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On July 13, French President Emmanuel Macron posted on social media on the 12th that France and the European Commission strongly opposed the US announcement that day to impose a 30% tariff on EU exports from August 1. Macron wrote that in the context of EU unity, the European Commission should demonstrate the EUs determination to defend its own interests. If Europe and the United States cannot reach an agreement before August 1, the EU should mobilize all tools, including anti-coercion mechanisms, to speed up the preparation of "credible countermeasures." France supports the European Commission and the United States to step up negotiations in order to reach an agreement acceptable to both sides before August 1.European Council President: The EU remains fully supportive of efforts to reach a fair agreement with the United States.July 12, Mathieu Savary, chief European strategist at BCA RESEARCH: Trumps strategy is to make outrageous demands, then let them fall through, and then once again try to win some last-minute concessions and then reach a trade deal. We remember a framework during Trumps first presidency, and thats whats happening now. It doesnt matter what is said now; what matters is where we will land. It is expected that the EU will eventually "have to accept a 10% tariff, but this is something the EU can actually deal with.The German Industry Association: The trade conflict between the EU and the US damages economic recovery and international trust. It calls on Germany, the EU and the US to seek a solution as soon as possible to avoid escalation.EU spokesperson: The United States notified the EU in advance of a letter regarding the imposition of a 30% tariff on EU goods from August 1.

Oil prices fall owing to inflation fears, but expected stock prices rise

Skylar Williams

Jul 20, 2022 11:19

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Under pressure from global central bank efforts to contain inflation and in anticipation of forecasted increases in U.S. petroleum inventories as a result of decreasing product demand, oil prices dipped modestly in early Asian trading on Wednesday.


Brent oil prices lost 39 cents, or 0.5%, to $106.96 per barrel at 00:45 GMT, while U.S. West Texas Intermediate (WTI) crude prices decreased 62 cents to $103.60 per barrel.


Approximately 1.9 million barrels were added to U.S. oil stocks for the week ending July 15, according to market sources citing Tuesday's data from the American Petroleum Institute.


The U.S. Energy Information Administration (EIA) is scheduled to announce official weekly oil and gasoline inventory numbers on Wednesday at 15:30 GMT.


The U.S. 3:2:1 and gasoline crack spreads, which are measures of refining profit margins, reached their lowest levels since April on Tuesday, indicating a fall in fuel demand.


Oil prices bounced drastically in the previous session, caught in a tug-of-war between supply worries due to Western sanctions against Russia and pressures on central bankers' indications that they may increase interest rates to combat inflation.


Friday marked the lowest level of open interest in New York Mercantile Exchange futures since September 2015, as investors cut risky assets such as commodities out of anxiety that the Federal Reserve will continue to raise U.S. interest rates.

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