EUR/USD 1.17659
0.081%
Gold 3334.12
0.246%
Oil 65.692
-0.936%
USD/JPY 144.407
-0.344%
GBP/USD 1.36360
-0.142%
GBP/JPY 196.918
-0.468%
Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
July 4, India proposed on Friday to impose retaliatory tariffs under World Trade Organization (WTO) rules against tariffs imposed by the United States on the automotive industry in the name of safeguard measures. A WTO notification circulated at Indias request said: "The proposed suspension of concessions or other obligations will increase tariffs on specific products originating in the United States." India has notified the WTOs Goods Council that it proposes to suspend concessions and other obligations under certain WTO provisions. "This notification is issued in response to the United States extending safeguard measures on auto parts imported from India," the statement said. On March 26 this year, the United States took safeguard measures to impose a 25% ad valorem tariff on passenger cars, light trucks and some auto parts imported from India. The United States did not notify these measures to the WTO, but they are safeguard measures in nature. India insists that the measures taken by the United States are not in line with the General Agreement on Trade and Tariffs 1994 and the Safeguard Agreement.Indian Trade Minister: India does not trade for the sake of deadlines but for the benefit of the country.Indian Trade Minister: India always safeguards its interests in trade negotiations.Indian Trade Minister: India is discussing trade agreements with many countries. Free trade is only possible when the interests of both countries are met.ECB board member Makhlouf: The ECB must be more flexible in using forward guidance.

Despite geopolitical concerns, WTI reverses a two-day rally near $76.50, and the US Dollar falls

Daniel Rogers

Feb 27, 2023 14:27

 121.png

 

WTI crude oil has retreated from its previous weekly high, falling to $76.50 while posting modest losses early Monday. In doing so, black gold struggles to validate geopolitical fears emanating from Russia and fails to cheer a decline in the US Dollar amid hawkish central bank concerns.

 

However, Politico reports that the United States, the United Kingdom, and the European Union (EU) states have imposed new sanctions on Russia after a dispute between Poland and Italy delayed the process for days. Reuters reported that Russia had halted the supply of oil to Poland via the Druzhba pipeline.

 

It should be noted that the recent improvement in the developed economies' economic data has allowed their respective central banks to defend their hawkish bias and suggest further rate increases, despite the looming threat of a recession. Concerns about future poor demand present similar difficulties for energy prices.

 

The US President Joe Biden's willingness to loosen control over the Strategic Petroleum Reserves (SPR) in order to combat the oil shortage could also have an impact on energy prices.

 

Despite the most recent pullback from the seven-week high, the US Dollar's strength also exerts downside pressure on the energy benchmark.

 

American Petroleum Institute (API) and Energy Information Administration (EIA) data on oil inventories may be of interest to oil merchants. Nonetheless, the risk catalysts will receive the lion's share of attention for establishing direction. Oil investors may be encouraged by the rumors of a covert alliance between China and Russia.


Suggestion