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August 1st - According to reports from the United States on July 31st, July this year is expected to be the hottest month on record in the continental United States. Meanwhile, a new "heat dome" is forming in the western United States, and the high temperatures are expected to continue. It is reported that as of July 29th, the average temperature in the United States this July was about 1.4 degrees Celsius higher than the average for the same period from 1991 to 2020. Although the final average temperature data for July will not be released until early August, media predictions suggest that this figure could break the record set in July 2012, making July this year the hottest month on record in the continental United States.Japans Ministry of Finance: Monetary authorities have a wide range of tools to address market liquidity needs.On August 1st, the South Korean National Assembly passed an amendment to the Criminal Procedure Act on July 31st, abolishing the prosecutors authority to conduct direct and supplementary investigations. This is another legislative measure in South Koreas push for reform of the prosecutorial system. The National Assembly passed the amendment with 175 votes in favor, 2 against, and 1 abstention. According to the amendment, the prosecutors office will no longer have the authority to conduct direct investigations, nor may it conduct supplementary investigations on its own. If a prosecutor believes a case requires further investigation, they can only request the judicial police to conduct supplementary investigations.August 1st - According to the Japan Meteorological Agency, a magnitude 5.8 earthquake struck off the coast of Aomori Prefecture, Japan, at approximately 11:48 AM local time today (August 1st). The maximum tremor was felt at intensity 4, and the epicenter was at a depth of 80 kilometers. There is no risk of a tsunami.According to the Japan Meteorological Agency, a 5.8-magnitude earthquake struck off the coast of Aomori Prefecture, Japan, on August 1.

WTI fluctuates below $80 as investors redirect their attention to Fed comments

Alina Haynes

Nov 30, 2022 15:23

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West Texas Intermediate (WTI) futures on the New York Mercantile Exchange (NYMEX) are fluctuating below the key resistance of $80.00 during the early European session. As investors anticipate a fresh impetus from Federal Reserve (Fed) chairman Jerome Powell's upcoming address, oil prices have been neglected by market players.

 

The black gold has drifted sideways following Monday's phenomenally strong buying action near $74.00. Prior to Fed Powell's speech, the recent increase and bullish expectations for oil prices are contingent on considerable pressure on the US Dollar. After a dip in inflation in October, investors are eager to know if the Federal Reserve is seriously considering a slower rate of interest rate increases.

 

The United States American Petroleum Institute (API) reported a large decline in oil inventories for the week ending November 25. This has also contributed to a rise in oil prices. The oil supply has decreased by 7.85 million barrels. This is the third straight decline in oil inventory published by the API, which has given the oil bulls a shot of adrenaline. However, investors will await the Energy Information Administration's (EIA) official oil inventory report for relevant indicators.

 

The case for supply concerns has been supported by news reports from Russia that the country will not provide oil under a price cap anyway, as stated by the country's Deputy Prime Minister, Alexander Novak.

 

In addition, predictions that OPEC+ will expand supply cutbacks at its December meeting are keeping oil bulls in check. The oil cartel declared that the promise to reduce production by two million barrels per day will be extended to the end of CY2023. In light of the current decline in oil prices, the oil mafia may increase production cuts.


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