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On May 9, a member of the Iranian negotiation team said in an interview with local media on the 9th that the parties have finalized the time for the fourth round of indirect negotiations between Iran and the United States on the nuclear issue, which will be held in Oman on the 11th. The United States and Iran held indirect talks in Muscat, the capital of Oman, on April 12. This is the first formal negotiation between the United States and Iran since the United States unilaterally withdrew from the Iran nuclear agreement during the first term of US President Trump in May 2018. On April 19, the United States and Iran held the second round of indirect talks in Rome, Italy. On April 26, Iran and the United States held the third round of indirect talks again in Muscat.A military spokesman for the Yemeni Houthi armed forces said they were responsible for launching missiles at Israel.On May 9, Pakistani military spokesman Chaudhry said: "We will not ease the situation - given the damage India has caused us, they should be hit." The spokesman added: "So far, we have been protecting ourselves, but at the appropriate time, they will get our response."On Friday, the British steel industry urged the government to clarify when the United States will lift tariffs. The United States and the United Kingdom previously reached a landmark agreement to remove tariffs imposed by Trump on the industry. The United Kingdom welcomed the trade deal, saying it would reduce steel tariffs from 25% to 0%, so that British producers can continue to export products to the United States. However, details released late on Thursday showed that the two sides must also formally determine the safety requirements and quotas that the steel industry must comply with, leaving industry representatives unclear when the tariffs will be lifted. "This is certainly not a formality; I mean, there are obviously a lot of things in the agreement that have not been fully determined and defined so far," said Chrysa Glystra, director of trade and economic policy at industry group UK Steel. Glystra added that companies do not know the supply chain conditions they must meet to take advantage of tariffs. "We dont really know when this will take effect, or what the specific timeline is."On May 9, a document showed that the U.S. Patent and Trademark Office rejected Teslas application to register the word "Robotaxi" as a trademark on Tuesday. Another application by Tesla to register the word "Robotaxi" as a trademark for its upcoming online car-hailing service is still under review by the Patent Office. The department issued a "non-final review opinion" around the Robotaxi trademark application, which means Tesla has three months to submit a response, otherwise the Patent Office will abandon the application. Teslas application for the "Cybercab" trademark has been halted because other companies are applying for similar "Cyber" trademarks.

The EU's Ban on Russian Oil And The End of Shanghai's Lockdown Push up Oil Prices A Little

Charlie Brooks

Jun 01, 2022 14:53

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Oil prices inch higher on Wednesday after European Union leaders agreed to a partial and phased ban on Russian oil and China lifted its COVID-19 quarantine of Shanghai.


At 06:05 GMT, Brent crude for August delivery increased 35 cents, or 0.3%, to $115.95 a barrel. The contract closed Tuesday with a loss of 1.7%.


On Tuesday, the Brent contract for July delivery expired at $122.84 per barrel, an increase of 1 percent.


West Texas Intermediate (WTI) crude increased by 37 cents, or 0.3%, to $115.04 a barrel.


Both benchmarks closed May with gains, marking the sixth consecutive month of price increases.


EU leaders agreed in principle on Monday to reduce oil imports from Russia by 90 percent by the end of the year, the bloc's heaviest sanctions against Moscow since the invasion of Ukraine three months ago, which Moscow calls a "special military operation."


Once completely implemented, sanctions on crude will be implemented over a period of six months and on refined products over a period of eight. As a concession to Hungary and two other landlocked Central European countries, the embargo exempts Russian oil transported by pipeline.


After two months, Shanghai's severe COVID-19 lockdown was lifted on Wednesday, triggering predictions of a rise in fuel consumption in China.


Reports that some producers were considering terminating Russia's involvement in an OPEC+ output pact, a grouping of Organization of the Petroleum Exporting Countries members and allies, on the premise that such a move would boost supply, capped gains.


The prospective exemption of Russia from the output deal by OPEC is the greater issue, according to Jeffrey Halley, senior market analyst at OANDA.


The Wall Street Journal, quoting OPEC delegates, stated that while there was no explicit push for OPEC countries to pump extra oil to compensate for any prospective Russian deficit, several Gulf members had begun planning for an output rise in the coming months.


Stephen Innes, managing partner at SPI Asset Management, wrote in a note: "The assumption of extra supply entering the market, even after excluding Russia, could be fueling a portion of this sell-off as oil lost its post-EU embargo bounce."


U.S. crude oil output increased by more than 3 percent in March to its highest level since November, according to a report released Tuesday by the U.S. Energy Information Administration.


On Thursday, the U.S. government was due to release stockpile data. In a Reuters survey, analysts predicted that U.S. crude oil inventories would decline last week, but gasoline and distillate inventories would increase.

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