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Kishida Fumio Becomes The New Prime Minister Of The Liberal Democratic Party / U.S. Crude Oil Inventories Rebounded, Failing To Bring Resistance To Oil Prices

Kishida Fumio Becomes The New Prime Minister Of The Liberal Democratic Party

The results of the election of the leader of the Liberal Democratic Party of Japan are revealed. According to the Japan Broadcasting Association, the former foreign minister Kishida Fumio defeated the popular candidate Kōno Tarō by 257 votes to 170 votes in the second round of voting. He will succeed Suga Yoshihide and become the new prime minister. The Liberal Democratic Party responds to the parliamentary elections in November. Kishida Fumio pointed out earlier that the government should introduce 30 trillion yen (approximately US$2.7 trillion) economic stimulus measures to alleviate the impact of the new crown epidemic on the consumer market, and mentioned that it will support the Bank of Japan to continue to maintain a 2% rate. The inflation target reflects that its future policies may not make much difference.

U.S. Crude Oil Inventories Rebounded, Failing To Bring Resistance To Oil Prices

The U.S. Energy Information Administration (EIA) announced that crude oil inventories unexpectedly increased by 4.578 million barrels last week. The market originally expected a decrease of 1.65 million barrels, and a decrease of 3.481 million barrels the previous week. During the period, gasoline inventories increased by 193,000 barrels, which was originally expected by the market to increase by 1.4 million barrels. As for distillate stocks, it decreased by 385,000 barrels, which was a decrease of 1.65 million barrels as originally expected by the market. The unexpected rebound in US crude oil inventories did not put too much pressure on oil prices. The market waits and sees the monthly meeting of the oil group to be held next Monday (October 4) to gauge whether the oil-producing countries will increase production to curb the high oil prices in the past three years.
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