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According to Greek media reports, Athens deployed an air defense system to Crete after Iran threatened US military bases in Europe.The China Earthquake Networks Center automatically determined that an earthquake of approximately magnitude 4.9 occurred near Changning County, Yibin City, Sichuan Province at 08:26 on August 24. The final result is subject to the official rapid report.August 24th - According to sources familiar with the matter, the Canadian government believes the possibility of resuming negotiations with US President Trump before the midterm elections is extremely slim, as trade talks have broken down. The source stated that Canadian Prime Minister Carney indicated he would prepare a domestic aid package to help businesses affected by US tariffs. Sources say these measures are designed to help businesses weather the remainder of Trumps term if necessary. However, while the Carney government sees no immediate signs of restarting negotiations, some sources warn that the situation remains dynamic, and the US has not ruled out renegotiating. The sudden breakdown of negotiations has forced Carney to prepare for a potentially long winter. Carney reportedly told reporters, "We will support affected businesses for as long as possible, in other words, even beyond the end of this US administrations term. We have established various mechanisms, and all details will be released within the next few days."On August 24th, it was reported that the U.S. Postal Service issued new rules for mail-in ballots on August 23rd local time. The rules require states to submit lists of voters who have applied for mail-in ballots and to affix unique barcodes containing names and addresses to both mailed and returned ballot envelopes for verification and tracking. The U.S. Postal Service stated that the collected data will be managed separately from state voter rosters and will aid in the enforcement of federal law. Due to a court injunction, the new rules will not take effect immediately and will only be implemented after the injunction is lifted. This years midterm elections are crucial for the battle for control of the House and Senate. Regarding mail-in ballots, the Supreme Court rejected a Republican appeal in June, allowing some local governments in the U.S. to still count ballots postmarked no later than Election Day but delivered later.The Nikkei 225 index opened down 153.79 points, or 0.23%, at 65,862.57 on Monday, August 24.

Oil Prices Rose 3% Despite An Unexpected Increase in U.S. Crude Inventories

Haiden Holmes

Jan 12, 2023 11:21

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On Wednesday, oil prices rose 3% to a one-week high as optimism for a stronger global economic outlook and worry over the impact of sanctions on Russian crude output overshadowed an unexpectedly significant increase in U.S. crude inventories.


The price of a barrel of Brent futures jumped by $2.57, or 3.2%, to $82.67. The price per barrel of West Texas Intermediate (WTI) crude jumped by $2.29, or 3.1%, to $77.41.


Both benchmarks closed at their highest level since December 30, with WTI rising for a fifth consecutive day for the first time since October and Brent rising for a third consecutive day for the first time since December.


Global markets rose on expectations that Thursday's U.S. inflation and earnings data will suggest a robust economy and result in a slower rate of interest rate hikes.


According to economists, if inflation falls short of predictions, the dollar will decline, which might stimulate oil demand by making crude less expensive for purchasers holding other currencies.


At its monetary policy meeting on January 31-February 1, the Federal Reserve will likely increase its target interest rate by 50 basis points (bps) to a range of 4.75 to 5.00 percent, according to a research note by HSBC.


Much of the market's optimism hinged on China's reopening of its economy after COVID-19 limitations were lifted.


"Oil price increases should become routine for energy traders. As the oil market rebounds, China's oil demand is projected to surge." According to senior market analyst at OANDA's data and analytics firm, Edward Moya.


Volkswagen AG (OTC:VWAGY) President of China Ralf Brandstaetter told Chinese media that he expects a 5% growth in passenger vehicle sales in China in 2023.


Despite production and logistical interruptions due by COVID-19 restrictions, the Ministry of Industry and Information Technology (MIIT) projects that China's industrial output will expand by 3.6% in 2022 compared to the previous year.


The U.S. Energy Information Administration (EIA) stated that oil stockpiles rose by 19.0 million barrels last week, the third-biggest weekly gain in history and the greatest increase since February 2021, when stocks rose by a record 21.6 million barrels. Refiners were sluggish to restore production after a hard snap halted operations in late 2022, which led to the spike last week.


Contrary to the predictions of Reuters analysts, the American Petroleum Institute (API) recorded a rise of 14.9 million barrels in oil stocks. [EIA/S] [API/S]


The EIA forecasts that U.S. crude oil production will hit all-time highs in 2023 and 2024.


In reaction to Russia's invasion of Ukraine, the European Union (EU) continues to develop new sanctions against Moscow. A price ceiling on overseas sales of Russian crude oil went into force on December 5, and more limits on product shipments are set to take effect the following month.


According to the EIA, the planned EU ban on seaborne imports of petroleum products from Russia on February 5 could be more disruptive than the suspension on seaborne imports of crude oil from Russia in December 2022.


According to Deputy Prime Minister Alexander Novak, Russia's oil producers have had no trouble arranging export deals despite Western sanctions and price limitations.

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