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On May 10, local time, Russian Presidents Press Secretary Peskov said that Russia is actively developing relations with many countries and will continue to do so. Peskov pointed out that it is very difficult to isolate Russia because Russia occupies a very important position in the world. In addition, Peskov also said that Russian President Putin is willing to engage with leaders of any country in the world, and he is willing to interact to the extent that they are ready to cooperate.On May 10, California Governor Gavin Newsom criticized the U.S. federal government in a video posted on social media. He said that the U.S. governments current tariff policy "may cause the United States to lose its position as the worlds largest economy." In the video, he criticized the U.S. governments tariff policy for blocking U.S. imports and directly affecting the daily lives of ordinary people. "In a few months, people will lack school bags and Christmas toys. Tariffs will make American families even worse." Newsom said that as the state with the strongest economic power in the United States, California occupies an important position in the global economy, precisely because California is committed to "reducing trade barriers and providing quality services to American consumers", but the current tariff policy is undermining all of this, leading to rising prices and stagnation at ports.Kremlin: European countries statements have a "confrontational character".May 10th news: On the evening of May 9th local time, a US federal judge ruled that the Trump administration may not continue to advance its large-scale layoffs or major restructuring plans for multiple federal agencies based on an executive order issued in February this year.Ukrainian President Zelensky: We all agree that the conflict in Ukraine must be ended "in a dignified and peaceful manner."

Concerns Over Shanghai's New Partial Lockdowns Weigh on Demand, Causing Oil Prices to Decline

Aria Thomas

Jun 10, 2022 11:13

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Oil prices dropped on Friday but remained near three-month highs, as concerns over new COVID-19 lockdown measures in Shanghai outweighed the United States' steady demand for fuels.


Brent crude futures for August dropped $1.01, or 0.8%, to $122.06 a barrel at 01:41 GMT, following a 0.4% decline the previous day. U.S. West Texas Intermediate crude for July lost 98 cents, or 0.8%, to $120.53 a barrel, after falling 0.5% on Thursday.


Brent was projected for a fourth consecutive weekly gain while WTI was projected for a seventh consecutive weekly gain, notwithstanding the recent price increases. Wednesday represented the highest closing for both benchmarks since March 8, when they reached their highest settlements since 2008.


Kazuhiko Saito, head analyst of Fujitomi Securities Co. Ltd., stated that Shanghai's new pandemic limitations have prompted concerns about China's demand.


"However, losses were limited by forecasts that the tight global supply will persist in the face of robust U.S. demand for fuels and a gradual increase in oil output by OPEC+," he said.


Shanghai and Beijing were placed on a new COVID-19 warning on Thursday, following the imposition of new lockdown restrictions and the announcement of mass testing for millions of inhabitants in China's greatest commercial hub.


China's crude oil imports surged about 12 percent in May from a low base a year earlier, despite the fact that refiners were still contending with large stockpiles due to COVID-19 lockdowns and a weakening economy, which weighed on fuel demand last month.


In the meantime, peak summer demand for gasoline in the United States continues to drive up oil prices. The United States and other nations have engaged in a series of releases of strategic reserves, but these have had a limited impact, as crude oil production has risen extremely slowly.


Last week, OPEC+, a group comprised of OPEC and producers such as Russia, agreed to accelerate supply increases in an effort to rein in soaring fuel costs and curb inflation. However, the business will be left with very little spare capacity and essentially no room to compensate for a significant supply disruption.


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