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On May 9, Hongmeng Intelligent Driving released its April Intelligent Driving Assistance Report. The report shows that Hongmeng Intelligent Drivings total mileage in April exceeded 264 million kilometers, the user activity rate reached 88.62%, the average intelligent driving assistance mileage per user reached 561.65 kilometers, and a total of 16.254 million times of intelligent assisted parking were used.Bank of England Governor Andrew Bailey said on May 9 that the trade deal reached between the United States and the United Kingdom on Thursday was a good thing, but tariffs on most British exports to the United States are still higher than they were before last month. "In a world where actual tax rates will be higher than before all this started, this is good news," he said during a question-and-answer session at an economic conference in Reykjavik. Bailey also reiterated that the British economy is highly affected by the global economy and depends largely on the agreements reached by other countries with the United States. Baileys remarks were similar to his remarks at a press conference yesterday, when a deal seemed to be about to be reached but the details had not yet been announced.European Commission President Ursula von der Leyen: Before the summer, we expect a major boost to the capital markets.Sources: In trade negotiations, India has asked the United States to waive all current and future tariffs. India has proposed to reduce the tariff gap with the United States from nearly 13% to less than 4% under a potential trade deal.Information from the Hong Kong Stock Exchange shows that Deutsche Banks shareholding in Bilibili (09626.HK) increased from 23.10% to 23.24% on May 6.

Fears of a recession continue to weigh on oil prices, although a tightened supply mitigates losses

Aria Thomas

Jul 04, 2022 11:37


Oil prices dipped in early Asian trade on Monday, erasing the previous session's gains, as fears of a global recession weighed on the market despite the fact that supply remains tight due to lower OPEC output, unrest in Libya, and sanctions against Russia.


Brent crude futures declined 35 cents, or 0.3%, to $111.28 a barrel at 00:16 GMT on Saturday, following a Friday increase of 2.4%.


Futures for U.S. West Texas Intermediate (WTI) crude dropped 32 cents, or 0.3%, to $108.11 a barrel on Monday, after gaining 2.5% on Friday.


Fears of a recession have weighed on the market during the past two weeks, although supply concerns have prevented further price drops.


Tobin Gorey, a commodities analyst at Commonwealth Bank, observed, "Energy markets continue to be plagued by distinct supply risks, making shorting a nerve-racking exercise."


In June, the production of the 10 members of the Organization of the Petroleum Exporting Countries (OPEC) declined by 100,000 barrels per day (bpd) to 28.52 million barrels per day (bpd), a far cry from the 275,000 bpd increase they had expected.


Increases in Saudi Arabia and other major producers were offset by losses in Nigeria and Libya, and Libya faces additional supply disruptions as a result of rising political unrest.


Analysts at ANZ Research noted in a note, "This makes it even less likely that (OPEC) will be able to meet its newly increased output limits."


Last week, the National Oil Corp estimated that Libya's exports have reduced to between 365,000 and 409,000 bpd, a decrease of around 865,000 bpd compared to normal levels.


This week, a planned strike by Norwegian oil and gas workers may lower the nation's oil and condensate production by 130,000 barrels per day (bpd).


Traders will closely follow official oil prices for August from the world's largest oil supplier, Saudi Arabia, for signals of market tightness, with refiners anticipating another high increase close to the record established in May.


According to nine refinery sources evaluated by Reuters, the official selling price of Saudi Arabia's flagship Arab Light oil may rise by around $2.40 per barrel compared to the previous month.


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