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On March 10, the European Commission for Economic and Financial Affairs held a meeting in Brussels, Belgium, attended by finance ministers from EU member states. According to information previously published on the EU website, the meeting agenda included a routine discussion on the impact of the Russia-Ukraine conflict on the current economic and financial situation in Ukraine.Iraqi sources say a drone was intercepted in the Baghdad airport area.A research report released on March 10th indicates that the war with Iran, which has driven up liquefied natural gas (LNG) and coal export prices, will bring additional revenue to the Australian treasury, but households will also be hit by soaring petrol costs. Economist James McIntyre stated that the closure of Qatar Energys LNG export terminal could result in Australias LNG export revenue being 35% to 40% higher than the governments forecast. He estimates that disruptions to gas and oil supplies are prompting the market to shift to coal, and the recent 20% to 25% rise in coal prices could add approximately A$5 billion (US$3.5 billion) to Australias export revenue. McIntyre predicts that rising petrol and diesel prices will increase Australias overall CPI by 0.9 percentage points in March. He expects the Reserve Bank of Australia to ignore this reading and continue to focus on core inflation indicators. He estimates that the rise in Australian petrol prices alone is equivalent to a 25 basis point interest rate hike.On March 10th, OPPO and OnePlus announced price adjustments, stating that starting March 16th, prices for OPPOs A-series, K-series, and OnePluss existing products will be adjusted. There are reports that leading brands such as vivo and Honor are also planning price increases in mid-to-late March, but there has been no official confirmation from these sources. Industry insiders predict that due to cost pressures, the mobile phone market may see multiple rounds of price adjustments in 2026, with a second or even third round potentially occurring in the second half of the year.The main Shanghai silver futures contract surged 8.00% intraday, currently trading at 22,950.00 yuan/kg.

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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