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On June 10, Wang Yubo, Deputy Secretary of the Yunnan Provincial Party Committee and Governor of Yunnan Province, met with a delegation led by Vasanta Samarasinghe, Minister of Trade, Commerce, Food Security and Cooperation Development of Sri Lanka, who was in Yunnan to attend the 10th South Asia Expo and the 30th Kunming Trade Fair. Wang Yubo stated that Yunnan will earnestly implement the important consensus reached by the two heads of state, providing Sri Lanka with "three exemptions and three conveniences" support, jointly promoting bilateral trade, and strengthening cooperation in areas such as industrial development, cross-border e-commerce, transportation and logistics, science and technology, and cultural exchanges, contributing to the high-quality Belt and Road Initiative and the building of a China-Sri Lanka community with a shared future.On June 10, the Cyberspace Administration of China (CAC) convened a national conference on internet ecosystem governance in Beijing. The conference emphasized the need to clarify goals and tasks, focus on key priorities, and continuously improve the capacity for internet ecosystem governance. Efforts should be made to strengthen both short-term and long-term solutions, improve the effectiveness of special campaigns, refine long-term governance mechanisms, and ensure the implementation of institutional measures. Efforts should also be made to strengthen basic management, strictly control internet access points, key traffic entry points, and entry points for new business models and applications. Furthermore, efforts should be made to strengthen platform responsibility, enhance platform rule governance, improve account management efficiency, strengthen platform operation management, and regulate and manage minors internet use. Finally, efforts should be made to strengthen technological empowerment, promote the development of emerging technologies while mitigating their drawbacks, enrich technological means in line with the times, and proactively plan for the positive application of technology.On June 10, Russian Foreign Ministry spokeswoman Maria Zakharova stated at a regular press conference that Russia will respond effectively and firmly to the new round of EU sanctions. Zakharova also expressed deep concern about the renewed escalation of the situation in the Middle East and called on all parties to exercise restraint. Russia hopes that all parties to the conflict will return to a political and diplomatic solution as soon as possible.It is reported that Israel is preparing to launch another strike against Iran.US President Trump: Iran cannot pay its military pay or any bills and is rapidly becoming a failing state!

WTI struggles to prolong its two-day uptrend below $78, as negative sentiment undermines expectations for China-led oil demand

Daniel Rogers

Mar 02, 2023 15:46

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Following a two-day uptrend that reached the greatest levels in a fortnight, the price of WTI crude oil fluctuates between $77.80 and $90 early Thursday.

 

The recent struggles of the black gold may be related to the contradictory signals encircling China and the Oil equities. However, negative sentiment and the resurgence of the US Dollar appear to be the quote's greatest obstacles to the upside.

 

In addition, higher-than-anticipated US inventories weigh on the energy benchmark. The weekly data from the US Energy Information Administration (EIA) indicates a 1.165M increase in Oil inventories, compared to the expected 0.45M increase and the previous level of 7.648M.

 

The willingness of US President Joseph Biden to continue pumping the markets with the Strategic Petroleum Reserve (SPR) and the absence of offers for Russian Oil also exert downward pressure on the price of WTI crude oil.

 

The latest New York Times (NYT) headlines suggest a potential rift between the United States and China at the important event. According to the news, "China is urging the start of peace talks, and some Group of 20 nations may support that notion when they meet in India, but U.S. officials contend Russia would not negotiate in good faith."

 

It should be noted, however, that the recent uptick in China activity data and optimistic remarks from the dragon nation's policymakers keep black gold purchasers optimistic. China's Minister of Human Resources recently stated, "China's employment will continue to increase this year and remains stable overall." On Wednesday, China's Finance Minister Liu He expressed a willingness to increase the country's fiscal expenditure while noting that the foundation of China's economic recovery remains fragile.

 

However, hawkish remarks from policymakers of the US Federal Reserve (Fed), the Bank of England (BoE), and the European Central Bank (ECB) highlighted the need for additional rate hikes to combat inflation issues, which exerted downward pressure on the price of oil.

 

In response to these events, 10-year US Treasury bond yields surpassed 4% for the first time since early November 2022, while 2-year yields ascended to their highest levels since June 2007 by flashing 4.91%. The increase in US Treasury bond yields reflects the market's concerns, which in turn have impacted on bulls on Wall Street, S&P 500 Futures, and WTI bulls recently. Consequently, S&P 500 Futures were down 0.5 percent as of press time despite the varied closing of Wall Street benchmarks.

 

Moving on, G20 updates could be combined with comments from central bankers and secondary US data to amuse Oil traders.


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