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February 28th - According to the China State Railway Group, the national railway system is expected to transport 16.35 million passengers today (February 28th), with 1,060 additional passenger trains planned. Yesterday (February 27th), the national railway system transported 15.551 million passengers, an increase of 18% year-on-year, maintaining a level above 15 million passengers for eight consecutive days, with transportation remaining safe, stable, and orderly.February 28th - According to the Statistical Communiqué on National Economic and Social Development in 2025 released by the National Bureau of Statistics on February 28th, 25.74 million new business entities were established in my country in 2025, with an average of 26,000 new enterprises established per day.February 28 - According to the Statistical Communiqué on National Economic and Social Development in 2025 released by the National Bureau of Statistics on February 28, 30.08 million foreigners entered China visa-free in 2025, an increase of 49.5%.According to the National Bureau of Statistics, the total value of Chinas imports and exports of goods in 2025 reached 45,468.5 billion yuan, an increase of 3.8% over the previous year. Among them, exports reached 26,989 billion yuan, an increase of 6.1%; imports reached 18,479.5 billion yuan, an increase of 0.5%. The trade surplus was 8,509.4 billion yuan.According to the National Bureau of Statistics, by the end of 2025, the total number of civilian vehicles in China will reach 366.11 million (including 6.81 million three-wheeled vehicles and low-speed trucks), an increase of 13.43 million from the end of the previous year. Of these, privately owned vehicles will number 323.36 million, an increase of 13.48 million. The number of passenger cars will reach 197.73 million, an increase of 4.29 million, of which privately owned passenger cars will number 186.91 million, an increase of 4.87 million.

China COVID-Induced Oil Price Decline May Drive the Price of a Barrel Below $85

Aria Thomas

Sep 02, 2022 11:06

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The picture for oil bulls is unfavorable, and things could worsen before they improve.


New COVID-related lockdowns in China have prolonged the oil selloff for a third day in a row, boosting the likelihood that U.S. crude will go below $85 per barrel for the first time since late January.


Brent crude, the global benchmark for oil traded in London, closed at $92.36 a barrel, down $3.28, or 3.4%, from its session low of $93. Brent prices fell 2.8% on Wednesday and 5% on Tuesday, respectively.


West Texas Intermediate, the standard for U.S. crude traded in New York, finished at $86.61, down $2.94, or 3.3%. Tuesday's decline was 5.5%, while Wednesday's decline was 2.3%.


Thursday's WTI session low was $86, just $1 away from breaching the $85 support.


"From a technical perspective, a break below $85 might drive WTI to test the monthly $82 Middle Bollinger Band," said Sunil Kumar Dixit, chief technical strategist at SKCharts.com. In the case of a fall, the price might reach $77.98 before resuming its climb to the $97-$99 resistance zone.


Again, this is a technical point of view. Obviously, from a broader view on oil, the fundamentals must also be considered," noted Dixit.


Even prior to the China COVID scandal, the fundamentals were at best unclear.


Wednesday, when traders anticipated the oil producing coalition to announce production cuts, OPEC+ gave a more positive demand outlook.


OPEC+ reduced its oil surplus prediction for 2022 to 400,000 barrels per day and predicted a shortage of 300,000 barrels per day for 2023.


The monthly meeting of the 23-nation OPEC+, comprised of the original 13 members of the Saudi-led Organization of Petroleum Exporting Countries and its 10 Russia-led allies, will be held on September 5. If it does not announce any reductions at that time, oil prices may continue to decrease due to fears of weak seasonal demand beginning on September 22.


The White House said on Thursday that Vice President Joe Biden met with Israeli Prime Minister Yair Lapid on Wednesday regarding the revival of a 2015 nuclear agreement that is fervently desired by Iran but fiercely opposed by Israel. This knowledge contributed to Thursday's rise in oil prices. The prospective easing of U.S. sanctions on Iranian oil, which may enhance crude exports by up to one million barrels per day, is at stake.


As reported by Reuters on Thursday, Asia's factory activity dropped in August as China's zero-COVID regulations and cost limits continued to damage businesses, dimming the outlook for the region's weak recovery.


Baoan, the most populous district of Shenzhen, suspended large-scale events and indoor entertainment for three days as the number of COVID-19 cases continued to rise.

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