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MNI China Press Digest July 26: Deposit Rates, Fiscal, PBOC

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CHINA PBOC CONDUCTS CNY358.05 BILLION VIA 7-DAY REVERSE REPOS FRI

CHINA SETS YUAN CENTRAL PARITY AT 7.1270 FRI VS 7.1321

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Japan Tokyo Jul Core CPI +2.2% Y/Y

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Oil Markets Current Stability Range Faces Challenges: Platts

OIL

Stability in oil markets seen over the past 16 months is likely to become increasingly strained amid economic pressures on producers and calls for tougher sanctions on Russia, according to Platts’ Head of Market Reporting Dave Ernsberger.

  • Oil prices have held between $75-$85/b, the “Goldilocks” band for Dated Brent in the last 16 months, Ernsberger said at the London Energy Forum.
  • Ernsberger said that the current level of spare capacity in the global market, estimated at around 5 million b/d, may be seen by Russia's opponents as an opportunity for tougher sanctions.
  • Platts analysts forecast Dated Brent will average $83/b in 2024, before softening to $76/b in 2025 as non-OPEC+ supply growth from Guyana, the USA, Canada, and Brazil outpace demand growth.
Energy BulletsCommodities
Energy BulletsCommodities

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