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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
ENERGY INTINV: Annual Report 2023/24
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.
Energy Intinv announced that Song Jiahuan was appointed as an independent non-executive director.
Energy Intinv (00353) announced that the Board of Directors has received resignation notices from Lam Wing-keung and Wang Jinghua. They expressed their intention to retire from the Board of Directors at the upcoming shareholder's annual meeting and decided not to seek reelection. Their resignation has been approved by the Board of Directors and will take effect at the end of the shareholder's annual meeting. In addition, Samuel Chun-wan Sung has been appointed as an independent Non-Executive Director and a member of the Company's Audit Committee, Nomination Committee, and Remuneration Committee, effective from July 23, 2024.
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