EUR/USD 1.16978
0.137%
Gold 3452.39
1.034%
Oil 63.700
-0.573%
USD/JPY 146.956
0.020%
GBP/USD 1.35148
0.024%
GBP/JPY 198.605
0.048%
Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
Conflict Details: 1. Russian Ministry of Defense: Russian forces occupied Komishuvakha in eastern Ukraine. 2. The Ukrainian military said it attacked oil refineries in Krasnodar and Syzran at night. 3. The Ukrainian Air Force said Russia launched 537 drones and 45 missiles during the nighttime attacks. 4. Russian Ministry of Defense: Russia attacked Ukrainian businesses, rocket and aviation facilities, and military airfields at night. 5. The regional governor stated that Russias attack on Zaporizhia, Ukraine, resulted in one death and at least 24 injuries. 6. Russian Chief of the General Staff Gerasimov: Russian forces are continuing their offensive along all fronts, and the task of establishing a buffer zone along the border between the Ukrainian Sumy and Kharkiv regions is progressing smoothly. 7. Russia and Ukraine are engaged in fierce battles over the key cities of Krasnodar (also known as Pokrovsk in Ukraine) and Konstantinovka in the Donetsk region. Other Developments: 1. Hungarian Foreign Minister: The European Commission has become a "Ukrainian Commission," representing the interests of Ukraine, not those of an EU member state. 2. EU High Representative for Foreign Affairs and Security Policy Kallas stated that the return of frozen Russian assets to Russia is unthinkable unless Russia pays war reparations for Ukraine. 3. Ukrainian President Zelensky stated that Moscow exploited the lead-up to the summit to launch the attack and called for energy and banking sanctions. 4. Russian Chief of the General Staff Gerasimov stated that Russia controls 99.7% of Ukraines Luhansk region, 79% of the Donetsk region, 74% of the Zaporizhia region, and 76% of the Kherson region. 5. EU High Representative for Foreign Affairs and Security Policy Kallas stated that EU countries have been asked to submit proposals for new sanctions against Russia next week.On August 31, officials of the Yemeni Houthi armed forces issued a statement saying that the group is ready to confront Israel after Israel launched an airstrike in Sanaa on Thursday, killing a senior official.On August 30th, local time, Hungarian Foreign Minister Peter Szijjarto stated after the EU Foreign Ministers meeting in Copenhagen that the EU and most of its member states are not interested in achieving peace and will continue to provide funding and arm Ukraine. The European Commission is acting as a "Ukrainian Commission," representing Ukraines interests rather than those of EU member states.On August 30, Russia and Ukraine engaged in a fierce battle over the Donetsk regions key cities of Krasnaya Zvezda (known as Pokrovsk in Ukraine) and Konstantinovka on August 29. The Russian Ministry of Defense released a video on the 29th claiming Russian forces used Grad rockets to strike Ukrainian positions in the direction of Krasnaya Zvezda. The Russian news agency TASS also released a video claiming Russian forces launched strikes against Ukrainian targets near Konstantinovka.Kocher, the incoming ECB board member, said: It is crucial to avoid repeated swings in interest rate decisions.

Oil Hits A Two-month High Due to Tight Supplies, And The EU Wants to Ban Russian Crude

Haiden Holmes

May 30, 2022 11:16

w1.png


On Thursday, oil prices rose almost 3 percent to a two-month high on concerns of tight supply ahead of the U.S. summer driving season, as the European Union (EU) squabbled with Hungary over plans to prohibit petroleum imports from Russia in response to its invasion of Ukraine.


Traders also observed that oil prices tracked a rise in equities and a weakening of the U.S. dollar versus a basket of currencies, which makes oil more affordable when purchased in other currencies. 


Brent (LCOc1) futures increased $3.37, or 3.0%, to $117.40 per barrel, while U.S. West Texas Intermediate (WTI) oil advanced $3.76, or 3.4%, to $114.09.


Brent reached its highest level since March 25 after six consecutive days of gains. WTI had its highest close since May 16.


Edward Moya, a senior market analyst at the data and analytics firm OANDA, said, "Crude prices increased because a tight oil market was expected to persist given that the start of the summer driving season would put U.S. stockpiles on a downward trend."


A significant weekly reduction in U.S. oil stocks, as announced on Wednesday, provided support for prices. 


"The underlying background... is becoming price supportive... and will become even more optimistic once all parties embrace EU sanctions on Russian oil sales," PVM Oil's Tamas Varga said.


President of the European Council Charles Michel is convinced that an agreement can be reached prior to the council's next meeting on May 30.


As EU penalties require unanimity of support, Hungary remains an obstacle. Hungary is requesting approximately 750 million euros ($800 million) to modernize its refineries and expand a Croatian pipeline.


Even in the absence of an official prohibition, there is significantly less Russian oil accessible since customers and trading houses have avoided purchasing from the country.


According to Deputy Prime Minister Alexander Novak, Russia's oil production should decrease to 480-500 million tonnes this year from 524 million tonnes in 2021, as reported by the state-run news agency RIA.


OPEC is expected to adhere to last year's agreement to increase July output targets by 432,000 barrels per day, six OPEC sources told Reuters, rebuffing Western calls for a faster increase to control prices. OPEC will meet on June 2 and is expected to adhere to last year's agreement to increase July output targets by 432,000 barrels per day.


Other factors also support the price of oil.


Sugandha Sachdeva, vice president of commodities research at Religare Broking, said, "Shanghai is set to reopen after a two-month lockdown, while the U.S. peak driving season begins with the Memorial Day weekend." On Monday, the United States observes Memorial Day.


The U.S. government seized an Iranian oil shipment held on a Russian-operated ship in Greece and will transport the shipment to the United States aboard a different vessel.


Britain, meanwhile, imposed a 25 percent windfall tax on the earnings of oil and gas firms, along with a $18.9 billion ($15 billion) support package for those struggling to pay their energy bills.


Hungary announced increased "excess earnings" taxes of 800 billion forints ($2.19 billion) on banks, energy industries, and other businesses.

Suggestion