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The yield on Japans 30-year government bonds rose 6.0 basis points to 3.700%.April 30 - Asian currencies consolidated against the US dollar, but may be weighed down by rising oil prices. Lloyd Chan, senior foreign exchange analyst at MUFG, stated in a research report that "as the US and Iran remain locked in a protracted standoff, continued disruptions to energy flows through the Strait of Hormuz are pushing up oil prices," which is putting downward pressure on "oil-sensitive regional currencies," including the Philippine peso and the Thai baht.On April 30th, it was reported that the mandatory national standards "Requirements for Real-Name Registration and Activation of Civil Unmanned Aerial Vehicles" and "Specifications for Operational Identification of Civil Unmanned Aerial Vehicle Systems" will come into effect on May 1st. The "Requirements for Real-Name Registration and Activation of Civil Unmanned Aerial Vehicles" stipulates the workflow for real-name registration and activation of drones, explicitly requiring that drones cannot be flight-capable before activation and after deactivation. Newly manufactured drones must meet the new national standards from May 1st; for existing drones already sold and in use, the requirements will be implemented starting 13 months after the implementation date. The "Specifications for Operational Identification of Civil Unmanned Aerial Vehicle Systems" stipulates that drones should proactively report their identity, location, speed, and status information to regulatory authorities after powering on and throughout flight.Samsung Electronics: The average selling price of DRAM in the first quarter increased by 90% to 95% compared to the fourth quarter of last year.Samsung Electronics: Supply shortages worsened in the first 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.


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