EUR/USD 1.04603
-0.389%
Gold 2934.64
-0.152%
Oil 70.150
-3.276%
USD/JPY 149.130
-0.358%
GBP/USD 1.26302
-0.299%
GBP/JPY 188.355
-0.626%
Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
February 23 news, Xiaomi Chairman Lei Jun wrote today: Friends who like Ultra can download the Xiaomi Auto app to place a small order in advance, and it will be given priority in production after the release.On February 23, French President Emmanuel Macron said on the 22nd that France is still trying to form an "obstruction minority" within the European Union to prevent the EU-Southern Common Market (Mercosur) free trade agreement from taking effect. Macron told reporters at the French Agricultural Exhibition that opened that day that French farmers cannot be "tools", "neither tools for adjusting purchasing power... nor tools for adjusting trade agreements", "which is why we oppose the current text of the free trade agreement."On February 23, the Federal Aviation Administration (FAA) issued a notice stating that Elon Musks rocket manufacturing company SpaceX plans to conduct the next test flight of the Starship launch vehicle as early as February 26. The notice also pointed out that if the launch plan on the 26th cannot be implemented, the company has selected a date between February 26 and March 6 as a backup launch window.February 23 news, on February 22, the official Weibo account of Stellantis (STLA.N) Group announced that it has launched STLA AutoDrive 1.0 (STLA Autonomous Driving 1.0), which is the first autonomous driving system developed internally by the group. The vehicle can achieve "no hands on the steering wheel and no need to observe the road" (SAE L-3 level) autonomous driving functions at a maximum speed of no more than 60 kilometers per hour. At higher driving speeds, STLA AutoDrive can provide vehicle adaptive cruise and lane keeping functions in L-2 (hands on the steering wheel required) and L-2+ (no hands on the steering wheel, but need to observe the road) modes. Based on its scalable architecture, STLA AutoDrive has now entered the deployment stage and can be adjusted and matched for different markets around the world. STLA AutoDrive can be equipped on all vehicles of Stellantis Groups brands.1. Hamas said it is ready to enter the second phase of the ceasefire agreement. 2. The Israeli Prime Ministers Office said it would postpone the release of Palestinian detainees. 3. Israel called for an emergency meeting of the Security Council on the killing of detainees. 4. Trump changed his words and would not force the "resettlement" plan for the Gaza Strip. 5. Lebanons Hezbollah is scheduled to hold a large funeral for the late former leader Nasrallah on the 23rd. 6. Iraqi officials denied reports that Iraq would face US sanctions if oil exports from the Kurdish region were not restored. 7. Spokesman for the Syrian Ministry of Oil: The northeastern Syrian authorities have begun to supply oil from local oil fields to the central government in Damascus. 8. US Central Command: The US military killed Bayrakdar, a senior member of the Syrian branch of al-Qaeda, in an airstrike in northwestern Syria.

Oil Prices Begin the Week Lower as Fears of a Chinese Covid Lockdown Fuel Demand Concerns

Charlie Brooks

Apr 12, 2022 09:18

O3.png


On the New York Mercantile Exchange, oil futures declined 4.04 percent to close at $94.29 a barrel, while Brent crude futures slid 4.2 percent to trade at $98.49 a barrel on the London's Intercontinental Exchange (NYSE:ICE).


China's travel ban has harmed travel activities in the world's second biggest economy, placing a squeeze on jet fuel and crude oil consumption. "Air traffic has been reduced to 10% of its normal level not just in Shanghai, but also in other parts of the nation," Commerzbank stated in a note.


According to Commerzbank, the effect of decreased transport demand is estimated to be between 1.2 million and 1.3 million barrels per day, with jet fuel consumption accounting for around half of this amount.


However, there looks to be some relief on the horizon, as Shanghai officials said Monday that they will begin relaxing lockdowns in certain neighborhoods. The announcement comes after China's financial capital recorded a record number of new Covid cases on Sunday, exceeding 25,000.


Demand is being slashed at a time when extra production is scheduled to come online, putting more downward pressure on oil prices. The International Energy Agency's member states agreed last week to release 60 million barrels over the next six months, assuaging concerns about a supply crisis.

Suggestion