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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."

Oil Losses Widen on Fears of Rising U.S. Inventories and Uncertainty Regarding the CPI

Haiden Holmes

Aug 10, 2022 11:15

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Wednesday oil prices extended overnight declines as industry data indicated a larger-than-anticipated increase in U.S. oil stockpiles over the previous week.


Investors were especially concerned about the anticipated U.S. CPI inflation data, which might signal a greater likelihood of a Federal Reserve rate hike.


At 20:45 ET (00:30 GMT), Brent Oil Futures declined 0.4% to $96.09 per barrel, while U.S. Crude Oil WTI Futures decreased 0.3% to $90.22 per barrel. On Tuesday, both contracts dipped, albeit somewhat, as a potential supply bottleneck in Europe briefly pushed up prices.


The American Petroleum Institute stated that oil inventories in the United States climbed by a greater amount than expected over the previous week. Unlike the forecast of fewer than 100,000 barrels, crude oil, gasoline, and distillates stockpiles remained at 2.16 million barrels. The number very definitely foreshadows a similar outcome from official numbers released later in the day, which would mark the second week in a row of unexpectedly high oil inventories in the United States.


Contrary to market expectations, U.S. crude oil inventories grew by more than 4 million barrels last week, resulting in a decline in oil prices.


The results imply that U.S. oil consumption is falling as a result of rising inflation and a weakening industrial sector, which may portend further challenges for the petroleum markets.


In the next months, it is also projected that global industrial activity would have an effect on crude demand. Since the commencement of Russia's invasion of Ukraine, the price of oil has decreased by more than $40, as rising global costs have dramatically reduced demand.


The spotlight is currently on the upcoming U.S. inflation figures, slated for release at 8:30 a.m. ET. While the data is expected to suggest a little decrease in prices from the previous month, inflation is expected to remain above levels not seen in forty years.


This would almost probably compel the Federal Reserve to hike interest rates further in September, a move that might have a negative impact on economic development and further reduce oil prices.

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