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According to CNN: A CNN reporter was denied entry to the White House this morning local time, and his press pass was confiscated. This comes a day after Trump announced a "ban" on CNN, MS NOW, and Politico media outlets.On September 19th, Wang Qingxian, Governor of Anhui Province, met separately with a delegation led by Jack Perry, Chairman of the 48 Group, and Carlos Maglinos, Global Chairman of the Global Alliance of Small and Medium Enterprises, who were in Anhui to attend the 2026 World Manufacturing Convention. Wang Qingxian stated that, relying on its strong industrial foundation and innovative accumulation, Anhui is focusing on comprehensive opening-up, with a focus on industrial openness. Anhui manufacturing is deeply integrated into the international division of labor and serving the global market. He expressed hope to establish a regular communication and exchange mechanism to strengthen complementary advantages and resource integration, jointly expand cooperation in the industrial and supply chains, and contribute to the high-quality development of global manufacturing.On September 19, local time, U.S. Central Command Commander Brad Cooper released a video announcing updates on shipping through the Strait of Hormuz and U.S. military operations in the region. Cooper stated that the main shipping lanes of the Strait of Hormuz have been cleared of mines, and thousands of ships have passed through. More than 1 billion barrels of crude oil have been shipped out of the Strait of Hormuz by Gulf partners. He also stated that in the past two weeks, the volume of crude oil, cargo, and liquefied natural gas transported through the region has reached its highest level in the past six months. Cooper further stated that under the U.S. blockade, Iran has exported zero crude oil through the relevant shipping routes.September 19th - Tensions between Yemen and Saudi Arabia escalated. On the 19th, Riyadh, the Saudi capital, issued its first-ever air raid sirens. British media revealed that Saudi Arabias interceptor missiles are running low. Saudi Arabia is seeking air defense assistance from its allies. The Associated Press, citing local officials, reported that Saudi Arabia has contacted France, Britain, Pakistan, and Egypt, requesting air defense support. However, apart from Pakistan, its allies have offered more sympathy than military support. In fact, Saudi Arabias largest ally and arms supplier is the United States, but its interceptor missile stockpile has been depleted in the war with Iran. Last week, Saudi Crown Prince Mohammed bin Salman called Trump, requesting deeper US involvement in the conflict. The US rejected this request.On September 19th, CNN reported on September 18th that sources said the US military narrowly avoided an incident after using an AI-generated false intelligence report. The report stated that this spring, during the war with Iran, an intelligence report circulating among US military personnel raised concerns. The report claimed that a Chinese ship was transporting components for a nuclear weapons program in the Middle East. Four sources familiar with the incident said the US military quickly initiated a plan to intercept the ship. Two of the sources indicated that US military personnel were preparing to board. One source and another informed source stated that US military aircraft had been scrambled. However, just as the planned operation was about to begin, US officials thoroughly examined the report, compiled by analysts from the US Special Operations Command, and discovered that it was generated using AI. The chatbot used by the analyst had incorrectly identified the cargo.

WTI rises to around $80.00 following a minor drop as supply concerns intensify

Daniel Rogers

Dec 28, 2022 10:57

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Futures for West Texas Intermediate (WTI) on the New York Mercantile Exchange (NYMEX) have resumed their ascent after correcting to about $79.50 in the late New York session. After Russian President Vladimir Putin chose to impose a price ceiling on oil exports to the G7 and the European Union, supply concerns have increased. The oil price has sought to recover as a result.

 

Black gold is also in the spotlight despite the US Dollar Index's dismal performance (DXY). In the absence of prospective triggers, the USD index is trading flat below 104.00 despite the extreme volatility of U.S. stocks.

 

Previously, the G7 and the European Union capped the price of Russian oil at $60 per barrel in order to prevent Moscow from funding weaponry and ammunition for the war against Ukraine. In retaliation, Vladimir Putin passed a directive prohibiting the sale of Russian oil to nations that enforced the oil price ceiling. It will last from 1 February to 1 July.

 

In addition to supply concerns, China's actions to restore the economy after a protracted shutdown have injected new life into the oil bulls. Despite an increase in Covid-19 instances, the Chinese government has eliminated quarantine regulations for incoming tourists, which will reduce supply chain interruptions. Supporting the oil price is a crucial step towards reopening the economy and regaining the road of progress.

 

The modification of the Gross Domestic Product (GDP) projection is attributable to a new effort to eliminate restrictions on Covid-related measures in China. According to a statement made by China's National Bureau of Statistics (NBS), the agency has changed the country's GDP growth forecast for 2021 from 8.1% to 8.4%.