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Market news: Following talks with Russian President Vladimir Putin, the US delegations motorcade left the Kremlin.January 23rd, Futures News: I. Domestic Weather (1) Temperatures gradually rise across most of the country. From January 23rd to 24th, temperatures gradually rise across most of the country. From January 23rd to 25th, atmospheric diffusion conditions are poor in central and southern North China, central and western Huanghuai, Fenwei Plain, Sichuan Basin and other places, with light to moderate haze. On January 25th, affected by cold air, the haze in central and southern North China weakens or dissipates. In addition, from January 24th to 25th, affected by cold air and strong winds, there is dust weather in some parts of Northwest China. (2) Heavy to blizzard conditions in southwestern Tibet. From January 23rd to 24th, moderate to heavy snow is expected in parts of western Xinjiang and southwestern Tibet, with blizzards or heavy blizzards in some areas. During this period, light to moderate snow will occur on the Qinghai-Tibet Plateau from west to east, and the temperature will drop by 6-8℃ after the snowfall, with some areas exceeding 10℃. II. Global Weather (1) Strong rain, snow, strong winds and temperature drop in Central Asia and West Asia. Over the next three days, affected by the low-pressure system, some areas in southern Central Asia, central and eastern Afghanistan, the Pamir Plateau, eastern Far East, central and northern Japan, and northern Pakistan will experience heavy to blizzard-like snow or sleet, with some areas experiencing heavy to extremely heavy snow. Most of these areas will see a temperature drop of 8 to 12°C, with some areas experiencing a drop of 14 to 16°C, accompanied by strong winds of level 4 to 6 and above. (2) Heavy rainfall in central and southeastern Brazil. Over the next three days, affected by the low-pressure system, some areas in Brazil, Ecuador, western Colombia, Peru, and northern Bolivia will experience moderate to heavy rain, with some areas experiencing torrential rain. (3) Heavy snowfall in the United States and Canada. Over the next three days, affected by the upper-level trough system splitting at the bottom of the cold vortex, some areas in central and southern United States and northeastern Canada will experience moderate to heavy snow or sleet, with some areas experiencing heavy to blizzard-like snow or extremely heavy snow. Some areas in southeastern United States and northwestern Mexico will experience moderate to heavy rain, with some areas experiencing torrential rain. Temperatures will drop by 8 to 12 degrees Celsius or more in central and eastern Canada and the northeastern United States, accompanied by winds of force 5 to 6.Kremlin: Russian President Vladimir Putins talks with U.S. Middle East envoy Josip Witkov have concluded.European Commission President Ursula von der Leyen: All parties clearly hope that the benefits of the Mercosur trade agreement will come into effect as soon as possible.European Commission President Ursula von der Leyen: We are underinvesting in Arctic security, and its time to increase our investment.

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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