[Market Evening] Oil Prices Rose 4% and Regained the Commanding High of $100/Barrel, Due to the EU?
The EU has proposed an embargo on Russian oil imports, but the final entry into force has been delayed because it requires unanimous support from all member states. EU member states such as Hungary are concerned that the economy could be affected. Even if the eventual ban eases concerns among Eastern European members, oil prices could still rise.

As of 17:00 (GMT+8), spot gold was up 0.745% at $1851.77/oz, and spot silver was up 2.547% at $21.777/oz.
Comments: The international gold price has stabilized and rebounded after refreshing the low since mid-February to US$1831.30/oz, and the U.S. dollar index has been under pressure at a high level. The upcoming U.S. inflation data for April is expected to fall back. Still, U.S. President Biden asked the Federal Reserve to do everything to control inflation, which the Fed also emphasized, and market sentiment continued to be bearish for gold prices.
Suggestion: Spot gold is short at 1850.90, and the target point is 1831.00.
As of 17:00 (GMT+8), the US dollar index fell 0.423% to 103.50, EUR/USD rose 0.369% to 1.05684; GBP/USD rose 0.522% to 1.23763; AUD/USD rose 0.929% to 0.70047; USD /JPY fell 0.511% to 129.763.
Comments: There was no new news overnight, and the risk market fell by inertia. The euro, by contrast, held steady, possibly related to the E.U. dropping its oil ban on Russia. Last Wednesday, the European Commission announced the draft of the sixth round of sanctions against Russia. It plans to gradually stop importing crude oil from Russia within six months and by the end of this year. However, Hungary failed to agree to the grace period given by the E.U., and Greece and other countries are using its flag to fly. There are concerns about the transfer of Russian oil by ships.
Suggestion: The euro against the dollar is short at 1.05720, and the target point is 1.04700.
As of 17:00 (GMT+8), WTI rose 3.703% to $101.870/barrel; Brent rose 3.654% to $104.995/barrel.
Comments: The biggest rebound in international oil prices in the day was nearly 3%, boosted by supply concerns, as the E.U. struggled to gain support from member states' ban on Russian oil imports, while the UAE oil minister said that it was difficult to increase production on the supply side, and the crisis in Ukraine caused Oil-producing countries are not to blame for the tight energy supply.
Suggestion: U.S. crude oil is long at 101.920, and the target point is 105.250.
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The Taiwan Weighted Index rose 0.449% to 16039.7 points;
The Nikkei 225 rose 0.837% to 26,296.5 points;
Hong Kong's Hang Seng Index rose 2.620% to 19911.4 points;
Australia's S&P/ASX 200 rose 0.733% to 7,080.55.
20:30(GM+8):
US April CPI annual rate not seasonally adjusted (%)
U.S. core CPI annual rate in April was not seasonally adjusted (%)
Changes in U.S. EIA crude oil inventories for the week ended May 6 (10,000 barrels)
Changes in U.S. EIA refined oil inventories for the week ended May 6 (10,000 barrels)
Changes in U.S. EIA gasoline inventories for the week ended May 6 (10,000 barrels)
U.S. EIA weekly crude oil imports for the week ended May 6 (10,000 barrels)
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