Other news

On Saturday, the head of the German government's council of economists said inflation could persist for the next two years. This is due to the fact that companies are moving towards a higher level of production costs, and even often exceeding it.

Beijing and Shanghai residents took to the streets and crowded subways of Chinese cities on Monday as COVID restrictions have been partially lifted.

Canadian TC Energy Corp. announced that it will begin the restart process of the Keystone oil pipeline segment. Previously, it was shut down due to an oil leak.

Forecasts of analysts concerning the oil prices. Citi — Brent $80, WTI $75; JPMorgan — Brent $90; OPIS — Brent $95 – 96, WTI $90; Infrastructure Capital Advisors — $80 – $100.

On Friday, U.S. natural gas futures rose about 2%. Extremely cold weather acted as a major driver of rising energy prices, which have peaked in most parts of the country over the past few years.

A new COVID wave is spreading in China, with cities and provinces reporting hundreds of thousands of new COVID cases every day. Outbreaks are predicted to peak in January 2023.

Gold prices may jump to $4,000 an ounce due to lingering market volatility, supported by interest rate hikes and looming recession. This opinion was shared by Juerg Kiener from Swiss Asia Capital, who is a managing director and chief investment officer of the company.

Responding to the sanctions, Russia warned about a possible decrease in oil production by almost 700,000 barrels per day.

According to the Deputy Prime Minister of the Russian Federation, Alexander Novak, in 2025 the export of Russian oil may increase to 260 million tons. Novak also noted that gas supplies would also increase.

Mexico's largest refinery, owned by Pemex, is likely to reach half of its production capacity by July 2023, according to Mexico's President. This statement marked another shift in the project's timing.