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Broadcom (AVGO.O) has raised the upper limit of its acquisition offer consideration from $2.5 billion to $3 billion.On June 18th, FAW Bestune Automobile Co., Ltd., a subsidiary of China FAW Group, signed a strategic cooperation agreement with Nasr Automobile Manufacturing Company, an Egyptian state-owned enterprise, in Egypts new administrative capital on the 17th. The agreement stipulates that they will jointly produce a series of "Nasr" brand vehicles. Egyptian Prime Minister Madbouly and other government officials witnessed the signing. Nabil Mohamed Hamad, General Manager of Nasr Automobile Manufacturing Company, said that this cooperation will support the company in producing "Nasr" brand vehicles according to the latest international standards, which will not only meet the needs of the Egyptian market but also help the company expand into regional and international markets.On June 18th, JPMorgan Asset Management strategist Hsu Chang-tai stated in a report that the Federal Reserve is unlikely to adjust interest rates this year, as the committee appears to be patient with the current policy rate. Hsu pointed out that the Fed kept interest rates unchanged and completely removed any dovish bias from its policy statement. Because the market interpreted the Feds initial statement as hawkish, US Treasury yields rose, and US stocks fell overnight. He added that under the new Warsh leadership, the Feds dual mandate—price stability and full employment—and its framework with the federal funds rate as the primary policy tool appear to have been solidified.June 18th - According to China Railway Shanghai Bureau Group Co., Ltd., the 2026 Dragon Boat Festival holiday transportation on the Yangtze River Delta railway started today. It is estimated that 3.48 million passengers will be transported on the day. Starting in the afternoon, Shanghai, Hangzhou, Nanjing, Hefei, Xuzhou, Ningbo, Wenzhou and other places will usher in the first small peak of passenger flow.Iranian Parliament Speaker Ghalibaf: Irans victory on the battlefield has been recognized by both enemies and friends.

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.


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