EUR/USD 1.16783
0.003%
Gold 4616.86
2.163%
Oil 86.290
0.427%
USD/JPY 158.995
-0.035%
GBP/USD 1.36466
0.123%
GBP/JPY 216.979
0.098%
Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
According to Sky News Arabia: The head of Egypts intelligence agency met with the Palestinian Vice President and Chairman of the Palestinian National Council, and the two discussed the situation in the West Bank and the upcoming Palestinian elections.On August 23, Ukrainian President Volodymyr Zelenskyy stated that Ukraine did not participate in any actions to sabotage the Nord Stream gas pipeline connecting Russia and Europe. This comes after a Ukrainian suspect wanted by Germany was arrested in Croatia, becoming the second Ukrainian suspect detained in the case. Zelenskyy said, "Ukraine has never participated in this operation, not even in the first place. I hope the investigation will be fruitful. We are ready to provide assistance." Zelenskyy indicated that the Ukrainian Prosecutors Office and the Ministry of Foreign Affairs are investigating the matter.On August 23, some Japanese citizens held a rally in Tokyo to protest the Sanae Takaichi governments attempts to revise the constitution and its series of military expansion initiatives. Participants strongly opposed the governments push to revise the "Three Security Documents" and attempt to amend the "Three Non-Nuclear Principles."On August 23, Federal Reserve Chairman Neel Kashkari downplayed market concerns about rising U.S. Treasury yields, stating that the market is functioning well and the recent surge is unlikely to affect discussions on monetary policy. Kashkari said on Sunday, "All indications suggest that the U.S. Treasury market is functioning normally, trading is proceeding smoothly, and market liquidity is ample, therefore we can use the federal funds rate as the primary policy tool for reducing inflation." Last week, yields on U.S. Treasury bonds of all maturities rose, with the benchmark 10-year Treasury yield closing at around 4.73%. The 30-year Treasury yield remained near its highest level since 2007. Kashkari stated that while current Treasury yields are high relative to recent historical levels, yields in the 1990s were much higher. "We need more data, but I dont want to prejudge the outcome of the next meeting," he said. "However, I dont currently believe that inflation will fall back to the target level in the short term."Russian President Vladimir Putin: Ukraines 40-day "influence operation" against Russia has failed to change the situation, and Russian forces are continuing their advance.

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