EUR/USD 1.16173
-0.326%
Gold 4534.39
-0.695%
Oil 102.776
0.750%
USD/JPY 159.122
0.172%
GBP/USD 1.34035
-0.217%
GBP/JPY 213.284
-0.042%
Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
On May 19th, international gold and silver prices were sold off due to market bets on a Federal Reserve rate hike this year triggered by better-than-expected US inflation data. While the Shenzhen Shuibei Gold and Jewelry Market remained bustling, the sharp price fluctuations affected consumer willingness to trade, and many merchants adjusted their business strategies accordingly. One store manager stated, "Sales have dropped significantly, down by about 50% year-on-year. Weve gone back to wholesale. Gold transactions are low, and silver has seen a precipitous drop; investors are basically not coming anymore." In contrast to the sluggish retail market, the processing of gold and silver products has been very active recently. The head of a processing company told reporters that their business volume has increased significantly compared to the same period last year, with many customers no longer frequently buying and selling their existing gold and silver products, instead focusing on processing and planning to hold them long-term.A spokesperson for the Qatari Ministry of Foreign Affairs stated that only two liquefied natural gas tankers passed through the Strait of Hormuz, which clearly does not mean that normal navigation has resumed.On May 19, Ding Xuexiang, member of the Standing Committee of the Political Bureau of the CPC Central Committee and Vice Premier of the State Council, met with Russian First Deputy Prime Minister Manturov in Beijing. Ding stated that under the strategic guidance of President Xi Jinping and President Putin, relevant parties in China and Russia have worked together to maintain a good momentum of investment cooperation between the two countries. This year marks the 30th anniversary of the establishment of the China-Russia strategic partnership of coordination and the 25th anniversary of the signing of the Treaty of Good-Neighborliness and Friendly Cooperation between China and Russia. Both sides should take this opportunity to further implement the important consensus reached by the two heads of state, leverage the coordinating role of the China-Russia Investment Cooperation Committee, steadily advance key projects, expand cooperation areas, achieve more practical results, and continuously inject strong impetus into the development of bilateral relations. Manturov stated that Russia is willing to strengthen strategic alignment with China, enrich the content of cooperation, actively address issues of mutual concern, and continuously improve the level of investment cooperation between the two countries.Shell CEO: Events of the past few months demonstrate that meeting oil demand will be crucial in the coming decades.Indian oil company executive: The companys crude oil inventory exceeds one months supply.

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