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On August 30th, German Finance Minister Hans-Kristen Klingbeer planned to call for an end to economically damaging conflicts, including tariff disputes, the Iran-Iraq war, and the Russia-Ukraine conflict, during his meetings with G20 counterparts in the United States. Klingbeer, who also serves as German Vice Chancellor, stated ahead of the meeting, which begins next Monday in Asheville, North Carolina, "All of these are poisoning the global economy." He said reducing "enormous uncertainty globally" is everyones responsibility, and the G20 is the right platform to make this clear. Klingbeer indicated that he also plans to hold talks during the meeting with counterparts from countries including India, Canada, and the United Kingdom, seeking to strengthen cooperation with those countries that "like us rely on open and rules-based trade, and value reliability and cooperation."Iranian Navy Commander: The enemy has seriously misjudged the resolve of the Iranian people and armed forces.The China Earthquake Networks Center officially reported that a magnitude 3.0 earthquake occurred at 18:32 on August 30 in Weining County, Bijie City, Guizhou Province (26.75 degrees north latitude, 104.20 degrees east longitude), with a focal depth of 10 kilometers.Kremlin spokesman Dmitry Peskov said: "The Russian military is currently conducting a systematic attack on Ukraines military infrastructure. Ukraines defeat is looming daily, and Kyiv is fully aware of this. The Russian military is advancing along the entire front, and the dynamics of the special military operations are extremely favorable to Russia."The China Earthquake Networks Center automatically determined that an earthquake of approximately magnitude 3.0 occurred near Weining County, Bijie City, Guizhou Province (26.74°N, 104.19°E) at 18:32 on August 30. The final result is subject to the official rapid report.

WTI crude oil drifts above $80.00 amidst a US Dollar rebound and supply shortage concerns

Alina Haynes

Apr 10, 2023 14:16

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In the early hours of Monday, purchasers of WTI crude oil struggled to maintain the price above $80.70 as risk aversion and hawkish Fed forecasts bolstered the US Dollar. However, threats to Oil supplies, primarily emanating from China and OPEC+, appear to keep purchasers of black gold optimistic.

 

US Dollar Index (DXY) reverses a four-day downtrend near 102.25 despite the inability of US Treasury bond yields to recover due to recession concerns. However, US 10-year and 2-year Treasury bond yields remain under pressure near 3.37 percent and 3.95 percent, respectively. In doing so, the benchmark bond coupons extend the previous day's losses and illustrate the market's flight to protection in response to concerns of an economic decline.

 

In spite of this, the recent disappointing US data reignite concerns of a recession in the world's largest economy and challenge the optimists in the energy sector. However, the positive US Nonfarm Payrolls (NFP) data enabled Fed hawks to return to the table and renew demands for a 0.25 percentage point rate hike in May. The same constrains the value of the US dollar and stimulates demand for WTI crude oil.

 

On the other hand, geopolitical concerns surrounding China, particularly after the dragon nation's military exercises near Taiwan, combine with last week's unexpected OPEC+ production cut to keep Oil purchasers optimistic.

 

China's willingness to defend the global economy through robust monetary and fiscal easing at home also enables Oil purchasers to maintain optimism in the face of optimism among the world's largest Oil consumers.

 

The Easter Monday holiday in spot markets may limit Oil price movements, but the investors appear to be out of steam, so US inflation and Fed Minutes will be closely monitored for signs of a pullback.


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