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On November 24th, Alexei Pushkov, a member of the Constitutional Committee of the Federation Council of Russia, argued that the EUs plan to mediate the conflict in Ukraine is a carefully crafted scheme to perpetuate the conflict. Pushkov stated, "Europes peace plan is not a genuine peace plan, but a plan to continue the war. And it has been carefully considered and corrected." The supplementary plan on Ukraine proposed by the EU, released on Sunday, includes 28 points, including a suggestion that Ukraine could join NATO, a possibility unacceptable to Russia. The plan suggests that Europe proposes allowing Ukraine to join NATO if NATO member states reach a consensus. The European proposal does not specify a timeframe for holding elections in Ukraine. It also includes a statement that NATO will not deploy troops in Ukraine, though this is stated as "in peacetime." Furthermore, the European proposal does not include recognition that Crimea, Luhansk, and Donetsk are de facto "Russian territory."Canadian Prime Minister Carney: Indian Prime Minister Modi and I have launched negotiations on a trade agreement that is expected to more than double our trade volume to $70 billion.On November 24th, Ukrainian President Volodymyr Zelenskyy delivered a speech on the 23rd, local time, briefing the Ukrainian delegation on the series of high-level talks held that day in Geneva, Switzerland. Zelenskyy stated that Ukraine is very carefully formulating the steps needed to end the conflict. He revealed that the negotiations in Switzerland on the 23rd would continue, with the team expected to work until late at night and submit further progress reports. Regarding communication with US representatives, both sides maintained substantive dialogue, and Ukraine has received positive signals that US President Trumps team is carefully listening to Ukraines position and concerns. Zelenskyy emphasized that ensuring the steps to end the conflict are effective and feasible is crucial. The current acceleration of the diplomatic process is a positive sign, and Ukraine expects the final outcome to be reflected in a series of correct, powerful, and sustainable action plans.On November 24th, representatives from Ukraine, the EU, and the US met in Geneva, Switzerland, on Sunday to discuss the US-proposed 28-point plan to end the Russia-Ukraine conflict. The EU representative reportedly presented a European version of the counter-proposal. According to the EUs counter-proposal, the number of Ukrainian troops would be capped at 800,000, higher than the US-proposed 600,000. Ukraine also pledged not to use military means to reclaim occupied sovereign territories, and that territorial exchange negotiations would begin from the current military contact line. The EU further proposed that Ukraine would receive a US security guarantee similar to Article 5 of NATO, and that NATO would agree not to permanently station NATO-commanded troops in Ukraine during peacetime, with NATO aircraft only stationed in Poland. Whether Ukraine would join NATO would depend on the consensus of NATO member states, but currently, there is no such consensus. Furthermore, Ukraine will hold elections as soon as possible after the signing of a peace agreement.On November 24th, German Chancellor Merz stated during the G20 summit in Johannesburg, South Africa on the 23rd that he had proposed a simplified version of the "28-point" plan put forward by the United States to end the Russia-Ukraine conflict. Merz stated that this plan is "below the level of a complete solution" and aims to find workable points of consensus in complex negotiations. He indicated that the "28-point" plan is too complex to reach an agreement in such a short time, and he hopes that the "simplified plan" will at least attempt to find a point of entry for reaching a consensus. Merz pointed out that given the current differences, reaching an agreement by the 27th, as demanded by US President Trump, is quite difficult.

Oil prices fall owing to rising U.S. stocks and weaker demand

Skylar Williams

Jul 13, 2022 11:03

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Oil prices dipped in early Asian trade on Wednesday with the release of U.S. inventory data indicating a rise in crude oil and refined products, amid rising fears of a global economic slowdown.


Brent oil futures shed 68 cents, or 0.7 percent , to $98.81 a barrel at 0002 GMT. The price of U.S. West Texas Intermediate crude oil dropped 72 cents, or 0.8 percent, to $95.12 a barrel, which is also the lowest level in three months.


Concerned that aggressive interest rate increases to battle inflation may precipitate a recession, which will severely influence oil consumption, investors have sold their oil holdings. Due to volatile trading, prices dropped by more than 7 percent in the previous session.


China's renewed COVID-19 travel restrictions had an effect on the market. Multiple cities in the world's second-largest economy have enacted further restrictions, ranging from firm closures to wider lockdowns, to prevent the spread of a highly dangerous virus strain.


During the week ending July 8, crude oil stocks climbed by around 4.8 million barrels in the United States. According to market sources citing data issued by the American Petroleum Institute on Tuesday, gasoline supplies grew by 3 million barrels, while distillate stockpiles increased by 3,3 million barrels.


The dollar index, which compares the dollar to a basket of six other currencies, reached its highest level since October 2002 on Tuesday, reaching 108.56.


Since oil is frequently priced in U.S. dollars, a stronger dollar makes the commodity more expensive for foreign currency holders. During times of market volatility, the dollar is often viewed as a safe haven by investors.


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