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Concerns about demand have become the main market tone. Brent crude oil fell to a six-month low at one point, while US oil fell more than 4% during trading hours.
Despite the significant escalation of geopolitical tensions in the Middle East this week, which once briefly pushed up crude oil prices, the concern about economic recession has become the main market sentiment, and investors are worried about the demand for crude oil. Oil prices fell sharply on Friday, falling for four consecutive weeks, marking the longest decline since December last year.
Oil: Recent Price Action Is Associated With Global Macro Flows – TDS
The Biden administration is seeking additional funds to bolster the petroleum reserves. The energy department only has 1.2 billion US dollars left in its account to purchase crude oil products.
The US Department of Energy has been slowly replenishing its global strategy petroleum reserves, which have decreased to an unprecedented low since the Russia-Ukraine conflict, reaching the lowest level in forty years.
Wall Street determines: Trump's bearish on oil prices.
Goldman Sachs and Citigroup both believe that Trump's tariff policy may bearish for oil prices. Goldman Sachs said that if tariffs severely affect the global economy, oil prices may fall by $11 to $19 per barrel next year.
Honghua Group Logs Narrower Loss in H1 2024
Honghua Group (00196.HK) expects a significant improvement in its interim loss situation.
Honghua Group (00196.HK) announced that the company expects shareholders to record a loss of no more than RMB 10 million for the six months ending on June 30, 2024. Compared with the loss of RMB 154.19 million in the same period of 2023, the loss situation has greatly improved. The expected improvement in the loss is mainly due to: (i) the company actively expanding domestic and international markets, with revenue increasing compared to the same period last year, and the offshore wind power business achieving a doubling of revenue year-on-year; and (ii) the company continuously optimizing cost management, with gross margin increasing compared to the same period last year, and continuously improving operational management level.
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