EUR/USD 1.20137
-0.212%
Gold 5177.93
-0.014%
Oil 62.402
-0.040%
USD/JPY 152.584
0.269%
GBP/USD 1.38147
-0.241%
GBP/JPY 210.796
0.053%
Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
A chart summarizing the overnight price movements of international spot platinum and palladium.On January 28th, renowned Apple analyst Ming-Chi Kuo predicted that iPhone memory prices are now negotiated quarterly, rather than semi-annually, so iPhone memory prices will rise again in the second quarter of 2026. Currently, the quarter-on-quarter price increase in the second quarter is expected to be similar to that of the first quarter. Apples current pricing strategy for the new iPhone 18 in the second half of 2026 is to "avoid price increases as much as possible," at least keeping the starting price unchanged, which is beneficial for marketing and promotion. Apple has realized that after memory and T-glass, other components may also be affected by the AI server industry and experience supply shortages.Futures News, January 28th - According to foreign media reports, palm oil futures on the Malaysian Derivatives Exchange (BMD) are likely to open higher on Wednesday morning, following gains in external markets. International crude oil futures rose nearly 3% on Tuesday due to winter storms severely impacting crude oil production, coupled with strength in Chicago soybean oil futures, which will help boost the early performance of Malaysian crude palm oil futures. Strong Malaysian palm oil exports and declining production will also further support palm oil prices.January 28th - Analyst Win Thin stated, "The Trump administration is taking well-considered risks. While currency devaluation is beneficial, the consequences could be dire if the situation spirals out of control. The foreign exchange market typically best reflects market concerns about a countrys policies and economic prospects, so the weakness of the US dollar deserves close attention. The yen should rebound as it attempts to recover the 150 level. Given the divergence in expected monetary policy this year, the currency pair should trade lower, as we anticipate a 50 basis point rate hike by the Bank of Japan and a 75-100 basis point rate cut by the Federal Reserve."SK Innovations reported fourth-quarter revenue of 19.7 trillion won, exceeding market expectations of 19.9 trillion won. The company reported a net loss of 4.2 trillion won for the quarter.

Oil costs increase as supply restrictions trump economic worries

Charlie Brooks

Jul 05, 2022 11:12


Oil prices climbed on Monday as supply worries spurred by a decrease in OPEC production, unrest in Libya, and sanctions against Russia trumped fears of a worldwide recession that would diminish demand.


In June, Euro zone inflation hit an all-time high, boosting the case for rapid rate rises by the European Central Bank, while consumer sentiment in the United States reached an all-time low.


Brent oil rose $2.26, or 2%, to $113.89 a barrel as of 12:47 p.m. ET (1648 GMT), after shedding more than $1 in early trading. The price of U.S. West Texas Intermediate (WTI) crude rose $2.20, or 2%, to $110.63 despite the lack of trading activity over the Fourth of July holiday.


According to a Reuters survey, the Organization of the Petroleum Exporting Countries (OPEC) failed to meet its June goal of increasing production.


Thursday, authorities in OPEC member Libya declared force majeure at the Es Sidr and Ras Lanuf ports and the El Feel oilfield, claiming a reduction of 865,000 barrels per day in oil output (bpd).


Meanwhile, more than two weeks of unrest have caused Ecuador to lose almost 2 million barrels of production, according to Petroecuador, the country's state-owned oil company.


This week, a strike in Norway may restrict supply from the biggest oil producer in Western Europe and reduce overall petroleum production by 8 percent.


"This background of rising supply interruptions clashes with a probable shortage of spare production capacity among Middle Eastern oil producers," said Stephen Brennock of oil trader PVM, referring to the producers' limited ability to pump more oil.


And prices will climb if new oil production does not reach the market shortly.


On Monday, British Prime Minister Boris Johnson asked OPEC+ to raise oil output to tackle the growing cost of living.


As a consequence of Russia's invasion of Ukraine, supply concerns have sent Brent oil prices close to 2008's record high of $147 a barrel.


As a consequence of restrictions on Russian oil and limited gas supplies, surging energy prices have driven inflation in certain countries to multi-decade highs and stoked fears of a recession.


Suggestion