EUR/USD 1.12377
0.164%
Gold 4168.72
-0.043%
Oil 98.821
2.843%
USD/JPY 157.991
0.009%
GBP/USD 1.33278
0.397%
GBP/JPY 210.572
0.390%
Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
US Vice President Vance: If Iran is allowed to control shipping through the Strait of Hormuz, global energy supplies will be constrained, and gasoline prices will rise. We will see gasoline prices fall after this conflict ends. The US military is ensuring the smooth passage of oil through the Strait of Hormuz.On October 18, the Saudi-led coalition stated that an AH-6I helicopter crashed in the Najran region of Saudi Arabia due to a "technical malfunction," killing both crew members. The Houthi rebels in Yemen had previously issued a statement on the evening of October 17 claiming to have shot down a Saudi Apache helicopter in the Najran region.The Saudi-led coalition said an AH-6I helicopter crashed in the Najran region due to a technical malfunction, killing both crew members.On October 18th, Canadian Defense Minister John McGuinty confirmed on the evening of October 17th that a serious accident occurred at the Canadian Armed Forces Wainwright Air Base in Alberta, resulting in casualties. According to a senior military journalist in Canadian media, based on his 20 years of direct military reporting experience, "such a major accident has never occurred before" during training exercises. Reports indicate that a live-fire exercise was underway at the base when the incident occurred, causing a fire that spread with the wind to an area storing large quantities of ammunition. Canadian Prime Minister Mark Carney stated that evening that a "serious accident" had occurred at Wainwright Air Base, resulting in a large fire. A Member of Parliament representing an Alberta riding also stated that, to his knowledge, an explosion and fire occurred at the base, causing serious casualties.On October 18th, Venezuelan media reported on the 17th that Venezuela, in a joint operation with the French Navy, seized nearly 3 tons of drugs and arrested four people in the Caribbean Sea. The report cited a government statement released by the Venezuelan Ministry of the Interior, Justice and Peace on the evening of the 16th, stating that a special anti-drug team under the Venezuelan National Guard, sharing intelligence with the French Navy, seized approximately 2,900 kilograms of drugs in a drug raid in the Caribbean. The statement indicated that the seized drugs comprised 166 packages, including 1,173.5 kilograms of cocaine and 1,727.4 kilograms of marijuana, totaling 2,900.9 kilograms. The four arrested individuals have been transferred to the Venezuelan prosecutors office.

Oil Prices Surge by $5 A Barrel As EU Inches Closer to Imposing A Ban on Russian Oil

Aria Thomas

May 05, 2022 09:46

O2.png


Oil prices spiked Wednesday after the European Union, the world's largest trade bloc, announced intentions to phase out Russian oil imports, sparking concerns about further market tightening as those nations seek enough supply.


Following Moscow's invasion of Ukraine, crude benchmarks have steadily increased in price over the last two months. Until far, the European Union has been unwilling to completely phase out Russian oil and gas imports, and its current plans do not include a blanket ban on all EU members.


Europe imports around 3.5 million barrels of Russian oil and petroleum products per day and is also reliant on Moscow's gas supply.


"Inventories are extremely low, and against this backdrop, there are a lot of worries about how (Europe) can compensate for this restriction," said Phil Flynn, senior analyst at Price Futures Group.


Brent crude futures finished at $110.14 a barrel, up $5.17, or 4.9 percent. West Texas Intermediate crude futures finished at $107.81 a barrel, up $5.40, or 5.3 percent, from the previous day's close.


President of the European Commission Ursula von der Leyen recommended a phased oil embargo against Russia on Wednesday, as well as penalizing Russia's central bank.


Von der Leyen stated that the Commission's proposals include phasing out Russian crude oil supply within six months and refined products by the end of 2022. Additionally, she committed to mitigate the move's impact on European economy.


Hungary and Slovakia, on the other hand, will be permitted to continue purchasing Russian crude oil under current contracts until the end of 2023, an EU source told Reuters.


Russia may compensate for the loss of a major customer by exporting oil to other importers such as India and China. Neither country has ceased purchasing goods from Moscow.


Needs for significantly increased supplies are unlikely to be fulfilled at Thursday's Organization of the Petroleum Exporting Countries and allied producers conference. OPEC+ is anticipated to follow through on its plan to gradually increase monthly production.


According to the US Energy Information Administration, oil stockpiles increased marginally last week. Stocks increased by 1.2 million barrels as the US increased the amount of crude released from its strategic reserves.


Fuel stocks declined in part as a result of increased exports of products following Russia's invasion, as importers sought alternative suppliers.


The markets have largely recovered from the Federal Reserve's announcement that it would raise interest rates by a half-point in an attempt to rein in growing inflation.


"Given the market's performance prior to the announcement, I believe (the Fed's decision) was a foregone conclusion," said Gary Cunningham, director of market research at Tradition Energy.

Suggestion