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Alphabet shares surged 2.7% to a record high after Berkshire Hathaway increased its Alphabet holdings to more than three times.On May 18th, the second phase of the Shanghai Chengtou Kuanting Zhangjiang Community project officially commenced operation. With this, the largest rental housing community in Shanghai, comprising 7,635 units, has now fully entered the market. Located in the core area of Zhangjiang Science City in Pudong New Area, the Chengtou Kuanting Zhangjiang Community is surrounded by numerous companies in the fields of integrated circuits, biomedicine, and artificial intelligence. The first phase of the project, comprising 4,455 fully furnished apartments, entered the market in September 2023, and its overall occupancy rate has exceeded 95%.According to Irans Tasnim News Agency, sources close to the negotiating team said that Iran stated that despite some revisions to the draft, the US demands remain too harsh.May 18th - High mortgage rates, rising oil prices, and ongoing economic uncertainty due to the war with Iran continue to weigh on potential homebuyers. However, U.S. builders are seeing a slight improvement in their business, anticipating a surge in growth towards the end of the spring. Following a sharp decline in April, the National Association of Home Builders (NAHB) Housing Market Index showed that builder confidence in the single-family home market rose 3 points to 37 in May. However, an index below 50 is considered a sign of market pessimism. NAHB Chief Economist Robert Dietz stated, "The recent rise in long-term interest rates will continue to dampen housing demand. While some regions, including parts of the Midwest, are showing relatively strong performance, the housing market still faces significant affordability challenges."The U.S. Treasury Department announced a $275 million settlement with India’s Adani Group Enterprises Limited.

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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