China’s Covid Restrictions Are Forcing Farmers to Destroy Crops

“Citizens want food, farmers want income, and farming seasons don’t wait for anyone,” the state-backed publication said. It urged authorities to reduce obstruction for vehicles transporting food products, “so that fresh vegetables from the fields can be served hot on the tables of thousands of households.” 

Oil Extends Losses With Demand Fears Overshadowing Tight Supply

West Texas Intermediate futures dropped toward $85 a barrel after closing 3.5% lower in the previous session. OPEC cut its forecasts for global demand in the fourth quarter again, while US companies fracked fewer wells than they drilled for the first time in two years, indicating a possible slowdown in production.

Russia’s Crude Shipments Hit Five-Month High Before Sanctions

Cargoes shipped from Russia rose to 3.6 million barrels a day, the highest since early June, while the less volatile four-week average was also up, reaching the most since August.The UK has followed the EU’s lead in banning its companies from providing insurance and other service to ships carrying Russian crude, unless the cargo is purchased at a price … Read more

India’s Move to Slash Sugar Export Quota to Tighten World Supply

Sacks of refined sugar at a store in New Delhi, India, on Wednesday, May 25, 2022. India will restrict sugar exports as a precautionary measure to safeguard its own food supplies, another act of protectionism after banning wheat sales just over a week ago.

Oil Recovers After US Supply Report Hints at Bullish Drivers

“It’s a super bearish headline, but if you look at the underlying data, it tells a different story,” said Matt Sallee, portfolio manager at Tortoise when referring to this week’s Energy Information Administration report. “The combination of a big distillate draw, another big SPR draw and then a reversal in the exports — I think … Read more

India’s New Rich Fuel Brand Expansion for Tata’s Jewelry Arm

Titan gets about 90% of its revenue from the sale of jewelry and the rest from watches, eyewear and perfumes. It has four jewelry brands under its umbrella: flagship Tanishq, working women-focused Mia, online sales portal Caratlane, and Zoya, which is aimed at rich customers. 

Gold Falls After Two-Day Surge With Fed Rate Stance in Focus

“Gold’s bottom is in place now that the US is showing clear signs the labor market is softening,” Ed Moya, senior market analyst at Oanda, said in a note. As long as the US nonfarm payrolls do not see an “extraordinary strong print”, gold should remain supported and may test the $1,750 an ounce, he … Read more

OPEC+ Considers Output-Limit Cut Of As Much As Two Million Barrels A Day

The group may discuss a cut of that size, plus smaller reductions ranging from 1 million to 1.5 million barrels a day, when it meets on Wednesday, delegates said. Based on current discussions, so far curbs would use existing baselines to measure each country’s contribution, one delegate said.