China Factory Activity Slips in January as Weak Demand Weighs on Growth Outlook 
EU Recovery Fund Faces Bottlenecks Despite Driving Digital and Green Projects 
Oil Prices Slide Nearly 3% as U.S.-Iran Talks Ease Geopolitical Tensions 
UK Employers Plan Moderate Pay Rises as Inflation Pressures Ease but Persist 
U.S.–Venezuela Relations Show Signs of Thaw as Top Envoy Visits Caracas 
Russia Stocks End Flat as MOEX Closes Unchanged Amid Mixed Global Signals 
South Korea Exports Surge in January on AI Chip Demand, Marking Fastest Growth in 4.5 Years 
IMF Forecasts Global Inflation Decline as Growth Remains Resilient 
Asian Currencies Hold Firm as Dollar Rebounds on Fed Chair Nomination Hopes 
Asian Markets Slide as Silver Volatility, Earnings Season, and Central Bank Meetings Rattle Investors 
Japan Election Poll Signals Landslide Win for Sanae Takaichi, Raising Fiscal Policy Concerns 
Philippines Manufacturing PMI Hits Nine-Month High Despite Weak Confidence Outlook 
U.S. Eases Venezuela Oil Sanctions to Boost American Investment After Maduro Ouster 
Starmer’s China Visit Highlights Western Balancing Act Amid U.S.-China Rivalry 
China Manufacturing PMI Slips Into Contraction in January as Weak Demand Pressures Economy 
Gold and Silver Prices Plunge as Trump Taps Kevin Warsh for Fed Chair 
Spot premiums in the global crude oil market surged on Thursday after the United States imposed fresh sanctions on Russian oil giants Rosneft and Lukoil, intensifying concerns over supply disruptions and prompting a shift in demand toward the Middle East, Africa, and South America. The sanctions, aimed at penalizing Russia for its ongoing war in Ukraine, are expected to reshape global trade flows as top importers like China and India seek alternative suppliers.
Brent crude futures climbed over 4% on Thursday, reflecting growing uncertainty in the market. Indian and Chinese refiners are expected to reduce imports of Russian crude to comply with U.S. restrictions, industry sources said, while seeking replacement barrels from other producers. This sudden shift sparked a rally in spot premiums for Middle Eastern crude benchmarks, reversing earlier declines caused by ample supply from OPEC+ output increases.
According to Reuters data, Cash Dubai’s premium rose to a three-week high of $2.71 per barrel, more than double the previous session’s $1.26. Oman and Murban grades also climbed to one-month highs at $3.12 and $2.86 a barrel, respectively.
Reliance Industries, India’s largest private refiner, will halt crude imports under its long-term deal with Rosneft, which supplied nearly 500,000 barrels per day. Indian state-run refiners, including Indian Oil Corp, Bharat Petroleum Corp, and Hindustan Petroleum Corp, are also reviewing their contracts to avoid purchasing oil from sanctioned Russian firms.
Reliance has already begun sourcing cargoes from Brazil and the Middle East, including Qatari al-Shaheen, Iraqi Basra Medium, and other regional grades. Analysts expect Middle Eastern producers to benefit from the redirection of demand.
The Brent-Dubai spread narrowed to just 1 cent a barrel, making Atlantic Basin crudes more attractive for Asian buyers. With the sanctions tightening global supply, analysts foresee continued volatility in oil prices and trade patterns in the coming weeks.
