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On April 9th, US President Trump stated on social media, "NATO wasnt there when we needed them, and they wont be there if we need them again. Remember Greenland, that poorly managed ice sheet." This followed a meeting between President Trump and NATO Secretary General Rutte, who spent over 90 minutes at the White House. Rutte later stated that he had a very frank and open discussion with President Trump, describing it as a discussion between two good friends, and expressed great admiration for Trumps leadership.April 9th - Singaporean government agencies will implement measures to reduce electricity consumption and enhance energy resilience due to global energy supply shortages caused by the Middle East conflict. The National Environment Agency stated in a statement on Wednesday that immediate measures include setting air conditioning temperatures to 25 degrees Celsius or higher, controlling the operating hours of air conditioners, lighting, and elevators, and unplugging or turning off non-essential equipment when not in use. Singapore had previously warned that fuel prices are expected to remain high for the foreseeable future due to widespread disruptions to Middle Eastern oil and gas production and transportation, leading to higher electricity bills in the coming months.Venezuelan Acting President Rodriguez: The urgent task is to raise workers wages through the development of oil and mining.April 9th - US President Trumps Iran peace plan is facing resistance from a key group: the oil industry. An industry consultant stated that oil company executives are contacting the White House, Secretary of State Rubio, and Vice President Vance to protest allowing Iran to collect tolls on passage through the Strait of Hormuz as a condition for peace negotiations. When asked if the executives had contacted the White House to protest the toll policy, the consultant replied, "Of course! We never needed to do that before—and I think weve already won the war. Whenever you have access to government, you ask, What are you thinking?"1. All three major U.S. stock indexes closed higher. The Dow Jones Industrial Average rose 2.85% to 47,909.92 points, the S&P 500 rose 2.51% to 6,782.81 points, and the Nasdaq Composite rose 2.8% to 22,635 points. Sherwin-Williams rose nearly 7%, and Caterpillar rose more than 6%, leading the Dow. The Wind U.S. Tech Big Seven Index rose 2.49%, Facebook rose more than 6%, and Google rose nearly 4%. The Nasdaq China Golden Dragon Index rose 3.05%, Pony.ai rose more than 11%, and Hesai Technology rose more than 8%. 2. All three major European stock indexes closed higher. The German DAX rose 5.06% to 24,080.63 points, the French CAC40 rose 4.49% to 8,263.87 points, and the UK FTSE 100 rose 2.51% to 10,608.88 points. 3. Most US Treasury yields fell. The 2-year Treasury yield fell 0.02 basis points to 3.790%, the 3-year Treasury yield fell 0.06 basis points to 3.811%, the 5-year Treasury yield fell 0.18 basis points to 3.924%, the 10-year Treasury yield fell 0.20 basis points to 4.293%, and the 30-year Treasury yield rose 1.42 basis points to 4.886%. 4. The most active US crude oil futures contract closed down 14.56% at $96.5 per barrel; the most active Brent crude oil futures contract fell 11.5% to $96.7 per barrel. 5. International precious metals futures generally closed higher. COMEX gold futures rose 1.29% to $4745.00 per ounce, and COMEX silver futures rose 3.14% to $74.25 per ounce. 6. Most domestic commodity futures markets closed lower, with energy products, chemicals, and shipping futures leading the declines. Low-sulfur fuel oil fell 15.26%, LPG hit the daily limit down, asphalt fell 8.95%, and the container shipping index (European route) fell 7.42%. Precious metals and base metals rose, with Shanghai silver rising 5.63% and Shanghai tin rising 4.05%.

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.