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The South Korean Presidential Office stated that the chairman of Hyundai Motor Group said the company aims to more than double its exports of electric and hybrid vehicles by 2030.On November 16th, Iranian Foreign Minister Araqchi stated at an event that the United States is transforming pacifism into a hegemonic system based on force. He said the White House once used the slogan "peace through strength," but it was quickly discovered that this theory was merely a facade to mask a new framework for US action based on force, leading to overt hegemony and the blatant use of force. Now, US officials openly declare that they have no intention of acting based on effective political principles or international law, but only want to "win." This approach is clearly a return to the law of the jungle.On November 16th, Roscosmos, the Russian state space corporation, announced that Russian cosmonaut Alexei Zubritsky successfully completed a transaction on the Russian "State Service" website aboard the International Space Station using biometric technology. Zubritsky logged into the website from space using biometrics and completed a transaction that prohibited the application for a mobile phone SIM card, a process that took only 30 seconds. After completing this transaction, even if someone possesses Zubritskys identification, they will not be able to apply for a mobile phone SIM card in his name. "State Service" is a government service portal created by the Russian government, where users can apply for drivers licenses, book doctor appointments, pay taxes, and process paperwork online. The website can be accessed using a username and password or facial recognition.On November 16th, it was reported that U.S. federal officials confirmed on the 15th that they had increased enforcement efforts against undocumented immigrants in Charlotte, North Carolina. On the same day, federal law enforcement officers conducted arrests at multiple locations, drawing strong opposition from local government and residents. Assistant Secretary of Homeland Security Tricia McLaughlin stated in a statement that they were deploying additional Homeland Security law enforcement personnel to Charlotte.According to TASS, Russian air defense systems shot down 57 Ukrainian drones last night.

U.S. Confidence Boosts Oil Prices, While China's COVID Boosts Gains

Aria Thomas

Nov 11, 2022 15:46

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Oil prices rose on Friday as fears of a U.S. recession lessened, but were headed for weekly declines of more than 4% as a rise in COVID-19 cases in China, the world's biggest oil importer, raised the threat of decreased gasoline usage.


Brent oil futures increased 23 cents, or 0.3%, to $93.80 per barrel at 0101 GMT, extending the 1.1% advance from the previous session.


Futures for U.S. West Texas Intermediate (WTI) oil gained by 28 cents, or 0.3%, to $86.75 per barrel, after a 0.8% advance in the previous session.


WTI has declined by almost 6% this week, while Brent has declined by around 5%.


Analysts said that oil prices increased on Friday as the U.S. dollar sank after the publication of data on Thursday indicating that inflation was less than expected, decreasing expectations of rate hikes and increasing the likelihood of a soft landing for the biggest economy in the world.


A decrease in the value of the U.S. dollar enhances the demand for oil since it makes the commodity more inexpensive for customers using other currencies.


According to specialists, China continues to pose a threat on the demand side, with COVID-19 cases on the rise in the industrial hub of Guangzhou, where authorities on Thursday encouraged citizens to work from home.


"As traders are very sensitive to lockdowns in the world's largest oil importer, this might temporarily curb the oil market's bullish ambitions. Nevertheless, we are in a far better position than we were yesterday, "said SPI Asset Management managing partner Stephen Innes.


ANZ Research analysts said in a report that, in addition to work-from-home orders reducing mobility and fuel usage, people's fear of being quarantined slowed travel throughout China.


Last week, the oil market was encouraged by predictions that China may loosen its zero COVID policy, but this week, health officials made it clear that they will continue to strictly monitor any outbreaks.


"With additional lockdowns and restrictions still being enforced and President Xi Jinping's support for the program at the Party Congress in late October, it's difficult to see authorities deviating from the strategy in the near future," said commodities analyst Vivek Dhar of Commonwealth Bank in a note.

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