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On August 19, French Foreign Minister Jean-Michel Barrow stated on social media that France does not rule out further sanctions against Israeli settlers in the West Bank, adding that "all options are under consideration." Barrow described the current situation in the West Bank as "despicable," and noted that France had previously pushed for sanctions against settlers who have committed violence, as well as the entities, companies, and organizations providing support. Barrow also stated that recent remarks by Israeli National Security Minister Ben-Gevilé regarding Gaza were "unacceptable and inhumane." France had previously imposed sanctions on Ben-Gevilé.The main Shanghai gold futures contract rose 2.00% intraday, currently trading at 968.60 yuan/gram.August 19 - According to Palestinian sources, Israeli forces conducted military operations in several locations in the West Bank and Jerusalem on the 19th, arresting at least 31 Palestinians, including Palestinian Authority Minister for Jerusalem Affairs Ashraf Awar. Reports indicate that Israeli forces raided Awars residence in the Silwan district, south of the Al-Aqsa Mosque in Jerusalems Old City, and arrested him. Awar had been banned from entering the West Bank by Israeli authorities in January of this year. The Palestinian Authority issued a statement saying that Awars arrest was the latest in a series of restrictive measures imposed by Israeli authorities on Palestinian officials in Jerusalem. The Israeli military has not yet issued a statement.On August 19, Houthi military spokesman Sari stated that the group has adopted three "strategies": responding to a blockade with a blockade, striking Saudi military strongholds (regardless of their location), and defending Yemeni sovereignty. Since announcing a ban on Saudi maritime navigation on July 20, the Houthis have attacked eight Saudi oil tankers—five in the Red Sea and three in the Gulf of Aden and the Arabian Sea. He claimed the group has also blocked the passage of 48 Saudi oil tankers and forced them to turn back, including 34 in the Arabian Sea and the Indian Ocean and 14 in the Red Sea. The Houthis have carried out nine military operations targeting Yanbu, Najran, Jizan, Abha, and oil supply facilities in Saudi Arabias Eastern Province, and 14 operations against what they claim are Saudi military strongholds in Ruwek, Abul, Wadiyah, Marib, and Muhah. He warned Saudi Arabia against further escalation, stating, "Any full-scale escalation will lead to a full-scale escalation." Sari stated that Saudi Arabias only option is to lift the blockade, end the aggression, withdraw foreign troops, and return Yemeni resources to the Yemeni people.August 19th - According to the National Meteorological Center, a tropical disturbance in the northern South China Sea developed into a tropical depression on the afternoon of the 19th. Affected by this disturbance and the southwest monsoon, parts of Hainan Island, southern Guangxi, Guangdong, Fujian, Taiwan Island, and Zhejiang will experience heavy rain or torrential rain over the next three days. The National Meteorological Center issued a blue rainstorm warning at 18:00 on August 19th. Following comprehensive assessment and emergency consultation, the China Meteorological Administration activated a Level IV emergency response for major meteorological disasters (rainstorms) at 20:00 on August 19th.

WTI prices fall to eight-month lows, falling below $80 per barrel

Alina Haynes

Sep 26, 2022 11:27

截屏2022-09-22 下午4.35.20_1024x576.png 

 

The benchmark for US crude oil, generally known as WTI, falls below $80.00 per barrel on Friday due to a strengthening US Dollar, with the US Dollar Index surging to levels not seen since May 2002, a headwind for commodities priced in US dollars. After reaching a day high of $83.90, WTI is currently trading at $78.80, over 6% less than its opening price.

 

WTI is already down 8% this week, extending its drop to a fourth straight week. Wednesday's decision by the US Federal Reserve to raise interest rates and underline the need for additional hikes is dragging on the price of black gold. This, coupled with a flurry of other central banks raising rates, heightened global recession concerns. Consequently, oil demand would decline.

 

According to sources cited by Reuters, "The crude market is under intense selling pressure as the U.S. dollar maintains a solid upward trajectory and risk appetite decreases."

 

In the interim, mood deteriorated, which strengthened the dollar. US stocks are down between 2.13 percent and 3.44 percent, extending their weekly losses. In contrast, the US Dollar Index, a measure of the dollar's value relative to a basket of peers, is increasing 1.39 percent to 112.808, marking a return to 20-year highs.

 

A slew of S&P Global PMIs that were released during the day added to recessionary fears. The PMIs for the United Kingdom and the euro area were below expectations and poised to enter a recession, with the majority of indices residing in contractionary zone. In contrast, the US PMIs were mixed, but all three components increased, maintaining optimism that the US economy will avoid a recession.

 

Moreover, according to a US official, the Iran nuclear deal has stalled due to Tehran's insistence on the conclusion of UN nuclear watchdog investigations.

 

On the daily WTI chart, the oil price has fallen below the bottom trendline of a falling wedge, which is typically a bullish sign. Consequently, US crude oil may be set for a retest of the January 1 and YTD low of $65.94. Although the Relative Strength Index (RSI) is in negative area at 33.25, it is not in oversold territory. A decline below $75.00 might therefore pave the road to $70 per barrel and $65.94.


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