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Ukraine claims that Russia launched a large-scale missile and drone attack that struck Ukraines energy infrastructure.On February 22, the Afghan Ministry of Defense issued a statement saying that Pakistan had once again violated Afghan territory, launching airstrikes on multiple civilian areas in Nangarhar and Paktika provinces. The attacks resulted in dozens of civilian casualties, including women and children. The Ministry of Defense strongly condemned Pakistans blatant violation of Afghan territorial sovereignty, considering it a serious breach of international law and the principle of good neighborliness. The Ministry warned that it would respond appropriately and carefully at the right time.February 22nd - According to Shanghai Railway Group, the Yangtze River Delta railway network is experiencing a peak in return passenger traffic on February 22nd, with an estimated 3.19 million passengers transported today, a year-on-year increase of 15.3%. Yesterday, 2.913 million passengers were transported, a year-on-year increase of 18.3%. Since the start of this years Spring Festival travel rush, the average daily passenger volume has been approximately 2.595 million. The railway department is increasing capacity on key routes and during peak hours to actively cope with the passenger flow peak, planning to add 584 passenger trains (378 through trains and 206 local trains) and expand the fleet of high-speed trains by 366.February 22nd - According to data from the Hong Kong-Zhuhai-Macau Bridge Border Inspection Station of the Zhuhai Border Inspection General Station, since February 15th (the 28th day of the twelfth lunar month), as of February 21st (the fifth day of the first lunar month), the number of Hong Kong and Macau single-license plate vehicles entering and exiting through the Zhuhai Port of the Hong Kong-Zhuhai-Macau Bridge has exceeded 100,000, reaching 114,000. On February 21st (the fifth day of the first lunar month), the number of Hong Kong and Macau single-license plate vehicles inspected by the border inspection department exceeded 20,000 for the first time in a single day, setting a new historical high since the implementation of the "Macau vehicles traveling north" and "Hong Kong vehicles traveling north" policies.February 22 – Ahmed Altom, Director General of the Geological Research Authority of Sudan, stated on February 21 that the armed conflict in Sudan has caused approximately $7 billion in economic losses to the countrys mining industry. Altom said that the conflict has severely damaged Sudans mining infrastructure, reducing government-led mining activities from 18 states to 6. Geological surveys, exploration operations, and mining production have all been significantly affected, resulting in a sharp decline in related fiscal revenue.

Oil Declines 3% on Russian Price Cap Talks, As U.S. Gasoline Prices Increase

Skylar Williams

Nov 24, 2022 14:18

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Oil prices fell by more than 3 percent on Wednesday, extending a run of turbulent trading, as the Group of Seven (G7) nations explored a price restriction on Russian oil above the current market level and as gasoline stocks in the United States increased more than experts predicted.


Brent futures for January delivery decreased $2.95, or 3.3%, to $85.41 per barrel. U.S. crude sank $3.01, or 3.7%, to $77.94 a barrel. In early trade, both futures had climbed by over $1 per barrel.


The Energy Information Administration reported a 3.1 million-barrel rise in U.S. gasoline stocks, which was far greater than the 383,000-barrel increase projected by industry analysts.


The spike in gasoline prices is somewhat unexpected, according to Phil Flynn, an analyst with the Price Futures organization. The rise in gasoline supplies suggests that demand may be declining or that gasoline is being stockpiled ahead of the holidays.


In addition, EIA data indicated an oil inventory loss of 3.7 million barrels, although a Reuters survey projected a decline of 1.1 million barrels.


Reports that the G7 cap on the price of Russian oil might be higher than the current market price have weighed on prices.


According to a European official on Wednesday, the G7 nations are proposing a price cap in the area of $65-70/bbl for Russian oil carried by sea.


The price of Urals oil supplied to northwest Europe is between $62 and $63 per barrel, while the price in the Mediterranean is between $67 and $68 per barrel, according to data from Refinitiv.


Due to estimated production costs of around $20 per barrel, the cap would still make it profitable for Russia to export its oil, so averting a global market shortage.


A senior U.S. Treasury official indicated on Tuesday that the price cap is likely to be modified many times every year.


China, the world's top crude oil importer, has experienced a surge in COVID-19 cases; in response, Shanghai tightened procedures late Tuesday.


The OECD economic outlook anticipated a slowdown in global economic expansion for the coming year, which increased the pressure.


"On the bright side, the OECD does not anticipate a global recession, which may have contributed to the rise in oil prices and stocks," said Tamas Varga, an analyst at PVM Oil Associates.


In the Federal Reserve's November meeting minutes, the majority of policymakers agreed that it would soon be prudent to halt the rate of interest rate increases.

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