• English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
1. Ukrainian military claims to have struck Russian oil depot in Samara. 2. Ukrainian sources say death toll from Russian attacks in Zaporizhia has risen to 20. 3. Sources: US envoy may visit Moscow within two weeks. 4. Trump: Ukraine should not attack oil refineries; suggests a change in the Ukrainian president. 5. Zelenskyy speaks with leaders of several European countries. 6. Kremlin: Putin expressed "understanding" of some of Trumps proposals regarding de-escalation of the conflict in Ukraine during the call.October 11th - The UK government has established a new task force to address extreme weather, including the risk of flooding this winter. Following a record-breaking summer of high temperatures, the task force will meet this week to assess the UKs preparedness for potentially wet, windy, and stormy weather in the coming months, which the Met Office has described as a "significantly increased" likelihood. Environment, Food and Rural Affairs Secretary Emma Hardy stated before the meeting: "We are facing extreme weather, with the risks of flooding and drought intertwined, but the government is taking decisive action." The Environment Agency warned that approximately 6.3 million homes and businesses in England remain at risk of flooding. Hardy said: "We will put communities and businesses at the heart of our work to ensure that the UK is prepared to handle any weather conditions that may arise in the future." The Met Office stated that current seasonal forecasts indicate an increased likelihood of above-average rainfall this autumn due to El Niño. The Met Office warned that this years El Niño could be the strongest in memory, expected to peak at the end of the year.The UN Special Envoy to Yemen strongly condemns the Houthi attacks on Saudi civilian infrastructure. The Houthi attacks represent a serious escalation and add complexity to the situation. The envoy reiterates the call for the Houthis to cease their attacks on Saudi civilian targets.On October 11, U.S. Central Command stated that on October 10, Central Command forces rendered a commercial cargo ship inoperable in the Gulf of Oman after its crew ignored repeated warnings and attempted to break through a maritime blockade against Iran. A U.S. fighter jet used a precision-guided weapon to strike the stern of the Panamanian-flagged "Ocean Molica," completely disabling the ships propulsion system, but causing no casualties among the crew. The large cargo ship had departed from an Iranian port and was attempting to traverse the regions waters. Central Command forces reinstated a blockade against all vessels entering and leaving Iranian ports on July 14. During the three-month period of strict enforcement, four merchant ships were rendered inoperable, and 135 vessels were ordered to turn back. In addition, during the same period, the U.S. military destroyed 10 oil tankers linked to the Revolutionary Guards multi-billion dollar "shadow network."US President Trump: The attack on Saudi Arabia is appalling. Saudi Arabia has the capability to defend its country. We have ties with the Houthis, and well see what happens, but what theyve done is terrible. I havent spoken to the Saudi Crown Prince yet, but I will. Whats happening is unacceptable.

Oil Prices Stabilize After Sliding on Rate Rise Concerns, While Russian Crude Flows

Haiden Holmes

Jan 31, 2023 11:30

6.png


Oil prices stabilized in early Asian trade on Tuesday, after plunging more than 2% in the previous session due to the possibility of additional interest rate hikes and ongoing Russian oil exports.


By 01:55 GMT, Brent crude prices rose 28 cents to $85.18 per barrel, while U.S. West Texas Intermediate (WTI) crude futures rose 9 cents to $77.99 per barrel.


Investors anticipate that the U.S. Federal Reserve will boost interest rates by 25 basis points on Wednesday, followed by a half-point hike by the Bank of England and European Central Bank on Thursday. Increasing interest rates could slow the global economy and reduce oil demand.


The market also focused on a planned virtual conference of the ministers of the Organization of the Petroleum Exporting Countries (OPEC) and others, including Russia, on February 1 at 1100 GMT. This group is known as OPEC+.


Five OPEC+ members told Reuters on Monday that the panel is anticipated to propose maintaining the oil producing group's existing output policy intact when it meets this week.


In October, OPEC+ agreed to reduce its production target by 2 million barrels per day (bpd), or around 2% of global demand, from November through the end of 2023.


Russia continues to provide oil to the global market despite a European Union boycott and G7 price ceiling imposed in response to its invasion of Ukraine, which pushed up prices.


Providing some support for oil prices, the U.S. dollar index has declined 1.3% thus far in January. A weakening dollar reduces the price of crude oil for foreign buyers.