EUR/USD 1.12145
-0.206%
Gold 4186.66
0.430%
Oil 96.821
-2.024%
USD/JPY 157.976
-0.009%
GBP/USD 1.33218
-0.045%
GBP/JPY 210.456
-0.055%
Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
U.S. Secretary of State Marco Rubio met with Uzbek Foreign Minister Saidov to discuss deepening the U.S.-Uzbekistan strategic partnership, covering cooperation in infrastructure, aerospace, key minerals, and collaboration through the C5+1 diplomatic mechanism.On October 19th, U.S. Senator Dave McCormick praised Trumps handling of the Iran issue. The Pennsylvania Republican wrote on social media, "The Iranian regime has the blood of Americans on its hands, and theres no doubt it was ramping up its nuclear weapons program at the time." He stated, "[Trump] made a difficult but courageous decision to confront this threat." McCormick added, "Iranian leaders now face a choice: either abandon their nuclear ambitions or continue to endure economic and military pressure."On October 19, Syria and the World Bank issued a joint statement on October 18, agreeing to establish a multi-party donor trust fund to support Syrias recovery and reconstruction. The statement said the "Syria Recovery and Reconstruction Trust Fund" aims to provide preferential financing, investment guarantees, technical support, and capacity-building support, and attract private investment to support Syrias economic recovery and post-war reconstruction. The fund will be managed by the World Bank and will operate in accordance with World Bank policies and procedures. The World Bank will work with donors and development partners to manage the fund according to priorities identified by the Syrian government.On October 19th, according to the Jerusalem Post, Israeli security forces arrested 10 suspects early Monday morning for alleged involvement in the violence that occurred over the weekend in the West Bank, including the attack on Washington Post photojournalist Heidi Levine. Additionally, videos circulating online show several EU diplomats near the village of Tebe being attacked. The operation, codenamed "Operation Olive Leaf," was a coordinated effort by the Israeli Security Service (Shin Bet), border police, and the Israel Defense Forces (IDF). Previously, the US ambassador to Israel called for an investigation, arrests, and the most severe prosecution and punishment for those involved in the attack on photojournalist Heidi Levine.October 19th - A surge in UK government bonds has been triggered by bets from some major investors that Chancellor of the Exchequer John Healy will maintain fiscal discipline in his first budget. Institutions such as M&G Plc and Ninety One Plc have already bought UK bonds ahead of the budget announcement on October 28th. They anticipate that if Healy demonstrates solid control over spending and borrowing, bond yields could decline. Moyeen Islam, UK interest rate strategist at Barclays, stated, "From a bond market perspective, a plain budget might be the best outcome for a new Chancellor in an uncertain environment. With global markets focused on Washington, Paris, and Tokyo, Healy shouldnt offer any unique UK-related topics to the global market to avoid unnecessary attention."

Oil prices are poised for a weekly boost as recession fears subside

Skylar Williams

Aug 12, 2022 11:12

5.png


OPEC and the International Energy Agency (IEA) held differing views on the demand outlook, which dragged on oil prices during Friday's early trade. As concerns of a recession receded, though, benchmark futures were headed for weekly gains.


Brent oil prices declined 34 cents, or 0.3%, to $99.26 per barrel at 01:12 GMT, while West Texas Intermediate (WTI) crude futures decreased 34 cents, or 0.3%, to $94.00 per barrel.


Brent was anticipated to gain by more than 4% for the week, recouping a chunk of last week's 14% decline, which was its largest weekly decline since April 2020 due to fears that rising inflation and interest rate hikes will hinder economic growth and fuel demand.


WTI was poised for a weekly gain of more than 5%, recovering more than half of the previous week's loss.


"Regarding demand, there is a great deal of uncertainty in the near future. Until this issue is remedied, market volatility will persist "Chief economist of Westpac, Justin Smirk, commented.


Thursday, the Organization of the Petroleum Exporting Countries (OPEC) decreased its forecast for the increase in world oil demand in 2022 by 260,000 barrels per day. (bpd). This year, it predicts a 3.1 million bpd growth in demand.


That contradicts the stance of the IEA. As a result of gas-to-oil conversion in power generation in response to soaring gas prices, the latter boosted its demand growth forecast to 2.1 million bpd.


Moreover, the IEA upped its forecast for Russian oil supply by 500,000 bpd for the second half of 2022, as the nation's output proved more resilient than anticipated in the face of sanctions implemented in response to the Ukraine conflict. According to the IEA, it would be difficult for OPEC to boost output.


According to Commonwealth Bank analyst Vivek Dhar, the IEA gave a mixed picture overall. The reliability of Russian supply has exceeded expectations.


"Comprehending the global oil balances at the end of the year at this time is challenging, given the current demand and supply conditions. This explains the daily instability."

Suggestion