company’s industrial footprint supports current Airbus production and discussions are underway regarding arrangements for the next three years.Pratt & Whitney executives: We have delivered the number of engines required for 2025 to Airbus as agreed.On November 16th, Hong Kong Financial Secretary Paul Chan Mo-po published a blog post stating that the Hang Seng Index has risen by over 30% this year, with an average daily turnover of HK$258 billion in the first ten months, nearly double the average for the whole of 2024. During the same period, 81 new companies were listed, raising nearly HK$216 billion through IPOs, more than double the amount raised year-on-year, ranking first globally. In the first ten months of this year, follow-on financing after listing reached HK$475 billion. Furthermore, since 2022, over 200 family offices have been established in Hong Kong or expanded their businesses there with the assistance of InvestHK; as of the end of last year, Hong Kongs total assets under management exceeded HK$35 trillion, an increase of 13% year-on-year. These positive developments have led to a real 11% increase in Hong Kongs financial services exports this year, contributing over 10% to GDP growth during the same period.

Weak Demand Concerns Limit Oil Gains, But Oil Still Climbs

Aria Thomas

May 13, 2022 09:54

B2.png


Oil prices rose in early trading on Friday, but were on track for their first weekly decline in three weeks as fears about inflation and China's COVID lockdowns, which are stifling global growth, overshadowed worries about Russia's diminishing fuel supply.


At 00:08 GMT, Brent crude prices rose 97 cents, or 0.9%, to $108.42 per barrel, while U.S. West Texas Intermediate (WTI) crude futures rose $1.00, or 0.9%, to $107.13 per barrel.


Both benchmark futures were expected to tumble for the week, with Brent falling more than 3 percent and WTI falling more than 2 percent.


The market continues to be pushed and pulled by the possibility of a European Union ban on Russian oil reducing supply and worries about demand being hampered by sluggish global growth, inflation, and China's COVID restrictions.


Vivek Dhar, a commodities analyst at Commonwealth Bank, remarked, "Demand-related concerns have escalated substantially."


Inflation and aggressive rate hikes have pushed the U.S. currency to 20-year highs, which has restrained advances in oil prices because the strong dollar makes oil more expensive for buyers holding foreign currencies.


Analysts continue to focus, though, on the possibility of a European Union ban on Russian oil, after Moscow levied penalties this week on European units of state-owned Gazprom (MCX:GAZPROM) and Ukraine halted a gas transit route.


Stephen Innes, managing partner of SPI Asset Management, stated, "As Russia takes another step toward weaponizing energy, supply concerns are bolstering oil prices."


According to a report published by the International Energy Agency on Thursday, growing oil output in the Middle East and the United States, as well as a slowdown in demand growth, are likely to "offset an acute supply deficit amid a deepening Russian supply disruption."


The agency predicted that Russia's oil production will decline by over 3 million barrels per day (bpd) from July, or roughly three times more than is already displaced, if sanctions for its involvement in the crisis in Ukraine are expanded or if they discourage additional buying.

Suggestion