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Irans Judiciary News Agency reported that an Iranian businessman was detained in Italy and will return to Iran in the coming hours.On January 12, SpaceX announced on the X social network that the seventh test launch of the Starship will be postponed to January 15. Previously, the company said the launch was scheduled for January 13. It should be noted that during the flight, the spacecraft will attempt to deploy a payload in space for the first time, releasing 10 Starlink satellite models.On January 12, the Financial Supervision Administration held a 2025 supervision work meeting. The meeting pointed out that multiple measures should be taken to help the economy recover and improve. We will step up efforts to implement a package of incremental policies to stabilize growth. We will take the lead in establishing a coordination mechanism to support financing of small and micro enterprises, and expand the policy of interest-free loan renewal to medium-sized enterprises in stages. The scope of the pilot equity investment of financial asset investment companies has been expanded to 18 cities, and the scale of the signed intended funds has exceeded 340 billion yuan. We will provide guidance on the response and disposal of natural disasters such as rainstorms and typhoons and major accidents. The insurance industry paid out more than 2.3 trillion yuan.Kuwait set its February crude oil sales to the United States at a premium of $3.70 per barrel (over the Oman/Dubai average price), and its crude oil sales to Asia at a premium of $0.45 per barrel. It set its February crude oil sales to northwestern Europe at a discount of $3.40 per barrel, and its February crude oil sales to the Mediterranean region at a discount of $3.4 per barrel.On January 12, the booking for the 2025 Spring Festival travel has reached its peak. According to Qunars big data, January 25 may become the peak of the number of people traveling in a single day during the Spring Festival. At present, the train tickets for January 25 have been put on sale, and some popular train tickets for visiting relatives have been sold out, driving the sales of Spring Festival air tickets to a peak. According to the analysis of Qunar Big Data Research Institute, this years Spring Festival, many people will choose to take leave on January 26 and 27 to make an 11-day super-long holiday. According to the current booking situation, the highest number of trips is on January 25, exceeding the day before New Years Eve. The long holiday has spawned a "transition vacation", first going home to visit relatives, then traveling, and finally returning to work and school. Many passengers will quickly and frequently "transfer" between multiple places. The number of passengers who purchased multiple tickets within 11 days has increased by 50% year-on-year.

WTI recovers to $87.50 on Iran, OPEC+ buzz

Daniel Rogers

Sep 02, 2022 14:38

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WTI crude oil prices consolidate weekly losses near a two-week low in Friday's Asian session. The energy benchmark hails the expected output drop from major suppliers while ignoring US-Iran oil deal discussions. The market's consolidation before the US jobs data seems to favor the latest commodity bounce.

 

Reuters reports that OPEC+ will meet on September 5 amid a backdrop of dropping prices and demand, even as top producer Saudi Arabia claims supply remains tight. OPEC+ this week reduced its demand estimate, now projecting demand to lag supply by 400,000 bpd in 2022 and 300,000 bpd in 2023.

 

On a second page, Reuters sources Iranian official news as claiming Iran has given a 'constructive' response to US suggestions aimed at restoring the 2015 nuclear deal.

 

Covid-led lockdown in China's Chengdu joins gloomy Manufacturing PMIs and hawkish Fedbets to squeeze WTI crude oil prices.

 

US 10-year Treasury rates decrease one point from late June's highs to 3.25 percent, while two-year bond coupons fall from a 15-year high. The CME's FedWatch Tool predicts a 74% chance of a rate hike in September, up from 69%.

 

Looking ahead, oil traders will watch the US Nonfarm Payrolls (NFP) and Unemployment Rate for August for fresh impulse.

 

Although $85.30-50 horizontal support limits the black gold's immediate fall, recovery is elusive until reaching the 50-DMA and 200-DMA, around $95.15-30.