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Sources say Mexico is assessing whether to halt oil shipments to Cuba due to fears of U.S. retaliation.Iran’s international internet service will be fully restored within the next 24 hours.On January 24th, Politico, citing three sources familiar with the matter, reported that the Trump administration is weighing new measures to push for regime change in Cuba, including a complete blockade of oil imports from the Caribbean nation. Two of the sources indicated that this escalation was pushed by some within the administration who are critical of the Cuban government and has the support of Secretary of State Rubio. No decision has yet been made on whether to approve the measure, but they added that it could be included in a package of options presented to Trump aimed at forcing the Cuban government to step down. Blocking crude oil shipments to Cuba would go further than Trumps statement last week, when he said the U.S. would block Cuba from importing oil from Venezuela, which has previously been Cubas main crude oil supplier.According to Politico: The Trump administration is considering imposing a maritime blockade to prevent Cuba from importing oil.On January 24th, local time, delegations from Russia, the United States, and Ukraine began negotiations in Abu Dhabi, United Arab Emirates, on the 23rd. The first round of talks was held behind closed doors and not open to the media. Ukrainian President Volodymyr Zelenskyy stated in his evening video address on the 23rd that the three delegations were in talks, with the Ukrainian delegation providing him with updates almost hourly. Zelenskyy pointed out that this trilateral meeting was very important because such a format of trilateral talks had not been seen for a long time. Zelenskyy stated that the current focus of the negotiations was on the specific conditions for ending the conflict. He indicated that Ukraines position was clear, and he had already established a framework for dialogue for the delegations.

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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