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Hang Seng Index futures closed up 0.59% at 19,426 points in the night session, 140 points higher.On January 16, the Federal Reserve Beige Book stated that during the reporting period, overall prices rose to a certain extent, ranging from flat to moderately rising. Most respondents in the reserve area said that sales prices had increased moderately, but there were also cases where prices remained flat or fell, especially in retail and manufacturing. Input costs also rose, and respondents specifically mentioned rising insurance prices, especially health insurance. Respondents expect prices to continue to rise in 2025, and some pointed out that tariff increases may drive price increases.Brent crude oil rose more than 2.00% during the day and is now trading at $81.32 per barrel.On January 16, the Federal Reserve Beige Book pointed out that during the reporting period, overall, employment conditions rose slightly, with 6 Federal Reserve districts reporting a slight increase in employment and 6 reserve districts reporting no change. Respondents in several service industries, including healthcare, continued to report an increase in employment. Construction employment increased slightly, while manufacturing employment remained flat. Respondents in multiple industries pointed out that it was difficult to find skilled workers, and reports of layoffs remained rare. However, respondents in some reserve districts showed greater uncertainty about future staffing needs. Wage growth in most reserve districts accelerated to a moderate level, although some reports said wage pressures had eased.US President Biden: The United States will participate in the first phase of hostage release.

Oil Prices Stabilize as Shanghai's Lockdown is Eased and Russian Output is Reduced

Aria Thomas

Apr 13, 2022 09:27

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Shanghai said more than 7,000 residential units had been designated as lower-risk locations after a 14-day period with no new illnesses. Districts have begun stating which compounds are available for public inspection.


Meanwhile, the Organization of the Petroleum Exporting Countries (OPEC) cautioned that it would be hard to replace the 7 million barrels per day (bpd) of Russian oil and other liquids exports that would be lost as a result of sanctions or voluntary measures.


On Monday, Russian oil and gas condensate output dipped below 10 million barrels per day (bpd), the lowest level since July 2020, two individuals familiar with the data said on Tuesday, as trading was impeded by sanctions and logistical restrictions.


According to sources, Russia's average oil production declined more than 6% to 10.32 million barrels per day (bpd) on April 1-11, from 11.01 million in March.


Although the European Union has not yet imposed an embargo on Russian oil, certain foreign ministers have indicated that the possibility is being considered.


"The oil market is susceptible to a huge shock if Russia's energy sector is sanctioned, and that risk remains," stated Edward Moya, a senior market analyst at OANDA.


OPEC dropped its prediction for Russian liquids output in 2022 by 530,000 barrels per day, but maintained its forecast for global oil demand growth, citing the effect of Russia's invasion of Ukraine, rising crude prices, and the recurrence of the epidemic in China.


Indian Oil Corporation (IOC), which previously purchased Russian Urals in bids, has withdrawn the grade from its next crude offer. On Monday, US Vice President Joe Biden informed Indian Prime Minister Narendra Modi that purchasing more oil from Russia was not in India's best interests.


Members of the International Energy Agency (IEA) intend to release 240 million barrels over the next six months beginning in May in an attempt to stabilize the market.


While the release will alleviate acute shortages, economists cautioned that it would not address the underlying imbalance, and supplies will need to be replenished.


According to a preliminary Reuters poll, 8849|US crude oil inventories are estimated to have increased by 1.4 million barrels in the week ended April 8, after three consecutive weeks of declines.


The survey was taken ahead of Tuesday's American Petroleum Institute report, which is scheduled to release at 4:30 p.m. EDT (2030 GMT).

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