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Pakistani diplomat: Continued negotiations require concessions from the United States and Iran.Canadian Prime Minister Carney: Canada has never heard Trump mention the concept of Canada paying an “entry fee” to initiate an assessment of the USMCA.The U.S. EIA natural gas storage figures for the week ending April 17 will be released in ten minutes.On April 23, Slovak Prime Minister Fico stated at a press conference that Ukraine had cut off the "Friendship" oil pipeline for political reasons. "The Friendship pipeline resumed operation at 2:00 AM today, clearly proving that the pipeline was not damaged," Fico added. He further stated that 13,500 tons of crude oil would arrive in Slovakia via the "Friendship" pipeline that day, and the total volume was expected to reach 119,000 tons by the end of April. Slovak Economy Minister Sarkova said at the same press conference that the countrys petrochemical plants had resumed full-capacity operation, consuming approximately 17,000 tons of crude oil daily. She stated that the resumption of oil supply from the "Friendship" pipeline would contribute to stability in Central Europe and the entire European region.On April 23, Zheng Shanjie, Director of the National Development and Reform Commission (NDRC), met with Airbus Global CEO John Faury at the NDRC headquarters. The two exchanged views on Chinas macroeconomic situation and deepening Airbuss cooperation with China. Zheng stated that in the first quarter of this year, Chinas economy showed new and improved high-quality development, further demonstrating its resilience and vitality, laying a solid foundation for a good start to the 15th Five-Year Plan. The Chinese air transport market has vast space and huge potential, and Airbus will usher in greater opportunities for development in China. China welcomes and firmly supports Airbuss continued investment in China and its expansion of the depth and breadth of its supply chain in China.

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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