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On May 31, the Colombian Ministry of Foreign Affairs issued a statement on May 30, local time, stating that in response to the Ecuadorian governments earlier announcement that it would stop imposing a "safety tax" on Colombian goods, Colombia would lift its trade retaliatory measures against Ecuador and promote the normalization of bilateral economic and trade relations.May 31 - A Bloomberg survey of economists median forecast indicates that the U.S. unemployment rate will remain unchanged at 4.3% in May, while nonfarm payrolls will increase by 89,000. This increase would push the three-month average job growth rate to its highest level in over a year, sparking discussions about a continued acceleration in hiring. Forecasters expect the healthcare sector to maintain its strong momentum, while cyclical sectors such as construction, leisure, and hospitality will also see a recovery, with demand in these sectors likely benefiting from the warm weather of the past month. Manufacturing employment may also be boosted as consumers stockpile goods in anticipation of potential price increases following a potential conflict with Iran.On May 31, according to Iranian state television, Saeed Ajorlou, a member of Irans Media Committee, stated on Saturday that Tehran had not yet approved the final draft of the proposed agreement with the United States, and warned that Iran might withdraw from the agreement if the US failed to fulfill its commitments. In an interview, Ajorlou said that to his knowledge, as of Friday evening, the final text had not been approved, but the differences between the two sides were minimal. He stated, "If the final text is approved, we will enter a 60-day phase of detailed consultations," adding that each of the 14 articles of the agreement contains annexes that require further negotiation. Ajorlou emphasized that the implementation mechanism is more important than the text itself, especially regarding the acquisition of Iranian assets and the fulfillment of commitments by the other side. He stated that the proposed agreement includes a clause allowing Iran to withdraw from the agreement if the other side fails to fulfill its commitments. He indicated that Iran could withdraw from the agreement if violations occur, including breaches of the ceasefire agreement, failure to grant access to Iranian funds, or failure to lift the naval blockade. He added that if commitments are not fulfilled in the initial phase, Iran will reconsider its participation in the proposed 60-day negotiations.The Indian government stated that the current consumption tax rates for gasoline and diesel consumed domestically will remain unchanged.On May 31, local time, Ibrahim Rezaei, spokesman for the Iranian Parliament’s National Security and Foreign Policy Committee, said on May 30 that the naval blockade against Iran “will eventually end, whether through negotiations or military action.”

Another Unexpected Increase in U.S. Crude Inventories Decreased Oil Prices by 1%

Charlie Brooks

Jan 19, 2023 11:04

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Oil prices fell on Thursday as industry data revealed a large, unexpected increase in U.S. oil stocks for a second week, raising concerns about a decrease in fuel consumption.


U.S. West Texas Intermediate (WTI) oil futures fell 86 cents, or 1.1%, to $78.62 per barrel at 01:09 GMT, while Brent crude futures fell 73 cents, or 0.9%, to $84.25 per barrel, extending losses of over 1% from Wednesday.


The market fell due to fears of an impending U.S. economic crisis after Federal Reserve members declared that rates needed to rise over 5% to control inflation, despite statistics showing that December retail sales were less than anticipated.


Analysts from ANZ Research noted in a client note, "This elevated the possibility of a recession, resulting in a decreased appetite for risk."


According to data from the American Petroleum Institute, U.S. crude oil inventories climbed by approximately 7.6 million barrels in the week ending January 13.


According to nine analysts polled by Reuters, oil inventories declined by an average of 600,000 barrels.


This is the second week in a row that major inventory increases have occurred.


In contrast to forecasts of a 120,000-barrel increase, inventories of distillates, which include diesel and heating oil, declined by almost 1.8 million barrels.


Monday's Martin Luther King Day holiday in the United States resulted in a one-day delay for the API report. Thursday will see the release of the weekly inventory data from the Energy Information Administration.


With aggressive rate hikes still a possibility, the U.S. dollar surged, further reducing oil demand because a stronger greenback makes the commodity more expensive for foreign currency holders.

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