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According to Saudi media alhadath, Jordan has expressed its expectation that Iraq will take measures to restrict the activities of militias.August 1st - The Italian Civil Protection Department announced on August 1st that, as of now, the earthquake that struck near Naples in southern Italy on the evening of July 31st has injured 26 people. According to the Italian newspaper Corriere della Sera, a magnitude 4.7 earthquake struck the Camp Freigé area near Naples at 7:46 PM local time on July 31st. From then until the morning of August 1st, more than 170 earthquakes occurred. The Civil Protection Department stated that in addition to causing the collapse of some uninhabited buildings, the earthquake also damaged many other structures, forcing approximately 300 people to evacuate their homes. Currently, firefighters and technicians are continuing to conduct building safety inspections, and the possibility of further evacuations cannot be ruled out.Security and refinery sources: The fire at the refinery in southwestern Erbil, Iraq, has been extinguished and production is gradually resuming.The U.S. Geological Survey reports a magnitude 4.9 earthquake that struck 3 kilometers west of Matsuse, Japan, at a depth of 10.0 kilometers.August 1st - According to the Washington Post, multiple officials stated that Admiral Alexus Grynkewich, Commander of U.S. European Command, privately warned the Pentagon this week of a lack of sufficient naval power to continue protecting Israel from ballistic missile attacks, highlighting the resource pressures on the U.S. military from the ongoing conflict with Iran. The commander stated that if he could not acquire another destroyer, he would be forced to choose between defending the U.S. "homeland" and defending Israel. A U.S. defense official stated that Grynkewichs warning was consistent with previous briefings from senior U.S. military officers to the Pentagon when they perceived risks requiring U.S.-level consideration. The official said such situations can occur when theater commanders compete for limited resources and weapons.

On concerns of demand destruction, oil prices plummet, with benchmarks down 4% for the week

Haiden Holmes

Sep 09, 2022 10:39

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Oil prices dropped in early trade on Friday, following a slight recovery in the previous session, leaving them on track to fall for a second consecutive week on concerns that aggressive rate hikes by central banks and COVID-19 limitations by China may have an impact on demand.


Brent crude futures slipped 12 cents, or 0.1%, to $89.03 per barrel at 00:51 GMT on Friday, after rising 1.3% on Thursday.


Futures for U.S. West Texas Intermediate (WTI) crude fell 19 cents, or 0.2%, to $83.35 a barrel after a 2% increase in the previous session.


The market reached its lowest position since January at one point during the week, with both indexes down nearly 4%.


The decline has occurred despite a modest output cut by the Organization of the Petroleum Exporting Countries (OPEC) and its allies, collectively known as OPEC+, Russia's threat to cut oil flows to any country that supports a price cap on its crude, and a weaker outlook for the growth of U.S. oil production.


The U.S. Energy Information Administration forecast on Thursday that U.S. crude output will increase by 540,000 barrels per day to 11.79 million barrels per day in 2022, a reduction from a previous estimate of 610,000 bpd.


Amid the week, the 50-day moving average went below the 200-day moving average in what is known as a 'death cross,' leading analysts to assume that the sell-off may have been overblown, as demand in China, the world's largest oil importer, may recover swiftly.


"China's demand is harder to predict, but historically, a post-COVID reopening has been accompanied by a recovery rather than a gradual increase. The fundamentals appear to be at odds with the most recent technical indications in this context "National Australia Bank (OTC:NABZY) stock is cheap, according to a letter from analysts.


China is expanding its limitations today. On Thursday, the majority of Chengdu's more than 21 million residents were cautioned not to travel over upcoming holidays, while millions more were given the same advice in other regions of China.

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