Oil, gold prices plunge on reports of potential Israel-Hezbollah ceasefire

China

Oil, gold prices plunge on reports of potential Israel-Hezbollah ceasefire

2024-11-26 20:57 Last Updated At：23:57

⁠⁠⁠⁠⁠⁠⁠Oil and gold prices fell sharply on Monday, with both West Texas Intermediate (WTI) crude oil futures and international gold prices dropping by over three percent, due to reduced market concerns over the conflict in the Middle East.

Influenced by the reports of a potential ceasefire agreement between Israel and Hezbollah in Lebanon, oil prices significantly dropped on Monday.

The WTI for January delivery lost 2.3 U.S. dollars, or 3.23 percent, to settle at 68.94 dollars a barrel on the New York Mercantile Exchange. Brent crude for January delivery dropped 2.16 dollars, or 2.87 percent, to settle at 73.01 dollars a barrel on the London ICE Futures Exchange. Phil Flynn, a senior market analyst at The PRICE Futures Group in the United States, noted that fluctuations in concerns over oil supply disruptions have been steering oil price movements, with the potential ceasefire agreement between Israeli Prime Minister Benjamin Netanyahu and Hezbollah acting as a stimulating factor for the decline in oil prices.

According to the schedule, the Organization of the Petroleum Exporting Countries (OPEC) Plus, comprised of OPEC and non-OPEC producers, is set to hold a regular meeting on December 1. Sources indicate that OPEC Plus might once again delay its production increase plans during this gathering. Moreover, gold, being a safe-haven asset, is typically favored by investors amid escalating geopolitical risks. Following reports of a potential Israel-Hezbollah ceasefire agreement, market concerns regarding geopolitical risks have alleviated, triggering a sell-off in gold and a significant drop in prices. On Monday, the most active gold contract for December delivery on the New York Mercantile Exchange fell by 3.45 percent to close at 2,618.5 dollars per ounce.

China urges US to safeguard drug-control cooperation

2024-11-26 22:27 Last Updated At：23:07

A Chinese foreign ministry spokesperson said on Tuesday that the United States should cherish the goodwill of China and safeguard the hard-won positive situation of China-U.S. cooperation on drug control.

The spokesperson made the remarks after U.S. President-elect Donald Trump threatened to slap an additional 10 percent tariff on all Chinese imports.

The spokesperson said that China has the strictest drug control policy in the world and enforces it in the fullest way.

Noting that Fentanyl is a problem for the U.S., the spokesperson said in the spirit of humanitarianism, China has provided support to the U.S. in dealing with fentanyl-related issues. In 2019, China scheduled all fentanyl-related substances as early as in 2019 - the first country ever to do so.

China and the U.S. have carried out extensive and in-depth drug control cooperation and achieved remarkable results, which is obvious to all, said the spokesperson.

The spokesperson said China is willing to continue to carry out drug control cooperation with the U.S. on the basis of equality, mutual benefit and mutual respect, urging the U.S. side to cherish China's goodwill and maintain the hard-won positive momentum of the China-U.S. anti-drug cooperation.