EUR/USD 1.16979
-0.121%
Gold 4583.54
-0.296%
Oil 97.332
-0.155%
USD/JPY 159.719
0.066%
GBP/USD 1.34986
-0.140%
GBP/JPY 215.605
-0.065%
Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
A Malaysian government spokesperson said that the oil and gas company has confirmed that energy supplies are sufficient in May and June, but some fuel shortages are expected afterward.On April 29th, the World Gold Council released its Q1 2026 "Global Gold Demand Trends Report," showing that global physical gold ETFs maintained net inflows in Q1, with global holdings increasing by 62 tons. Asian investors bought a significant 84 tons, while holdings in European and American markets saw a slight decline – net outflows from Western markets in March reversed the strong inflow momentum at the beginning of the year. Affected by high gold prices, global gold jewelry demand declined by 23% year-on-year to 300 tons. Demand for gold jewelry generally cooled in major global markets. However, in terms of spending, gold jewelry demand bucked the trend, indicating that even with historically high gold prices, consumers willingness to buy gold jewelry remains robust.On April 29th, the World Gold Council released its Q1 2026 "Global Gold Demand Trends Report," showing that global gold demand (including OTC transactions) reached 1,231 tons in the first quarter, a 2% year-on-year increase. While the increase in gold volume was moderate, the total value of demand surged to a record $193 billion, a significant 74% year-on-year increase. Strong gold prices and rising safe-haven demand drove a 42% year-on-year increase in global gold bar and coin investment, reaching 474 tons, continuing to drive structural changes in the global gold demand landscape. Chinas demand for gold bars and coins surged 67% year-on-year to 207 tons, a new quarterly high. Demand for gold bars and coins also increased in other Asian markets such as India, South Korea, and Japan. Demand for gold bars and coins in the US and European markets also saw strong growth, increasing by 14% and 50% year-on-year, respectively.On April 29th, RBC Capital Markets stated that it expects the Bank of Canada to keep interest rates unchanged for the fourth consecutive time, with policymakers closely monitoring the impact of rising energy prices on inflation. Overall CPI in April is likely to exceed the 1% to 3% target range for the first time since December 2023. However, interest rate policy cannot influence global oil prices, and its impact on the economy is lagged, meaning the central bank needs to base monetary policy on future inflation levels rather than current inflation. The Bank of Canada is expected to proceed cautiously as long as inflation expectations and broader inflationary pressures (excluding rising energy prices) remain under control. The Bank of Canadas Business Outlook Survey showed a rise in inflation expectations, but signs of further slowing in the March "core" indicators should allow the central bank to maintain policy flexibility in assessing new data and its recent forecasts. First-quarter GDP growth was broadly in line with the January forecast, and recent data suggests a modest recovery in economic momentum. The labor market also shows signs of stabilization, but the unemployment rate remains low, insufficient to indicate that underlying inflationary pressures are intensifying, meaning there is limited urgency for further policy adjustments in the near term.UK Housing Minister Reed: We are not considering rent control.

Oil Quiet As Price Cap Suggestion Assists in Relieving Supply Concerns

Skylar Williams

Nov 25, 2022 14:48

118.png


Benchmark Brent oil declined on Thursday, while West Texas Intermediate (WTI) crude remained unchanged, hovering at two-month lows due to uncertainty about the degree to which a proposed G7 restriction on the price of Russian oil would limit supply.


A larger-than-anticipated rise in gasoline inventories in the United States and an expansion of COVID-19 limitations in China also knocked on oil prices.


At 15.15 p.m. ET (2015 GMT), Brent oil prices decreased 29 cents, or 0.3%, to $85.12 per barrel, while U.S. WTI crude futures decreased 2 cents, to $77.96 per barrel.


Due to the Thanksgiving break in the United States, trade volumes were quite low.


The announcement on Wednesday that the expected price ceiling for Russian oil may surpass the current market level triggered a decrease of about 3 percent for both benchmarks.


European Union nations remained divided over what level to cap Russian oil prices to limit Moscow's ability to pay for its battle in Ukraine without causing a global oil supply shock; if positions converge on Friday, more conversations are possible.


A European official claimed that the G7 is discussing a cap of $65-$70 per barrel for Russian oil transported by sea, but European Union member states have not yet reached an agreement on a price.


A higher price ceiling might encourage Russia to continue selling its oil, decreasing the possibility of a global oil supply shortage.


According to two sources, several Indian refiners are discounting Russian Urals crude by between $25 and $35 per barrel compared to the worldwide benchmark Brent oil. Urals is Russia's principal crude export.


Despite the obstacles, Bart Melek, global head of commodities market strategy at TD Securities, is rather optimistic about oil. "The Russian price ceiling is another aspect that contributed to the current price fall," he stated.


The Energy Information Administration (EIA) said on Wednesday that gasoline and distillate inventories in the United States climbed substantially during the previous week. [EIA/S]


In contrast, oil stockpiles decreased by 3.7 million barrels to 431.7 million barrels in the week ending November 18, despite a Reuters survey predicting a reduction of 1.1 million barrels.


China reported the highest daily number of COVID-19 cases since the outbreak began over three years ago on Wednesday. Local officials intensified measures to remove the breakouts, raising investor anxiety over the economy and demand for fuel.

Suggestion