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ECB Governing Council member Stournaras: There is a high probability of an interest rate hike in June.On May 27, local time, Wang Yi, member of the Political Bureau of the CPC Central Committee and Foreign Minister, met with Kyrgyz Foreign Minister Kurubayev on the sidelines of the UN Security Council high-level meeting in New York on May 26. Wang Yi thanked Kurubayev for making the special trip to New York to attend the high-level meeting, stating that this not only demonstrated support for Chinas initiatives but also provided a platform for Kyrgyzstan to play its role. China and Kyrgyzstan have always trusted and supported each other. China is willing to work with Kyrgyzstan to fully implement the consensus reached by the two heads of state, strengthen the alignment of development strategies, promote mutually beneficial cooperation, enhance international collaboration, and jointly build a closer China-Kyrgyzstan community with a shared future. China highly appreciates Kyrgyzstans long-standing constructive role in the China-Central Asia mechanism and will fully support Kyrgyzstan in hosting this years SCO summit.On May 27, local time, Wang Yi, member of the Political Bureau of the CPC Central Committee and Foreign Minister, met with Thai Deputy Prime Minister and Foreign Minister Norodom Sihasak in New York on the sidelines of the UN Security Council High-Level Meeting. Wang Yi thanked Sihasak for attending the high-level meeting, stating that China and Thailand are both defenders and practitioners of multilateralism, and participants and beneficiaries of the global governance system. Thailand proposed a more strategic, forward-looking, and sustainable "Thailand Diplomacy 2.0," and China welcomes Thailand playing a greater role on the international stage, jointly committed to revitalizing and activating the United Nations, promoting reform and improvement of global governance, and contributing to the cause of peace and development for mankind. China appreciates Thailands firm adherence to the one-China principle and is willing to strengthen high-level exchanges with Thailand to further strengthen the "China-Thailand family" bond. Both sides should accelerate the formulation of a new version of the China-Thailand Strategic Cooperation Joint Action Plan, comprehensively plan cooperation in all fields, and promote new achievements in building a China-Thailand community with a shared future. China supports Thailand and Cambodia in adhering to dialogue and consultation, consolidating the ceasefire, gradually rebuilding mutual trust, and peacefully resolving disputes, and is willing to continue to play a constructive role in this regard.On May 27, local time, Wang Yi, member of the Political Bureau of the CPC Central Committee and Foreign Minister, met with Colombian Foreign Minister David Villavincensio on the sidelines of the UN Security Council high-level meeting in New York on May 26. Wang Yi thanked Villavincensio for attending the high-level meeting and stated that China will support Colombias presidency of the Security Council in June. Under the strategic guidance of the two heads of state, China-Colombia relations have made breakthrough progress, especially since Colombia joined the Belt and Road Initiative a year ago, with pragmatic cooperation yielding fruitful results and bringing tangible benefits to the people of both countries. China has always viewed and developed China-Colombia relations from a strategic perspective, supports Colombias domestic peace process, and appreciates Colombias long-standing adherence to the one-China principle.On May 27, local time, Wang Yi, member of the Political Bureau of the CPC Central Committee and Foreign Minister, met with UN Secretary-General António Guterres on the sidelines of the UN Security Council High-Level Meeting in New York on May 26. Wang Yi stated that this year marks the 55th anniversary of the restoration of the Peoples Republic of Chinas legitimate seat in the United Nations. China highly appreciates the Secretariats firm adherence to the one-China principle and its compliance with UN General Assembly Resolution 2758. As a staunch supporter of the UNs cause, China is willing to continue upholding multilateralism, firmly safeguarding the international system with the UN at its core, and continuously deepening cooperation with the UN in areas such as promoting South-South cooperation, reforming the international economic and financial system, addressing climate change, artificial intelligence, and regional hotspots. China will support the UN with concrete actions, revitalize the UN, and strengthen the UN, continuously empowering global governance with Chinas governance model and injecting stronger impetus into building a community with a shared future for mankind. Wang Yi stated that since taking office, Secretary-General Guterres has upheld multilateralism, worked tirelessly for peace, and spoken out for justice, gaining international recognition. China appreciates this and invites Guterres to visit China this year.

WTI struggles at $87 as recession worries probe OPEC's forecast and supply deficit fears intensify

Daniel Rogers

Sep 14, 2022 11:42

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After reverting from the weekly high, WTI crude oil traders seek clear direction around $87.50 during Wednesday's Asian session. However, the present hesitation in the price of black gold may be attributable to the mixed concerns regarding the demand-supply matrix.

 

The Organization of the Petroleum Exporting Countries (OPEC) indicated in a monthly report that oil consumption will climb by 3,1 million barrels per day (bpd) in 2022 and by 2,7 million barrels per day (bpd) in 2023, which is unchanged from last month. Despite obstacles such as rising prices, the news also highlighted indications that major economies were performing better than projected.

 

The news that the United States intends to replenish its emergency oil reserves, as well as the German and European move to control Russian oil and gas prices, could also be favorable for energy prices. In addition, rumors that the Western oil deal with Iran is a long way off are bolstering fears of a supply bottleneck and should have helped energy bulls.

 

Tuesday's US inflation statistics revived concerns about the Federal Reserve's fast rate hike and exacerbated recession concerns. Also acting as downward drivers for WTI crude oil are expectations of economic slowdown due to China and Russia-related concerns.

 

In spite of this, the US Consumer Price Index (CPI) for August increased by 8.3% year-over-year, surpassing market expectations by 0.1%. However, the monthly data increased to 0.1%, exceeding the -0.1% projected and the 0.0% shown in previous assessments. The core CPI, or CPI excluding food and energy, likewise exceeded the 6.1% consensus and 5.9% prior to printing at 6.3% for the month in question.

 

It should be mentioned that the weekly prints of the American Petroleum Institute's (API) industry inventory report also contributed to the commodity's downfall. The API Weekly Crude Oil Stock climbed to 6,035 million during the week ending September 9, up from 3,645,000 the previous week.

 

In the future, the price of black gold may stay under pressure due to a stronger US dollar and economic troubles. Before today's official weekly inventory data from the U.S. Energy Information Administration, however, the supply crisis concerns could test the bears (EIA). Thursday's US Retail Sales for the month of August and Friday's preliminary reading of the September Michigan Consumer Sentiment Index will also warrant close attention.

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