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On April 4, the Yangtze River Delta Railway ushered in the peak of passenger flow during the Qingming Festival. It is expected to send 4.1 million passengers today, 365,000 more than the same period last year, an increase of about 9.8%, and is expected to set a new record for single-day passenger volume. This years Qingming Festival railway transportation will start from April 3 to 7. The Yangtze River Delta Railway is expected to send 17.6 million passengers in 5 days, with an average daily passenger flow of 3.52 million, a year-on-year increase of 6.8%.The yield on the two-year U.S. Treasury note fell to a six-month low of 3.6550% and was last at 3.6611%.On April 4, local time on April 3, U.S. Secretary of Health and Human Services Robert Kennedy Jr. said that about 20% of the layoffs in the Department of Government Efficiency were wrong and needed to be corrected. The U.S. Department of Health and Human Services laid off about 10,000 people on the 1st. Kennedy said that people who should not have been laid off were laid off, and the department is restoring their positions. Kennedy said that canceling the entire lead poisoning prevention and monitoring department of the Centers for Disease Control and Prevention was one of the mistakes. At present, it is unclear what other projects Kennedy may plan to restore.Bank of Japan Governor Kazuo Ueda: Will consider the impact of food costs on consumers.On April 4, local time on the 3rd, the automobile company Stellantis said that due to the impact of the US import automobile tariff policy, the company decided to lay off 900 employees in its five US factories and suspend production operations at two assembly plants in Canada and Mexico. Antonio Filosa, Chief Operating Officer of Stellantis Americas, said that the US factories that were laid off were powertrain and stamping parts factories, which produced spare parts for two assembly plants in Canada and Mexico. According to the plan, the assembly plant in Canada will stop production for two weeks, and the assembly plant in Toluca, Mexico will suspend production throughout April. Filosa said the company is "continuing to evaluate the medium- and long-term impact of tariffs on operations."

WTI anticipates a decline to reach $80 per barrel as global growth predictions diminish

Alina Haynes

Sep 23, 2022 11:58

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West Texas Intermediate (WTI) futures on the New York Mercantile Exchange (NYMEX) are experiencing selling pressure while attempting a positive reversal. Oil prices are hanging at $83, and it is anticipated that they will continue to decline to roughly $80. In a larger sense, the black gold has had a weak performance over the past three weeks after giving up the psychological support of $90.00.

 

Numerous global resisting triggers have caused a severe decline in oil prices. As a result of the hawkish posture of western central banks on their interest rates, the objective of achieving price stability is at the expense of the breadth of economic activity. There is a fall in economic activity because corporations are not investing because cheap money is unavailable. In addition, the delay of expansion plans has reduced demand projections. Eventually, there is a substantial decline in oil demand.

 

The demand for oil in the huge economy of the United States is declining sharply. In the previous four weeks, the daily demand for gasoline in the United States has dropped by 8.5 million barrels. This is the result of intensifying pricing pressures, which have led households to purchase only the necessities.

 

In the meantime, an unaltered policy pronouncement from the People's Bank of China (PBOC) dampened oil price sentiment. As China's total demand is not increasing and pricing pressures are falling, a rate drop was anticipated. However, the oil bulls were undercut by the PBOC's neutral position.

 

On the supply side, OPEC+ has reduced output by 3.58 million barrels per day, corresponding to 3.5% of world demand. Despite a drop in global production, oil stockpiles are increasing, which bolsters the indicators of an impending recession.