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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."

WTI extends comeback above $85.00 as EIA oil inventories decline by 1.75 million barrels

Daniel Rogers

Oct 20, 2022 15:14

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Futures for West Texas Intermediate (WTI) on the New York Mercantile Exchange (NYMEX) increased after the Energy Information Administration (EIA) announced a decline in crude oil inventories on Wednesday. In the early European session, oil prices have extended their gains above the key resistance level of $85.00 to approximately $85.57.

 

Wednesday, the EIA reported a decrease in oil inventories of 1.75 million barrels, compared to estimates for an increase of 1.38 million and the previous release of 9.88 million. US Vice President Joe Biden's oil release announcement was met with skepticism, but an unexpected fall in oil reserves has instilled optimism in black gold. US Vice President Joe Biden announced the release of 15 million barrels from the Strategic Petroleum Reserve (SPR) in an effort to stabilize the demand-supply mechanism.

 

The anticipation of additional sanctions on the oil supply from Russia, which may cripple the global oil supply, also contributes to the optimism surrounding oil prices.

 

On a broader scale, oil price headwinds are far from finished. Black gold may experience pessimism if the People's Bank of China (PBOC) maintains its current monetary policies. Despite the economic upheaval caused by the continuation of the zero-Covid-19 policy and the weakening real estate market, the PBOC maintained its Prime Lending Rates (PLR). A lack of additional monetary policy could affect the sentiment of market players.

 

As the risk aversion trend has faded, the US dollar index (DXY) has fallen substantially and reached an intraday low of 112.77. S&P500 futures have regained all of their overnight losses as a result of a resurgence in the risk-on market sentiment. US 10-year Treasury yields continue to be solid.