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US Defense Secretary Hegseth: Iran will pay a price for supporting the Houthis.South Korea released trade data on Thursday showing that its exports unexpectedly grew in April, driven by strong chip sales, although the auto sector was weighed down by U.S. tariffs. South Koreas exports in April were $58.21 billion, up 3.7% from a year earlier, also higher than the 3.0% increase in March and the biggest increase in four months. The data exceeded the markets median forecast of 2.0%. By product category, the countrys semiconductor exports rose 17.2%, the biggest increase in four months, and steel product exports also rose 5.4%, ending three consecutive months of decline. Auto exports fell 3.8%, but auto parts rose 3.5%, and wireless communication equipment and biopharmaceutical products also rose 26.5% and 21.8%, respectively. Exports to the United States fell 6.8%, but exports to the European Union jumped 18.4% to a record $6.7 billion. South Korea is the first major exporting economy to release trade data each month, providing early information on the state of global trade.The spokesperson of the National Health Commission said that recently, the Commission has paid attention to the public opinion caused by the report of Xiao Mou, a thoracic surgeon at the China-Japan Friendship Hospital. The Commission has set up an investigation team, adhered to the principles of seeking truth from facts, objectivity and fairness, and jointly with relevant parties conducted a serious investigation and verification of Xiao Mou, Dong Mou and relevant institutions involved in the incident. Any violations of laws and regulations found will be dealt with seriously in accordance with the law and discipline.Japans manufacturing PMI for April was 48.7, up from 48.5 in the previous month.TRUMP: We made a deal today on Ukraine.

WTI bears are exerting pressure on bulls below crucial resistance; a breach of $84.70 is likely

Daniel Rogers

Nov 17, 2022 11:39

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West Texas Intermediate (WTI) is approximately flat on the day thus far, following a consolidational and range-bound session on Wednesday. NATO stated that there was no proof that a missile that landed near a Polish village and killed two people was an intentional attack. Consensus holds that it most likely originated from a Ukrainian air-defense system shooting in response to Russian attacks, alleviating fears of an escalating conflict.

 

The Druzhba pipeline, which transports Russian oil to Europe, was shut down earlier this week due to infrastructure damage caused by Russian shelling. The power supply has reportedly been restored, analysts at ANZ Bank reported. This enables the delivery of oil to countries including Hungary, the Czech Republic, and Slovakia. "Initial fears of additional unrest in the Middle East have also abated. A projectile struck an oil tanker in the Gulf of Oman, but the damage was minimal.

 

Nonetheless, ANZ Bank analysts stated that the market still faces supply-side challenges. '' Germany cautioned that it cannot count out temporary supply shortages when a ban on Russian crude imports goes into effect next month. OPEC appears to be cutting production in accordance with its commitment to do so. According to Petro-Logistics, tanker tracker data indicates that OPEC shipments were significantly greater than 1mb/d during the first 15 days of November. The weekly inventory update released by the EIA provided some assistance to the markets. Last week, commercial inventories hit 5,400 kbbl. ''

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