Other news

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.

According to a statement from hedge fund manager Pierre Andurand, the price will increase above $140 per barrel this year. In his opinion, this is possible after the complete removal of COVID restrictions in Asia.

Tourists can now reach mainland China by air, land and water — Beijing finally opened the borders on Sunday. The country has been closed to foreigners almost since the outbreak of the COVID pandemic.

According to Bloomberg, citing traders, Beijing organizes the purchase of crude oil, which is then transported to Europe.

Saudi Aramco lowered prices for crude grades loading for Asia and Europe in February. The company kept oil prices for the U.S. high, Reuters said earlier.

Norway plans to export around 122 billion cubic meters of natural gas in 2023. These figures correlate with the volumes in 2022, and the next 4–5 years such level will be maintained.