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May 16th - The meeting between the Chinese and US leaders has drawn significant global attention. International figures expressed their expectation that, under the strategic guidance of head-of-state diplomacy, China and the US will forge a new path for proper relations between major powers in the new era, jointly creating a bright future for bilateral relations while bringing more stability and certainty to a world fraught with uncertainty. William Jones, former White House correspondent for the US magazine *Global Strategy Information*, stated that as the most important bilateral relationship in the world today, the smooth progress of the US-China relationship depends on the two leaders ability to "see the direction, grasp the overall situation, and stabilize the course." He emphasized that effective dialogue and communication are especially crucial at critical moments. "This meeting has drawn a clear roadmap for the future development of bilateral relations, once again demonstrating the stabilizing force of head-of-state diplomacy in US-China relations."On May 16, Iraqs newly appointed Oil Minister, Bassim Mohammed, stated at a press conference that Iraq exported 10 million barrels of oil via the Strait of Hormuz in April. Mohammed indicated that Iraq plans to engage in discussions with OPEC to increase the countrys crude oil production and export capacity, adding that Baghdads goal is to increase crude oil production capacity to 5 million barrels per day.Iraqs oil minister said Iraq is seeking discussions with OPEC to increase its crude oil production and export capacity, and hopes to increase production capacity to 5 million barrels per day.On May 16th, it was reported that on May 15th, 2026, Nvidia CEO Jensen Huang ordered a "Peach Four Seasons Spring" drink at a Mixue Ice Cream store in Nanluoguxiang, Beijing, sparking attention. A Mixue Ice Cream staff member responded that after the "Celebrity Endorsement" feature was launched on their mini-program, sales of the Peach Four Seasons Spring drink increased by nearly 140% compared to the previous day and by over 90% compared to the previous Friday. At the Nanluoguxiang store visited by Huang, sales of the Peach Four Seasons Spring drink increased by over 90% compared to the previous day.Iraqi Oil Minister: We exported 10 million barrels of oil through the Strait of Hormuz in April.

In a risk-on environment with a weaker US dollar, WTI consolidates weekly losses above $83,000

Alina Haynes

Sep 09, 2022 17:17

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The price of WTI crude oil is higher for the second day in a row while paring the weekly losses at the eight-month low on Friday during the Asian session. However, by the time of publication, the black gold has reached a new intraday high of around $83.50.

 

Recent news reports from the US Treasury Department regarding the oil price cap appear to have helped drive up energy prices together with stronger sentiment and a weaker US dollar. According to the US Treasury source, "the oil price cap should be set above the marginal production cost, taking into account past Russian oil prices."

 

In other news, stronger sentiment and slow US Treasury yields cause the US Dollar Index (DXY) to fall intraday by 0.55%, to 109.05 at the latest. It's interesting to see that after a solid day, the US 10-year Treasury yields are still stuck around 3.32%, while the S&P 500 Futures tracks Wall Street's gains at approximately 4,020.

 

Recent market sentiment appeared to be aided by remarks made by US Treasury Secretary Janet Yellen, which suggested that trade relations between the US and China were set to improve. The market's attitude also appeared to have been aided by recently stronger US statistics and expectations that global central bankers will be able to offset the shock caused by inflation with a comprehensive strategy and higher rates. The Wall Street Journal (WSJ) article, on the other hand, raises some concerns about the future of China's technological enterprises and casts some doubt on the optimism.

 

A price document examined by Reuters on Friday revealed that Kuwait has decreased the official selling prices for its oil grades for the month of October from the previous month. Before the present program ends in October, US Energy Secretary Jennifer Granholm said the administration of US President Joe Biden is considering whether additional releases of crude oil from the country's emergency stockpiles are necessary. Prior to that, a Department of Energy official reportedly told Reuters that the White House was only considering releasing the 180 million barrels from the US Strategic Petroleum Reserve (SPR) that the president had already stated.

 

It should be highlighted that the recent decline in China's inflation data, coupled with the hawkish central bank activities, presents a challenge to oil purchasers. Both China's Producer Price Index (PPI) and Consumer Price Index (CPI) show unfavorable results for August. However, compared to 2.8% market expectations and 2.7% in the prior year, the headline CPI declined to 2.5% YoY, and the PPI fell to 2.3% from 3.1% projected and 4.2% in the preceding year.


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