The telegram was sent by Volpi. He informed Francesco of the situation and said that he was helpless. Although Mussolini had finally given up on this idea, the financial system has experienced violent fluctuations due to this rumor. The lira's money has tightened, but the foreign exchange has increased. This was originally a great thing. It was a big deal that the local currency is tight and the foreign exchange can be released. But he knew that this situation was an illusion and was caused by rumors. If the lira was released now, once these people woke up and exchanged for foreign exchange, the lira's exchange rate would be quickly washed away.

At the same time, Leo also sent a telegram saying that some people in the market sold a large number of spot crude oil contracts of 7, 8, and 9 months, and dropped the price from 1.2 US dollars to 1.1 US dollars. Although the market price fluctuations are normal, this price suppression is rapidly concentrated beyond the reasonable state. Moreover, although United Group itself is rapidly producing oil, it will not make such reckless moves. That is a trick to cheat its own pricing.

Francesco and Contini also couldn't discuss any countermeasures, so they had to comfort Volpi and Leo, don't worry, and wait and see.

After the telegram was sent, Contini suddenly thought of the foreign exchange problem again. He always felt that it was not that simple, so he said: "Send a telegram to Volpi and ask him to allocate all the extra foreign exchange that has been released during this period to the United Bank..."

"President, isn't this easy to deal with?"

"If there is anything that is difficult to deal with, just take it as a dismantling! Calculate interest according to the 3-month standard, so it will not be troublesome now, right?"

Francisco thought that this was obviously a loss of money, so why did it? United Group would not really use the $1.2 billion foreign exchange, but would have to pay a considerable amount of interest.

"Follow me, then explain."

Since Contini wants to do it, Francisco can only do it first and then listen to the explanation.

"First of all, this $1.2 billion is the extra foreign exchange this time. I know very well that this is not the norm and will recover soon, but if it is not in our hands, what will happen when the Ministry of Finance faces the squeeze? Will it repay as required first?"

Francisco shook his head: How is it possible? It must be the one who has the power to give to whom first!

"This inevitably leaves room for rent-seeking, so I have to take it into my own hands and use my methods to control foreign exchange flows. As for interest..." Contini shrugged, "Just think that I have contributed to the country. In what year does the United Group not pay tribute to the national finances? It is more than tax payments!"

Volpi, who received the telegram, agreed to allocate foreign exchange to United Bank, but there was an additional condition: the liquidity of United Bank could be increased, but long-term loans were not allowed, otherwise it would be troublesome if it could not be collected after three months.

The matter here just came to an end, and Leo sent another telegram saying that the oil sold had exceeded 30 million barrels and the price was around $1.05. Are you considering entering the state of storage?

Contini thought for a while: "We have 10 days left to arrive in Rome. You can issue an announcement, saying that United Group will conduct timely acquisitions and storage. The standard is that the contract price for the next month for three consecutive trading days, regardless of the opening price, closing price, and average price are less than US$1, and we will make the acquisition."

This is equivalent to putting forward more stringent conditions, but it also gives the market confidence to boost the situation. Oil prices rebounded in the next two days.

On June 14, new news came out that the Algerian oil fields had produced more than 10,000 tons per day, and the supply of next year was no surprise. At the same time, the oil output of Libyan oil fields also exceeded 3,000 tons. It is expected that the two oil fields will produce a total of more than 5.5 million tons and nearly 40 million barrels. At the same time, Romania and Persian oil fields are also increasing production. Market analysts believe that oil prices may stabilize at around 0.9-1 US dollars in the long run, and said that the oversupply in the European market may reach 20-30 million barrels.

As soon as this news was released, it immediately attracted high attention from the market. Three days before Contini returned to Rome, the oil price finally struggled to break the $1 mark, barely closing at $1.01 in the late trading, but it was shaky. At the opening of the next day, the oil price opened directly at $0.99 and then continued to fall, and closed at 0.97 in the late trading. This is the first trading day that meets the storage and storage standards.

The next day, the news changed on the third day. Although it once rebounded to $0.99 in the middle, it still failed to break the ceiling of $1. According to Leo's observation, there were at least 40,000 orders hanging on the place of $1 that day.

The good news is that Contini finally returned to Rome, and the bad news is that the storage must be launched. Otherwise, the market will question the credibility of United Group. Now major newspapers are looking forward to whether United Group can really not go back on their word.

On the night of his return, United Group held a press conference. Contini said firmly: "United Group will conduct an open acquisition. We will soon collect and store crude oil delivered in July. No matter how much it is, we must play a role in stabilizing the market. During this period, in order to take into account the overall situation, United Petroleum’s crude oil from the two oil fields will not be sold to the public for the time being, and will directly enter the collection and storage..."

"They really want to take stock?"

"Yes, it doesn't look fake, and he only carries about the near-month contract."

"Then throw it to him..."

"No need to throw it away, he will absorb it, look..."

As the traders wrote quickly, they only saw the United Group's operating representatives directly put a pay order at 0.97. The first transaction was 20,000 pieces representing 20 million barrels of crude oil.

This situation made the market very difficult, because Europe included all the current supply capacity of United Petroleum, which was 20 million barrels of crude oil in a month. This means that United Group took over? With these 20,000 orders at the bottom, the transactions at 0.98 and 0.99 are very active. At 2 pm, with Leo's order, another 10,000 orders were directly smashed at 0.99, and they ate all the small fish and shrimps traded nearby.

"It seems that it's a big deal, keep throwing it to him! Stop the contract in August!"

This tug-of-war lasted for 4 days. United Group absorbed more than 30 million barrels of crude oil contracts and then entered July. Now the focus of market attention has shifted to the August contract, and the August contract delivery period is still 45 days!

This is a period that is prone to changes.

"The fish have already taken the bait, and the foreign exchange can be moved here!"

With Jacob's order, on July 6, the tide of lira began to respond to the call to refute the rumors and exchange it for the foreign exchange it was released: in just 4 days, Volpi asked Francisco for help, and the central bank's foreign exchange was less than 40 million US dollars, and they asked them to return the 1.2 billion US dollars quickly.
Chapter completed!