Brent prices were heading towards $80 a barrel yesterday after OPEC+ countries broke off negotiations with the United Arab Emirates. The disagreements between Saudi Arabia and EAM threaten oil price stability and economic recovery.
The personal battle between the two countries has destabilized the OPEC+ meeting talks, because of which the production increase planned for August has stopped. With no immediate prospects for a resumption of talks, crude oil has soared above $77 in London for the first time in the last two years. This morning, in the Asian session, the black gold continued its positive streak.
The rest of the financial markets are on hold ahead of the Federal Reserve (Fed) minutes scheduled for tomorrow (Wednesday). The Fed will mark the direction of monetary policy in the US after the latest inflationary data, employment data, and the virus´s variants.
The metals – Gold posted its fifth daily gain, starting the second half of the year in positive territory. The yellow metal rose 0.3 percent to 1,798.68 per ounce. Palladium, Silver, and Platinum also posted some gains.
In Europe, UK ministers have called for increased scrutiny of the Financial Conduct Authority and the Prudential Regulation Authority following their exit from the EU. After over 40 years of embedding EU regulations into the UK’s national legal framework, the UK returns to implementing its own national rules.[MI4] Now, England, one of the world’s largest financial centers will be responsible for initiating its economic plans and moving away from EU regulations as well as MiFID.
Cryptocurrencies Begin Their Migration From China
The recent bullying by Chinese authorities against cryptocurrencies is leading mining companies to take action accordingly. Multinational Global Blockchain Company (IBC) has announced that it will end Bitcoin and Ether mining operations in the country.
The crypto multinationals will relocate their employees to Canada, Iceland, Kazakhstan, the US, and the United Arab Emirates among others.
The Asian country’s pressures against digital assets have caused Bitcoin to fall by 28%. The land of the dragon launched its guerrilla war against crypto last month by targeting investors in digital assets and subsequently imposing activity restrictions in some of its provinces.
Last year, crypto-asset mining production accounted for 65% of global output. According to Cambridge University, Sichuan is the second most bitcoin-mined province in China.
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