Day: February 14, 2022

JPMorgan said Monday crude oil prices may hit $125 per barrel in the second quarter of this year.

The US-based global investment bank and financial services company said on the supply side the Organization of the Petroleum Exporting Countries (OPEC) and its allies, dubbed as OPEC+, is unlikely to deviate from its targeted oil production quota.

The world’s biggest oil producers of OPEC+ are experiencing difficulties in meeting their monthly production quotas.

The total oil production from OPEC+ rose in January by a modest 150,000 barrels per day (bpd), according to the International Energy Agency (IEA).

The global oil demand, however, is estimated to increase by 3.2 million bpd this year, the IEA said.

On the supply side, global oil consumption has skyrocketed with the normalization from the coronavirus pandemic, which caused crude prices to soar.

Also, the escalating tension between Russia and Ukraine has fueled oil prices.

The price of international benchmark Brent crude climbed above $96 per barrel earlier Monday, its highest level in approximately seven years. The price of American benchmark West Texas Intermediate hit as high as $94.92 a barrel.

Source: Anadolu Agency

Valentine’s Day spending in the US is estimated to reach $23.9 billion this year, to mark the second-highest level on record, according to the National Retail Federation (NRF).

The amount is a 9.6% increase from $21.8 billion the previous year, while the record spending came at $27.4 billion in 2020 just before the beginning of the coronavirus pandemic.

US consumers are expected to spend an average of $175.41 per person on gifts on this year’s special day, which is up 6.4% from $164.76 in 2021.

The gain in expenditure comes as many consumers are planning to spend more on their significant others or spouses.

Around 53% of Americans plan to celebrate Valentine’s Day this year, while 76% of those celebrating say that it is important to do it given the pandemic.

An evening out with a romantic dinner this year is forecast to total $4.3 billion for lovers, up 24% from previous year, but still below pre-pandemic levels.

However, expenditure on gifts of experience, such as tickets to a concert or sporting event, has returned to pre-pandemic levels. Around 41% of Americans would choose to give such gifts this year, up from 36% in 2021.

While 22% of the couples will choose to gift jewelry to their significant others, total spending on jewelry is estimated to come at $6.2 billion, up from $4.1 billion in 2021 and the highest in history.

Other popular gift items on this year’s Valentine’s Day for consumers are expected to be candy with 56%, greeting cards at 40%, and flowers with 37%.

US consumers opt for online shopping mostly to purchase their Valentine’s Day items with 41%. It is followed by department stores at 32%, discount stores at 28%, local small businesses at 18%, and florists at 17%.

Source: Anadolu Agency

The Israeli army early on Monday killed a Palestinian and wounded five others after storming the Silat Al-Harithiya village, north of the occupied West Bank.

The Palestinian Ministry of Health in a statement identified the deceased as 17-year-old Muhammad Abu Salah.

Meanwhile, the Palestinian Red Crescent Society stated in a statement that it treated five people with injuries caused by live bullets, describing the condition of three of them as serious.

The Israeli forces demolished a house in the same village which belonged to a prisoner accused of killing a settler.

The house of the prisoner, Mahmoud Jaradat, was demolished by explosives, according to an Anadolu Agency correspondent on the ground.

Prior to the demolition, clashes erupted between the Israeli forces and local residents.

Israeli forces, accompanied by a military bulldozer, stormed Silat Al-Harithiya, and laid siege to it, preventing entry and exit of vehicles.

Angry youths hurled stones at the Israeli soldiers who responded with live bullets, tear gas and sound bombs.

On Dec. 20, Israel notified four Palestinian families in the village that it plans to demolish their houses on grounds that five of their relatives were allegedly involved in a shooting on settlers near Nablus on Dec. 16, in which one settler was killed and two others were injured.

Israeli forces have made it a custom to demolish the houses of Palestinians it accuses of involvement in attacks on Israeli settlers.

Source: Anadolu Agency

Canada is temporarily relocating some of its military personnel based in Ukraine to an undisclosed location in Europe ahead of an anticipated Russian invasion, the Canadian government said Sunday.

“As a result of the complex operational environment linked to Russia’s unwarranted aggression against Ukraine, the Canadian Armed Forces is in the process of temporarily relocating components of Joint Task Force – Ukraine (JTF-U) to elsewhere in Europe,” the government said in a statement.

However, the move “does not signal the end of the mission,” it said, adding it will allow Canada to refocus its efforts while ensuring the safety and security of the Canadian Armed Forces.

“Force protection is the top priority for our training mission, of which operational security is a key component,” it said. “Thus, while we can confirm we have relocated some of our forces outside of Ukraine, we will not discuss numbers, locations, or future intentions.”

The government reiterated that Canada is “committed to the people of Ukraine and its mission to increase the capacity and capability of the Security Forces of Ukraine.”

Moscow recently amassed more than 100,000 troops near Ukraine, prompting fears that the Kremlin could be planning another military offensive against its former Soviet neighbor.

Russia denies that it is preparing to invade and accuses Western countries of undermining its security through NATO’s expansion towards its borders.

The Kremlin also issued a list of security demands to the West, including a rollback of troop deployments from some ex-Soviet states and guarantees that Ukraine and Georgia would not join NATO.

Source: Anadolu Agency