China announced on May 12 the second batch of exclusion lists for US-imposed tariffs
The Customs Tariff Commission of the State Council of China announced on Tuesday (12th) the second batch of exclusion lists for goods subject to tariffs imposed on the United States, including 79 items including rare earth metal ores and gold ores. Between May 19, 2020 and May 18, 2021, the tariffs imposed by the countermeasures against US 301 measures will no longer be levied, and the tariffs already levied will be refunded. However, the rest of the commodities other than the first and second batches will not be excluded for the time being, but enterprises can apply for market-based procurement exclusion according to the relevant announcement. China’s sudden removal of tariffs on some US imports is expected to help ease recent trade tensions between the two countries.
US crude oil inventories are higher than market expectations of 4.295 million barrels
The American Petroleum Institute (API) announced that last week U.S. crude oil inventories increased by 7.58 million barrels, rising for 16 consecutive weeks, higher than market expectations of 4.295 million barrels, while gasoline inventories saw a decrease of 1.91 million barrels, which was less than market expectations. As for the distillate stocks, there was an unexpected increase of 4.71 million barrels. It is worth noting that Cushing, the main US crude oil center, last week saw a reduction in crude oil inventories of 2.26 million barrels, the first time in 10 weeks, reflecting the low oil price and the global restart of economic activity, which is expected to gradually increase the market demand for crude oil.
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