World inflation continues, G7 delusions set a ceiling on Russian oil prices

Gold fell for a third straight week as central banks raised interest rates to curb inflation. The 50-day moving average fell below the 200-day moving average, a bearish signal for some traders. However, fears of a recession may have given gold some support as investors searched for safe-haven assets. Economists see a growing likelihood of a U.S. recession by the end of next year.

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U.S. President Biden pitched the idea of ​​setting an oil price cap to other G7 leaders, and the G7 leaders agreed to study how to do it; how exactly the G7 could put a price cap on Russian oil; they warned that if major consumers do not participate The plan, which could backfire, may be running out of time to make it viable; Russian Deputy Prime Minister Alexander Novak said Wednesday the idea could push oil prices even higher.

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Gold prices fell slightly in volatile trading on Monday, with the market being weighed down by a stronger U.S. dollar, but weak U.S. bond yields kept gold above $1,800. Gold prices hit a five-month low on Friday, but losses pared losses near the close. After falling below the $1,800 mark, the price of gold was supported, and the price of gold rose slightly in the short term as U.S. bond yields continued to fall.

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UK petrol prices hit record highs, sparking a wave of "slow down" protests on the country's motorways. The price of petrol in the country hit a record high of 191.53 pence per litre ($2.32), while diesel prices were just shy of the record 199.03 pence per litre, data from the UK's car organisation RAC showed. Fuel prices say they are driving Britain's highest inflation rate in years. The UK now has the highest fuel prices among Europe's five largest economies, agency data shows.

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OPEC’s crude output fell in June from May due to shutdowns in Libya and Nigeria, with the 10 cartel producers bound by the OPEC+ deal raising their total output by just 20,000 bpd last month. All 13 OPEC members — including Libya, Iran and Venezuela, which are not bound by the deal — saw total output drop by 100,000 bpd in June from the previous month to 28.52 million bpd, the analysis said. Under the OPEC+ deal, OPEC-10 aims to increase its output by 275,000 bpd in June. Instead, they only increased production by 20,000 bpd.

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According to the shipping industry network, data from the General Administration of Customs shows that in the ten years from 2011 to 2021, my country's total crude oil imports have doubled, accounting for about 20% of the world's maritime crude oil imports. Although my country's total offshore crude oil imports from January to May this year fell by 2.2% year-on-year due to the epidemic, according to the statistics of importing countries, my country's imports from Russia increased by nearly 51.4% compared with the same period last year, reaching 51.4% in May. 42.6 million tons, a year-on-year increase of 13.0%.

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Inflation, currently more than four times the ECB's 2% target, is troublingly high as companies and workers adjust pricing and wage behavior to the new reality. Excluding volatile food and fuel prices, "core" inflation remains well above the ECB's target, frustrating policymakers as it suggests price growth will persist through so-called second-round effects.

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Yields on British government bonds fell sharply, a sign that the market is reducing expectations for a future rate hike by the Bank of England, which is bad news for the pound. UK 10-year government bond yields fell 5.0% on July 1, returning to their May 31 levels. The slide in bond yields suggested investors were increasingly expecting the U.K. economy to slip into recession amid soaring inflation.