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On April 12th, Bank of America released a research report on Friday, indicating that in the US, it lowered its growth forecast for this year by 50 basis points to 2.3%, with the direct impact of the war accounting for about three-quarters of the revision. The overall inflation forecast was revised upwards by 70 basis points, with core PCE now expected to reach 3.1% by the end of 2026, 30 basis points higher than previously projected. In the Eurozone, the bank lowered its growth forecast by 60 basis points and raised its inflation forecast by 160 basis points to 3.3%, with core inflation at 2.3%.According to Interfax news agency, Russia claims that Ukraine violated the Easter ceasefire agreement.Saudi Energy Ministry: Efforts are still underway to restore full production capacity at the Hulas oil field.Saudi Arabias Ministry of Energy announced that the East-West oil pipeline has successfully restored full capacity, with a daily throughput of approximately 7 million barrels. Production at the Manifa oil field, which was affected by the pipelines disruption, has also recovered to approximately 300,000 barrels per day.On April 12th, it was announced that XChat, a social application under the X platform, will officially launch on the App Store on April 17th. The application emphasizes end-to-end encryption, no ads, and no tracking. From its internal beta testing in May 2025, XChat has undergone nearly a year of testing and iteration; if we consider the moment Musk acquired Twitter in 2022 with the ambition to create a Western version of WeChat, almost four years have passed.

WTI advances toward $75.00 as China-related demand optimism offsets recession fears

Daniel Rogers

Jan 09, 2023 11:55

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In the early hours of Monday, WTI steadily climbs near the intraday high of $74.70 as bullish emotion competes with economic slowdown worries. Despite this, the weaker US Dollar and a light schedule allow buyers of black gold to maintain control following Friday's mixed performance.

 

In spite of this, the risk profile remains elevated in light of China's reopening of its borders after a three-year closure. On the same line, Guo Shuqing, party secretary of the People's Bank of China, made his remarks (PBOC).

 

Reuters, transmitting China unlock news, claimed that "about 2 billion journeys are anticipated this season, roughly doubling the volume of previous year, and recovering to 70% of 2019 levels," citing a statement from the Chinese government.

 

On the other side, PBOC's Shuqing stated, "The world's second-largest economy is likely to recover rapidly due to the country's optimal Covid-19 response and the continued implementation of its economic policies."

 

The US Dollar Index (DXY) fell the most in three weeks the day before, down 0.20% intraday to 103.70 as of press time, as the US employment report failed to excite greenback purchasers and the US activity numbers stoked fears of an economic slowdown. It's worth mentioning that the previous day's disappointing US wage growth, ISM Services PMI, and Factory Orders weighed on Treasury bond yields and the DXY.

 

On a different page, reports regarding a delay in the restoration of the colonial pipeline and the Russia-Ukraine conflict appear to also benefit energy buyers. Traders fear additional rate hikes ahead of the release of the Consumer Price Index (CPI) for December from China and the United States on Wednesday and Thursday, respectively, which tests the positive momentum.

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