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On July 25, European Central Bank Chief Economist Lane commented on the new US tariffs imposed on some trading partners, saying that the European economy relies mainly on domestic demand, and while trade between the US and Europe is important, it is "not the dominant issue." Lane stated that "the US is not the dominant force in international trade," and that Europe trades with the entire world, not just the US.July 25 - Japans ruling Liberal Democratic Party (LDP) has been embroiled in another money scandal. The partys branch in Fukuoka Prefecture is accused of demanding large sums of money from members aspiring to become the prefectural assembly speaker and deputy speaker. One former speaker revealed that he was asked to pay 20 million yen (approximately 830,000 yuan).July 25th - According to data from Maoyan Professional Edition, the movie "Kung Fu Womens Soccer" has grossed over 1.8 billion yuan in 15 days since its release.On July 25, Kim Yong-beom, Chief of Staff for Policy at the South Korean Presidential Office, stated that South Korean conglomerates have reached agreements with global technology giants, including Nvidia (NVDA.O), to undertake a series of collaborative projects worth a total of $950 billion. Kim explained that these projects include a long-term agreement under which SK Group will supply high-performance semiconductors worth $750 billion to global technology companies, including Nvidia.According to Yonhap News Agency, SK Group will supply $750 billion worth of chips to US technology companies, including Nvidia.

WTI fluctuates around $80.00 following a V-shaped recovery as OPEC and allies intervene

Alina Haynes

Nov 22, 2022 14:53

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Futures for West Texas Intermediate (WTI) on the New York Mercantile Exchange (NYMEX) have had a steep comeback to near the psychological resistance of $80.00 after reaching an 11-month low of $75.27. The black gold is hovering at the $80.00 threshold as Saudi Energy Minister Abdulaziz bin Salman Al-comments Saud's have sparked supply concerns.

 

The Saudi Energy Minister affirmed that the existing OPEC+ agreement will remain until the end of 2023, confirming rumors that OPEC+ will intervene in the oil market to maintain oil prices from their unbalanced fluctuations. Previously, oil exporting nations agreed to reduce daily oil output by two million barrels in order to increase oil prices. The action is expected to disrupt the current demand-supply mechanism; consequently, oil prices are becoming more efficient.

 

On the demand side, the escalation of Covid-19 infections in China has prompted concerns over the future oil consumption. The present trend of increasing Covid-19 cases could push the Chinese government to reinstate Covid-19 limitations, as they are the sole means of restricting the virus's spread. The investment banking firm Goldman Sachs has reduced its projection for Brent crude oil prices in the fourth quarter from US$110 per barrel to US$100 per barrel due to the rising infection rates in China.

 

In the meantime, the demand for US Durable Goods will also reveal the future oil consumption in the US economy. According to forecasts, US Durable Goods Orders will settle at 0.4%, the same as their previous publication. Additional growth in the market for durable goods would eventually indicate oil demand forecasts.

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