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On February 27, Pakistans Inter-Services Public Relations (ISPR) Director General Chaudhry stated at a press conference that Afghan forces launched attacks from within Pakistans territory on 53 locations in Pakistans Khyber Pakhtunkhwa province. Chaudhry also stated that all Pakistani targets were military objectives, and the attacks were controlled, causing no civilian casualties. Since the start of the conflict, 12 Pakistani soldiers have been killed, 27 wounded, and one missing. Furthermore, over 73 Afghan camps have been destroyed, and 115 tanks and artillery vehicles have been damaged. Eighteen camps are currently under Pakistani control. There has been no response from the Afghan side.February 27th - According to Afghanistans TOLOnews, Qatar has offered to mediate the conflict between Afghanistan and Pakistan to help ease tensions. The report states that Qatari officials have contacted Afghan government representatives and expressed their willingness to work towards de-escalating bilateral friction. It is currently unclear whether Afghanistan has responded to the mediation proposal.February 27th - ANZ Bank predicts that inflationary pressures in Japan will begin to ease this year, with core prices expected to gradually fall back to 2%. This will pose a challenge to the Bank of Japans mandate to maintain core inflation at this level. The bank notes that there are many factors to consider regarding Japans economic outlook. However, in the coming months, we expect domestic economic conditions to align with a gradual slowdown in inflation until 2026. The overall consumer price index rose 1.5% year-on-year in January, and we expect an average increase of 1.7% this year. We expect core inflation (2.4% year-on-year) to gradually decline, approaching 2.0%. We believe the Bank of Japan needs to proceed cautiously with further policy tightening. We expect only one more 25 basis point rate hike this year, as Japan gradually moves away from the zero lower bound, raising the policy rate to 1.00%.Zelenskys office: Ukrainian President Volodymyr Zelensky is speaking with the Slovak Prime Minister.A Pakistani military spokesperson stated: "Our targets are limited to military personnel and militants within Afghanistan."

Oil prices rise in response to signs of increased demand

Charlie Brooks

Aug 26, 2022 10:46

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Oil prices rose in early trade on Friday amid signs of improving fuel demand, but gains were limited as the market awaited hints from the U.S. Federal Reserve chairman's speech regarding the likelihood of rate hikes.


At 0051 GMT, Brent crude futures climbed 46 cents, or 0.5%, to $99.80 per barrel. Futures for West Texas Intermediate (WTI) crude rose 48 cents, or 0.5%, to $93.00 a barrel. Each decreased by nearly $2 on Thursday.


Despite uncertainty over the pace of rate hikes in the United States to tackle soaring inflation, concerns about oil demand destruction diminished this week, leaving both benchmark oil contracts on track for weekly gains of approximately 3 percent.


ANZ Research analysts noted that statements made by numerous U.S. central bank officials before Chairman Jerome Powell's speech on Friday put a shadow over the economic outlook.


ANZ Research analysts observed in a research that there are indicators of a healthy market, citing optimistic traffic growth figures.


"According to the most recent TomTom Congestion Index data, traffic volumes grew dramatically throughout Asia Pacific, Europe, and North America during the week of August 24,"


ANZ also observed an increase in congestion in China, citing data from Baidu (NASDAQ:BIDU).


In addition to market anxiety anticipating Powell's speech, the probable return of Iranian crude to global markets restrained price gains.


Tehran is assessing Washington's reaction to a European Union-drafted final offer to revive a nuclear deal; the EU anticipates a response soon; however, it is doubtful how quickly Iranian oil exports will resume, even if a deal is reached.


If sanctions were lifted, it would take Iran almost a year and a half to reach its full capacity of 4 million barrels per day, an increase of 1.4 million bpd from its current output.

Nevertheless, the Organization of Petroleum Exporting Countries (OPEC) would consider decreasing output to offset any increase from Iran, according to sources from OPEC this week, after Saudi Arabia underlined the possibility of enacting cuts.

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