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On August 3rd, Cao Cao Mobility and Xiangzhou District of Zhuhai City officially signed a strategic cooperation agreement to jointly promote the implementation of the "integrated air-ground-space" smart mobility demonstration project in Zhuhai. Cao Cao Mobilitys first batch of autonomous driving test vehicles will soon enter designated sections of Xiangzhou District for on-site verification, and the autonomous driving fleet will be expanded in an orderly manner subsequently. Simultaneously, a smart operation and maintenance hub, the "Green Smart Access Island," integrating automatic battery swapping, intelligent quality inspection, and remote dispatching, is planned and constructed, with reserved space for the take-off and landing of low-altitude aircraft.August 3 - The UKs Office for Maritime Trade Operations (OMTO) reported on the evening of August 2 that an oil tanker reported hearing an explosion approximately 20 nautical miles northeast of Saeb in the Sea of Oman. The vessel and crew are currently safe. The report indicated that the incident occurred near the eastern entrance to the Strait of Hormuz. OMT received the report from the tankers captain at 20:37 UTC on August 2 (4:37 Beijing time on August 3). The captain stated that the explosion occurred relatively close to the vessel. The report stated that relevant authorities are investigating the incident. OMT advised passing vessels to exercise caution.As of 8:30 AM Beijing time, spot platinum was down 0.14% and spot palladium was down 0.05%.Trump halted new strikes against Iran, saying a deal was "close to being reached," causing a sharp drop in international oil prices. A chart provides a quick overview of the pre-market conversion prices of crude oil between domestic and international markets.Japans final manufacturing PMI for July was 54.5, below the expected 54.7 and the previous reading of 54.7.

Crude Oil Tests $95 as Recession Fears and a Surging Dollar Shake the Oil Rally's Foundation

Charlie Brooks

Jul 08, 2022 11:23


On Wednesday, U.S. crude futures slid $4 to test the $95 per barrel support as recession concerns and a strengthening dollar in expectation of further rate hikes by the Federal Reserve shook the roots of this year's oil boom. After topping $97 a barrel in the previous session, the benchmark for U.S. crude oil, West Texas Intermediate, fell by more than $9.


Brent, the benchmark for international crude oil, dropped below $100 for the first time since April 25. Tuesday, Brent lost nearly $11 after a $101 examination.


Overnight, the Dollar Index, which measures the U.S. dollar to six major international currencies, surpassed 107 for the first time since December 2002. The dollar has climbed significantly since November of last year in anticipation of aggressive rate hikes by the Federal Reserve, which have just now begun to materialize.


In June, a carefully watched barometer of the U.S. services sector fell to its lowest level in twenty months, but despite rising labor and other input costs, it held up better than expected.


Separately, the U.S. Department of Labor said that the labor market may be slowing. According to its monthly study, the number of job openings declined in May to 11.254 million, which is still an all-time high. The sum was around a quarter of a million more than projected, and the government revised its estimate from May to 11,681 million.


The data on job openings was issued before the more critical nonfarm payrolls report on Friday, which is anticipated to suggest a slower rate of employment growth in June compared to May. Economists anticipate that around 268,000 payrolls were added in June, compared to 390,000 in May, keeping the unemployment rate at 3.6% for the third straight month. The Federal Reserve considers a rate of unemployment of 4 percent or less to signify full employment.


In an assessment of the energy sector, Goldman Sachs analysts wrote, "While we believe that higher consumer prices are required to stabilize the oil market this summer, we recognize that significant and huge shocks continue to distort fundamentals."



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