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On June 23, 2026, Wang Yi, member of the Political Bureau of the CPC Central Committee and Director of the Office of the Central Foreign Affairs Commission, met with El-Din, Secretary-General of the Egyptian National Security Council, in New Delhi. Wang Yi stated that the international situation is currently undergoing profound and complex changes. China and Egypt, as important members of the Global South, share broad common ground in international and regional affairs and bear important responsibilities for maintaining international and regional stability. China is willing to strengthen coordination and cooperation with Egypt on international multilateral platforms such as BRICS and the United Nations, jointly safeguard the independence, autonomy, and self-reliance of the Global South, actively promote the multipolarization process, and work together to build a community with a shared future for mankind.June 23 - As of 2:30 PM closing, the main Shanghai gold futures contract closed down 0.18% at 915 yuan/gram, the main Shanghai silver futures contract closed down 1.23% at 15,768 yuan/kilogram, and the main SC crude oil futures contract closed down 1.72% at 502 yuan/barrel.On June 23, 2026, Wang Yi, member of the Political Bureau of the CPC Central Committee and Director of the Office of the Central Foreign Affairs Commission, met with Indian National Security Advisor Ajit Doval in New Delhi. Wang Yi stated that India is an important neighbor of China. As the two most populous economies, China and India should not only view bilateral relations with a long-term perspective but also promote cooperation from a global perspective. Currently, the global South, including China and India, is experiencing a collective rise. The BRICS mechanism, as the leading force in the global South, should actively advocate for and promote the multipolarization process, safeguard the legitimate rights and interests of developing countries, and push the international order towards a just and reasonable direction. China supports India in fulfilling its responsibilities as the BRICS chair and jointly promoting the development and growth of the BRICS mechanism.According to Politico: U.S. Defense Secretary Hergsays plans to give a classified briefing to a large group of Republican members of Congress on Wednesday at a Republican Study Committee (RSC) luncheon on the Trump administration’s military funding goals and another partisan bill.According to CNN: US Vice President Vance left Switzerland after the US-Iran negotiations concluded.

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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