Oil starts to recover and good hikes in Asia


Oil starts to recover and good hikes in Asia Oil prices begin to recover today, following last week’s downturn which was the largest in almost two years

Evest follows market developments in the following report


Oil rises slightly

Tesla has new record results

Rallies in Asia

Oil rises slightly

Oil prices rise slightly on Monday after their steepest decline in nearly two years following last week’s results

Traders remain focused on the situation in China, where COVID-19 infections continue to increase and restrictions remain tight

One of the factors causing oil prices to fall last week was the forecast of weak demand for energy resources in China

Another important factor was the announcement by the United States, followed by other IEA member countries, of their intention to release oil and strategic reserves in order to curb price increases

Brent crude futures for June rose by $0.21 (0.2%) on the London Futures Exchange
to $104.6 per barrel

On Friday

the futures contract fell by $ 0.32 (0.3%) to $104.39 per barrel

West Texas Intermediate crude futures for May rose by $0.09 (0.09%), to $99.36 per barrel in electronic trading on the New York Mercantile Exchange (NYMEX)
On Friday, West Texas Intermediate crude fell $1.01 (1%) to $99.27 per barrel

At the end of last week

Brent crude fell by 11.1%, West Texas Intermediate crude by 12.8%
and the weekly decline in the value of the two brands was the most significant since April 2020

The United States decision to release oil from the strategic reserve appears to have reversed the upward trend in the oil market
Vanda Insights founder Vandana Hari told Bloomberg

According to experts, over the weekend, oil prices fell to levels not commensurate with the risk of a possible decline in exports from Russia

The conflict between the Houthis and Saudi Arabia

– and the ongoing rebel attacks against Saudi energy targets represent a “threat to supply, and the ceasefire will reduce this threat

Demand concerns in China, the world’s largest oil importer, also remain as Shanghai
the most populous city extends COVID-19 lockdown actions

The Chinese Ministry of Transport said it expected road traffic to decline by 20% and flights to decline by 55%
during the three-day Qingming holiday due to an outbreak of coronavirus infections there

Despite the peace agreement in Yemen, the tighter sanctions planned by the West against the largest energy exporter
Russia, for the invasion of Ukraine could support crude oil prices this week

artical name Oil starts to recover and good hikes in Asia

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Tesla has new record results

US electric car maker, Tesla, increased deliveries in the first quarter of 2022 by 68% to 310,048 cars, the company said

Experts surveyed by Bloomberg predicted Tesla’s quarterly delivery at 309158 cars
while those polled by the Wall Street Journal predicted it at 317000 cars

Tesla manufactured 305407 cars in the last quarter

Tesla’s CEO, Elon Musk, tweeted on April 2 that the last quarter was an “extraordinary challenge” for the company because of supply chain problems and China’s zero-tolerance policy for Covid-19

Tesla was forced to suspend production at its Shanghai facilities at the end of March because of restrictions

“The great work of Tesla’s team and key suppliers has saved the situation,” Musk tweeted

Tesla’s quarterly deliveries are one of the major figures released by the company
and are also a measure of overall demand for electric vehicles in the world

Rallies in Asia

Mainland China’s markets were closed today for a holiday
Hong Kong ended trading 1.93% higher
The Tokyo Stock Exchange closed slightly higher, while gains were significant in Hong Kong
where investors welcomed Beijing’s signal to calm tensions with the United States

In Tokyo, the leading Nikkei index rose by 0.25% to 27736.47 points and the Topix index rose by 0.48% to 1953.63 points

On the Hong Kong Stock Exchange, the Hang Seng index jumped 1.93%
while mainland Chinese markets are closed for holidays

Beijing removed the rule that prevented US authorities from searching Chinese companies listed in New York
which allayed concerns that it could be canceled from Wall Street

It should be noted that the reform of the market sectors of the Tokyo Stock Exchange came into effect today with a view to simplification
From five to three

The first section (Prime)

a “Standard” section and a section featuring startups (“Growth”)

The Nikkei boosted in Tokyo on Monday, tracking gains on Wall Street though developments in Ukraine and the Covid-19 shutdown in China weighed on the market

The Tokyo market opened after Wall Street stocks closed slightly higher on Friday as strong US jobs data boosted expectations for the Federal Reserve’s rate hikes

However, the sale of semiconductor shares began during early trading
driving the Nikkei index to the negative zone, but investors were still willing to accept the deals
preventing the market from falling to 27500

Shanghai, China’s main economic hub, is now facing a gradual lockdown as authorities try to contain a new wave of COVID-19 infections

Traders remained focused on Ukraine

as global outrage over Russian accusations of war crimes escalated with bodies discovered on streets near Kyiv

In the Tokyo market, some major stocks have benefited
Sony Group’s stock rose by 0.96 percent to 12650 yen
SoftBank Group’s stock rose by 3.71 percent to 5785 yen

Energy developer Inpex rose by 2.82 percent to 1459 yen
Toyota rose by 0.27 percent to 2211 yen

However, Uniqlo subsidiary Fast Retailing lost 1.64% to 61250 yen Advantest index, the leading producer of semiconductor construction tools lost 1.26 percent to 9380 yen artical name Oil starts to recover and good hikes in Asia