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According to the official measurement of the China Earthquake Networks Center, a 3.2-magnitude earthquake occurred in Kuqa City, Aksu Prefecture, Xinjiang (41.18 degrees north latitude, 83.72 degrees east longitude) at 01:12 on August 9, with a focal depth of 16 kilometers.Market news: The commander of U.S. Central Command has arrived in Israel and will hold talks with senior Israeli military officials.On August 9th, U.S. Vice President JD Vance stated in a Fox News interview broadcast on Saturday that "we are in a game" regarding Iran. "We are using all the tools at our disposal—diplomatic, economic, military—to ensure the best possible outcome for the American people," he said. He indicated that some progress had been made in the Iran negotiations over the past few days. The U.S. expects oil and gas exports from the Gulf region to return to pre-conflict levels, "and the Iranians have indicated to us that they intend to do so," he said.Federal Reserve Governor Bowman will participate in a fireside chat in ten minutes.On August 9th, it was reported that the Trump administration is intensifying pressure on Florida oil tycoon and Republican donor Harry Sargent III to divest his assets in Venezuela. According to sources, the U.S. Treasury Department froze assets of Sargents offshore company involved in Venezuelan oil production projects on Friday. Simultaneously, the Treasury Department has issued a license allowing him to liquidate his stake in the company. Sargent served as a key secret communication channel between Washington and Caracas during years of heightened tensions between the U.S. and Venezuela, accumulating significant influence on both sides. He frequently visited Trumps Mar-a-Lago resort and the Venezuelan presidential palace, regularly meeting with former President Maduro and other high-ranking officials detained by the U.S. military. He used this special channel to relay information between the U.S. and Venezuela and helped facilitate the release of detained U.S. citizens in 2025. Simultaneously, he also developed deals in Venezuela, a country most oil companies avoid due to political risks and sanctions.

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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