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Henig » December 17th, 2022
The rise in oil prices
{Economic: Al Furat News} Oil prices rose in early Asian transactions, today, Friday, after a 2% decline in the previous session in the wake of central banks raising interest rates, and are heading towards ending the week’s transactions on a rise after a series of positive expectations for oil demand.
By 01:09 GMT, Brent crude futures rose 36 cents, or 0.4%, to $81.57 a barrel.
West Texas Intermediate crude futures rose 25 cents, or 0.3%, to $76.36 a barrel.
The two benchmarks are heading towards ending the week up by more than 7%, according to Reuters.
The market received support this week from the expectations of the International Energy Agency regarding the recovery of Chinese demand next year, after its contraction in 2022 to 400 thousand barrels per day.
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The agency raised its forecast for oil demand growth in 2023 to 1.7 million barrels per day.
On Tuesday, the Organization of the Petroleum Exporting Countries (OPEC) announced its commitment to its forecast for global demand growth of 2.55 million barrels per day this year and 2.25 million barrels per day in 2023 after multiple cuts, saying that although the economic slowdown is “quite clear”, the There is a potential uptick stemming from, among other things, the easing of China’s “zero C---d” policy.
Clare » December 17th, 2022
More than 280,000 barrels per day of Iraq’s oil exports to America within a week
2022-12-17
The US Energy Information Administration announced, on Saturday, that Iraq’s oil exports to America amounted to more than 280,000 barrels per day, on average, during the past week.
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“The average US imports of crude oil during the past week from nine countries amounted to 5.867 million barrels per day, up by 694 thousand barrels per day from the previous week, which amounted to 5.173 million barrels per day,” the administration said in a report seen by Shafaq News Agency.
“Iraq’s oil exports to America amounted to an average of 282,000 barrels per day last week, up from the previous week, when oil exports to America amounted to 252,000 barrels per day.”
The statistic also indicated that “most of America’s oil revenues during the past week came from Canada at a rate of 3.795 million barrels per day, Mexico came at a rate of 602 thousand barrels per day, and oil revenues from Saudi Arabia amounted to an average of 317 thousand barrels per day, and then Colombia at a rate of 248 thousand barrels per day.” Daily”.
According to the administration, “the amount of US imports of crude oil from Brazil amounted to an average of 210,000 barrels per day, from Nigeria at a rate of 171,000 barrels per day, from Ecuador at a rate of 157,000 barrels per day, and from Libya at a rate of 85,000 barrels per day, while it did not import any amount of oil.” Libya or Russia. LINK
Source: Dinar Recaps
Clare » December 17th, 2022
Among them is a new capital.. Iraq intends to establish 16 new residential cities
12/17/2022
On Saturday, the Ministry of Planning announced the existence of development plans to implement 119 housing projects, including 16 residential cities, noting that the idea of building a new integrated administrative capital for the country is within that plan.
The official spokesman for the Ministry of Planning, Abd al-Zahra al-Hindawi, said, in a statement reported by the official newspaper, that the administrative capital exists as a vision within the development plan for the city of Baghdad, and the places on which the administrative capital can be established are specific, but the implementation steps remain
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One of the places chosen to establish the administrative capital is the area opposite the residential city of Bismayah on an area of more than 50 square kilometers, and it could be a new administrative capital to accommodate all government buildings located in the heart of the capital, Baghdad.
He added, “With regard to the issue of housing, there are many projects included in the development plan for Iraq in general and the capital Baghdad, and they need to be implemented, and among the development plans there are 119 housing projects throughout Iraq.” LINK
Interest rates push gold to record the largest weekly loss in a month
12/17/2022
Gold prices recorded the largest weekly decline since mid-November, despite their recovery in the last trading week, Friday, after the US Federal Reserve indicated that there was a need for more interest rate hikes to curb inflation.
On Wednesday, the Federal Reserve raised interest rates by 50 basis points, as expected, and Chairman Jerome Powell said that the US central bank will continue to raise interest rates next year, despite the exacerbation of recession fears.
The US Federal Reserve raised interest rates by 50 basis points, bringing the interest rate to a range between 4.25% and 4.5%.
This was the seventh consecutive time that the US Federal Reserve raised interest rates during the current year 2022.
The prices of the yellow metal fell by 0.3 percent over the past week, despite its rise in spot transactions by 0.8 percent to $ 1791.59 an ounce in Friday trading.
US gold futures rose 0.7 percent to $1,800.20.
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The European Central Bank and the Bank of England have indicated similar strategies to raise interest rates.
Commerzbank expects gold to decline to about $1,750 an ounce until the end of the US interest rate hike cycle becomes clear, and prices are expected to rise to $1,850 by the end of 2023.
Silver prices declined by 1.3 percent during the week, but rose by 0.4 percent in Friday’s trading, to reach $23.14 an ounce.
Platinum lost 1.4% to $992.43, and palladium fell 4.3% to $1,713.81. LINK
Source: Dinar Recaps
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