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The Dutch road management authority RDW stated that no accidents related to Teslas Autopilot software have been found so far.On June 17, Shanghai Mayor Gong Zheng met with Myanmar President Min Aung Hlaing. Min Aung Hlaing said that when discussing China, one cannot ignore Shanghai, Chinas most economically vibrant city, which has achieved remarkable results in various fields such as industry, trade, finance, and shipping. He was pleased to visit Shanghai again. He noted the long-standing friendship between Myanmar and China, the solid and robust good-neighborly partnership, and the vast potential for cooperation. He expressed his hope to strengthen all-round cooperation with China, further deepen economic and trade investment exchanges, and welcomed more Shanghai enterprises to invest and do business in Myanmar, better benefiting the people of both countries.European Central Bank President Christine Lagarde warned that AI poses a significant risk to financial stability.GENSPARK.AI has expanded its Series B funding round to $485 million, bringing its post-funding valuation to $2.6 billion.June 17th - Not only are 3-year and 5-year fixed deposits fading away, but even 2-year fixed deposits are being removed from banks offerings. Chongqing Fumin Bank recently issued an announcement regarding the suspension of new deposit applications for its 2-year and longer fixed deposit and renewal products. The announcement states that starting June 15th, new deposit applications for 2-year and longer fixed deposit products through the banks mobile banking app, WeChat mini-program, and other online channels will be suspended. This also means that Chongqing Fumin Bank has temporarily suspended the sale of all medium- and long-term deposits through its online channels. Industry insiders say that banks are removing medium- and long-term fixed deposits mainly due to weak growth in high-quality credit assets, coupled with the unsustainability of high-interest deposit-gathering models, leading institutions to proactively reduce high-cost, long-term liabilities.

Oil Quiet As Price Cap Suggestion Assists in Relieving Supply Concerns

Skylar Williams

Nov 25, 2022 14:48

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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.

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