EUR/USD 1.18196
0.086%
Gold 5189.00
0.482%
Oil 65.480
-0.070%
USD/JPY 155.839
-0.339%
GBP/USD 1.35609
0.013%
GBP/JPY 211.337
-0.313%
Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
According to futures news on February 26th, as of the week ending February 21st, Japanese commercial crude oil inventories increased by 580,487 kiloliters from the previous week to 10,292,946 kiloliters. Japanese gasoline inventories decreased by 48,567 kiloliters from the previous week to 1,657,984 kiloliters. Japanese kerosene inventories decreased by 74,737 kiloliters from the previous week to 1,380,684 kiloliters. The average operating rate of Japanese refineries was 90.5%, compared to 89.0% the previous week.The main contract for the container shipping index (European route) fell by 6.00% during the day, and is currently trading at 1225.0 points.February 26th - Latest supply chain information shows that after bottoming out and rebounding in the second half of 2024, mobile phone memory and storage chip prices have maintained an upward trend for several consecutive quarters, with the increase further expanding at the beginning of 2026. Multiple industry insiders confirmed that the current procurement cost of smartphone storage chips has increased by more than 80% compared to the same period last year, and there are no signs of a slowdown. Due to this cost pressure, according to channel and ODM manufacturers, several leading mobile phone brands, including OPPO, OnePlus, vivo, Xiaomi, iQOO, and Honor, are planning to launch a new round of product price adjustments in early March. This will be the largest and most significant collective price adjustment in the mobile phone industry in nearly five years. With frequent fluctuations in memory costs, the Chinese mobile phone market may face its first-ever situation of multiple price increases within a single year in 2026.Moodys rating: The outlook for Vietnams banking sector is stable, but liquidity is deteriorating.Moodys rating: Private consumption continues to drive Vietnams economic growth. GDP growth is projected at 6.5% in 2026.

Oil prices are poised for a weekly boost as recession fears subside

Skylar Williams

Aug 12, 2022 11:12

5.png


OPEC and the International Energy Agency (IEA) held differing views on the demand outlook, which dragged on oil prices during Friday's early trade. As concerns of a recession receded, though, benchmark futures were headed for weekly gains.


Brent oil prices declined 34 cents, or 0.3%, to $99.26 per barrel at 01:12 GMT, while West Texas Intermediate (WTI) crude futures decreased 34 cents, or 0.3%, to $94.00 per barrel.


Brent was anticipated to gain by more than 4% for the week, recouping a chunk of last week's 14% decline, which was its largest weekly decline since April 2020 due to fears that rising inflation and interest rate hikes will hinder economic growth and fuel demand.


WTI was poised for a weekly gain of more than 5%, recovering more than half of the previous week's loss.


"Regarding demand, there is a great deal of uncertainty in the near future. Until this issue is remedied, market volatility will persist "Chief economist of Westpac, Justin Smirk, commented.


Thursday, the Organization of the Petroleum Exporting Countries (OPEC) decreased its forecast for the increase in world oil demand in 2022 by 260,000 barrels per day. (bpd). This year, it predicts a 3.1 million bpd growth in demand.


That contradicts the stance of the IEA. As a result of gas-to-oil conversion in power generation in response to soaring gas prices, the latter boosted its demand growth forecast to 2.1 million bpd.


Moreover, the IEA upped its forecast for Russian oil supply by 500,000 bpd for the second half of 2022, as the nation's output proved more resilient than anticipated in the face of sanctions implemented in response to the Ukraine conflict. According to the IEA, it would be difficult for OPEC to boost output.


According to Commonwealth Bank analyst Vivek Dhar, the IEA gave a mixed picture overall. The reliability of Russian supply has exceeded expectations.


"Comprehending the global oil balances at the end of the year at this time is challenging, given the current demand and supply conditions. This explains the daily instability."

Suggestion