Other news

According to the Ministry of Internal Affairs and Communications data, an increase in consumer prices was recorded in Tokyo in December. The prices rose by 4%, except for fresh food.

Kuwait's plans to supply diesel fuel to Europe have changed significantly. According to the report, Kuwait intends to send five times more, which results in a total of 2.5 million tons (50,000 barrels per day).

China snapped up three cargoes of Arctic oil, which include the highly sulfurous Arco crude. According to traders, the importer may keep on increasing purchases of such crude, shifting from business with Middle Eastern countries and Iraq's Basrah Heavy crude in particular.

Erste Group Research economists report a rise in gold prices due to negative real yields.

As the new year started, the gold price chalked up its gains. But still, Commerzbank strategists see a possibility of an upcoming decline in the precious metal market.

Gold prices have settled near their 7-month highs ahead of a speech from U.S. Federal Reserve (Fed) Chair Jerome Powell.

China Beige Book International reports that in the fourth quarter, the deflation pressure in China increased because of the economic downturn.

WTI crude oil rose by 1.2% on Monday, but fell to $74 per barrel on Tuesday, January 10. This decline might be caused by the recent announcement of Fed officials that interest rates might rise above 5%.

At the end of last month, Deputy Prime Minister Alexander Novak said that oil production in Russia in 2022 is likely to exceed the level of 2021 and will be about 535 million tons. However, the production might decline by around 45 million tons in 2023.

The U.S. Energy Information Administration (EIA) released its energy outlook.