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On May 10, local time on May 9, German Chancellor Merz visited Brussels, Belgium, and held talks with European Commission President von der Leyen, European Council President Costa, and NATO Secretary General Rutte. This is also the first time that Merz has visited Brussels as the German Chancellor. On the same day, von der Leyen held talks with Merz and issued a joint statement. The statement said that the EU is seeking a balanced, fair and mutually beneficial solution through negotiations with the United States on the tariff issue. Merz said that the EU and the United States should reach a mutually beneficial "zero tariff" agreement.Ideal Auto (02015.HK) announced that the cumulative delivery volume of Ideal L7 has exceeded 300,000 units.Apple sent a price adjustment notice to channel dealers on May 10. This was the first time that Apple announced a price adjustment on a Saturday, catching a considerable number of wholesalers off guard. Apple iPhone 16 Pro Max all capacity versions were reduced by $160, corresponding to RMB 1,313.06; while the 128GB version of iPhone 16 Pro was reduced by $176 (corresponding to RMB 1,445.27), and other versions were also reduced by $160. This years 618 event will start on May 13, so some channel dealers believe that Apples price adjustment is in preparation for the upcoming 618 promotion.According to AFP: Germany warned Russia that it would face tougher sanctions if it refused to cease fire in Ukraine.On May 10, EU High Representative for Foreign Affairs and Security Policy Kallas issued a statement saying that the EU will work with Ukraine and international partners including the United States to call for a complete and unconditional ceasefire between Russia and Ukraine for at least 30 days.

Oil Prices Rise As China Relaxes COVID Controls And Supplies Tighten

Charlie Brooks

Jun 07, 2022 11:04

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China's easing of COVID restrictions and skepticism over the efficacy of a higher production goal by OPEC+ countries contributed to a slight increase in oil prices on Tuesday.


Brent oil futures were up 19 cents, or 0.2 percent , at $119.70 a barrel at 0050 GMT.


Futures for U.S. West Texas Intermediate (WTI) oil increased 25 cents, or 0.2%, to $118.75 a barrel. Monday saw the index reach a three-month high of $120.99.


In the following weeks, researchers at ANZ Research anticipate that easing travel restrictions in China would increase oil consumption.


Beijing and the business capital Shanghai have returned to normal in recent days after two months of harsh lockdowns to prevent the spread of the Omicron strain. In the majority of Beijing on Monday, traffic restrictions were eased and restaurants opened for dine-in service.


Saudi Arabia, the world's largest oil exporter, increased the official selling price (OSP) for its flagship Arab light crude to Asia by $2.10 from June to a $6.50 premium over Oman/Dubai quotes in July, just below the all-time high recorded in May, when prices reached an all-time high due to fears of disruptions in Russian supplies.


The Organization of Petroleum Exporting Countries and its partners, collectively referred to as OPEC+, voted last week to increase production for July and August by 648,000 barrels per day, or 50 percent more than had been originally anticipated.


All OPEC+ members contributed to the enhanced objective. Nonetheless, several countries, particularly Russia, which faces Western sanctions, have little space to increase production.


"While the new higher monthly objectives continue to be driven by proportionate contributions from all members (including Russia), it is implausible to anticipate an increase close to the headline level," said SPI Asset Management managing partner Stephen Innes in a note.


According to a preliminary Reuters poll released on Monday, crude oil stocks in the United States likely declined last week, but gasoline and distillate stockpiles likely rose.


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