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The yield on Japans 20-year government bonds rose to 3.385%.The China Earthquake Networks Center officially reported that a magnitude 3.1 earthquake occurred at 13:11 on April 13 in Artux City, Kizilsu Kirghiz Autonomous Prefecture, Xinjiang (40.04 degrees north latitude, 76.04 degrees east longitude), with a focal depth of 17 kilometers.April 13th, Futures News: Economies.com analysts latest view: Brent crude oil futures recorded strong gains in recent intraday trading, with prices rising and retesting the key psychological resistance level of $100.00 per barrel. This rally was supported by a positive signal from the Relative Strength Index (RSI) after reaching oversold levels. Currently, prices are also approaching the resistance level of the 50-day EMA; however, a corrective bearish trend still dominates in the short term, which may limit further gains in the near term.On April 13th, UBS Bank repurchased gold. This followed a significant reduction in its gold holdings due to the market downturn caused by the Iran war. The bank stated that it believes the long-term outlook for gold remains solid. UBS is gradually incorporating gold into its clients portfolios, having previously reduced its gold holdings from approximately 10% to 3%. Since the outbreak of the war, gold prices have fallen sharply due to concerns about higher interest rates and the impact of liquidity tightening. UBS plans to further expand its gold holdings, which have now risen to approximately 6% of its clients portfolios. The bank still expects gold prices to reach $6,000 per ounce by the end of the year, as structural demand—including central bank purchases, concerns about fiscal deficits, and geopolitical tensions—remains robust.On April 13, Malaysian maritime authorities seized two oil tankers and their crews suspected of illegally transferring diesel fuel. During the operation, the Malaysian Maritime Enforcement Agency seized approximately 800,000 liters of diesel fuel, including about 700,000 liters believed to be fuel transferred between vessels without permission. The seized fuel was identified as Euro 5 standard diesel, with an estimated value of approximately RM5.43 million (approximately US$1.4 million). The total value of the seized items (including those from the two tankers) is approximately RM2.33 billion.

Saudi Arabia's Refusal to Increase OPEC+ Production Boosts Oil Prices

Skylar Williams

Nov 22, 2022 14:59

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On Monday, Saudi Arabia denied media rumors that it was discussing increasing oil supplies with OPEC and its allies, boosting oil prices in early Asian trade on Tuesday.


Brent oil futures rose 0.2% to $87.62 at 00:07 GMT. Futures contracts for January WTI crude rose 7 cents, or 0.1%, to $80.11 a barrel.


Prices for both benchmarks plummeted more than $5 a barrel after the WSJ reported an increase of up to 500,000 barrels per day will be considered at the Dec. 4 OPEC+ meeting.


Prince Abdulaziz bin Salman, Saudi Arabia's energy minister, said official news agency SPA that the nation is sticking with output limitations and not discussing a hike with other OPEC oil producers.


OPEC+ just decreased its production objectives, and Saudi Arabia's energy minister said the organization will continue to pump oil with prudence owing to global economic uncertainties.


Last week, the front-month Brent crude futures spread shrank as the front-month WTI spread slipped into contango, alleviating supply anxieties.


Rising COVID- 19 cases in China have limited market gains as countrywide epidemics hit April peaks.