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Oil keeps climbing on tight supply outlook, eyes on OPEC+
  + stars: | 2021-06-25 | by ( ) www.cnbc.com sentiment -0.99   time to read: +2 min
Cranes at an oil industry support facility in Port Fourchon, Louisiana, U.S., on Wednesday, April 21, 2021. Oil prices rose on Friday, heading for a fifth straight week of gains, with demand growth seen outstripping supply on bets that OPEC+ producers will be cautious in returning more output to the market from August. Brent crude futures climbed 7 cents, or 0.1%, to $75.63 a barrel, headed for a 2.9% jump for the week. "(The market) certainly has momentum behind it...It's really in the hands of OPEC+," said Commonwealth Bank commodities analyst Vivek Dhar. That's going to determine where oil prices go," Dhar said.
Persons: It's, Vivek Dhar, Dhar Organizations: . West Texas, Brent, Organization of, Petroleum, Commonwealth Bank, ANZ, U.S Locations: Port Fourchon , Louisiana, U.S, Russia, OPEC, United States, Europe, China, Iran
The sun is seen behind a crude oil pump jack in the Permian Basin in Loving County, Texas, U.S., November 22, 2019. U.S. West Texas Intermediate (WTI) crude futures were also up 6 cents, or 0.1%, at $73.36 a barrel, headed for a 2.4% weekly gain. "Expectations of tightness in global market is the major factor supporting crude oil as demand is recovering while OPEC+ has constrained supply and U.S. stocks are falling," said Ravindra Rao, vice president for commodities at Kotak Securities. Oil also got some support on Friday as the approval of U.S. infrastructure bill boosted optimism for energy demand outlook, analysts said. "(The market) certainly has momentum behind it...It's really in the hands of OPEC+," said Commonwealth Bank commodities analyst Vivek Dhar.
Persons: Angus Mordant, Brent, Ravindra Rao, It's, Vivek Dhar, Margaret Yang, Sonali Paul, Richard Pullin Organizations: REUTERS, Brent, . West Texas, Kotak Securities, Oil, Organization of, Petroleum, Commonwealth Bank, ANZ, U.S, Thomson Locations: Loving County , Texas, U.S, 3w2pz6N MELBOURNE, Russia, OPEC, United States, Europe, China, Singapore, Iran
Iran dismisses Canada report on downing of airline as 'highly politicised'
  + stars: | 2021-06-25 | by ( ) www.reuters.com sentiment -1.00   time to read: +2 min
Soldiers carry a coffin containing the remains of one of the eleven Ukrainian victims of the Ukraine International Airlines flight 752 plane disaster, at Boryspil International Airport, outside Kiev, Ukraine, January 19, 2020. The report, published on Thursday, found that while the shooting down of Ukrainian International Airlines flight 752 was not premeditated, it did not absolve Iranian officials of responsibility for the incident. "If this highly politicised and illegal behaviour by Canada became the norm, all countries, even the civil aviation industry, would be the main victims." Ottawa has repeatedly complained that Iran's official explanation did not answer many important questions about the downing of the Ukrainian plane. Canada does not have formal diplomatic relations with Iran, making the process lengthy and complex.
Persons: Mohsen Baharvand, Baharvand, Gareth Jones Organizations: Ukraine International Airlines, Boryspil International, Presidential Press Service, REUTERS, Ukrainian International Airlines, Thomson Locations: Kiev, Ukraine, Iran, Canadian, Ukrainian, Tehran, United States, Canada, Ottawa
That’s actually what we have right now with the U.S. — I mean, our objectives in Afghanistan are exactly the same today. Bayoumy: Speaking of Afghanistan, Pakistan has played a big role in the intra-Afghan peace talks. How worried are you about a civil war in Afghanistan, and are you using your leverage with the Taliban to try and get these peace talks toward a deal? Khan: Well, firstly, Pakistan has used the maximum leverage it could on the Taliban. Basically, Pakistan was the country that had recognized Taliban, one of three countries after 1996.
Persons: Jyoti Thottam, You’ve Organizations: ., U.S Locations: Pakistan, Afghanistan, U.S, India, China, Central Asia, Iran, United States
S.Korea c.bank flags stronger inflationary pressure in H2
  + stars: | 2021-06-24 | by ( Reuters Staff | ) www.reuters.com sentiment -0.98   time to read: +1 min
SEOUL, June 24 (Reuters) - South Korea’s central bank said on Thursday it sees upward inflationary pressure on both the demand and supply fronts amid the country’s ongoing recovery from the pandemic. “Along with the rapid economic recovery, demand-side inflation pressure is growing and will fluctuate around 2% in the second half of the year,” the Bank of Korea said in a bi-annual review of inflation. With consumer inflation at a nine-year high, strong price pressure raises the possibility that the central bank may have to tighten policy sooner than expected. The BOK in May kept its base rate at a historic low of 0.5%, as widely expected. Global oil prices are expected to stabilise in the coming months and help offset strong demand-side price pressure, as Iran resumes oil exports, the report said.
Persons: BOK, Lee Ju, yeol, Thursday’s, Cynthia Kim, Jacqueline Wong Organizations: Bank of Locations: SEOUL, Bank of Korea, Iran
Oil gains as draw in U.S. crude stocks reinforces outlook for robust demand
  + stars: | 2021-06-24 | by ( ) www.cnbc.com + 0.00   time to read: +2 min
Oil prices gained for a second day on Thursday after a bigger-than-expected drawdown in U.S. crude and gasoline stocks confirmed outlook for robust fuel demand and on doubts about the future of the 2015 Iran nuclear deal that could end U.S. sanctions on Iranian crude exports. Brent crude futures rose 8 cents, or 0.1%, to $75.27 a barrel by 0453 GMT, after increasing 0.5% on Wednesday. U.S. West Texas Intermediate (WTI) crude futures climbed 9 cents, or 0.1%, to $73.17 a barrel, after rising 0.3% on Wednesday. U.S. gasoline stocks fell by 2.9 million barrels in the week, against analysts' expectations for an 833,000-barrel rise. "Behind the Thursday's rally is also a view that there are still gaps in the talks over the 2015 Iran nuclear deal," said Hiroyuki Kikukawa, general manager of research at Nissan Securities.
Persons: Edward Moya, Tetsu Emori, Brent, Hiroyuki Kikukawa, Kikukawa Organizations: Brent, . U.S . West Texas, U.S . Energy, Administration, Emori Fund Management Inc, of, Petroleum, Nissan Securities, United, Washington Locations: Iran, ., Asia, U.S, OPEC, United States
This Is the Plan to Rescue Poor Countries From the Pandemic
  + stars: | 2021-06-24 | by ( Peter S. Goodman | Alan Rappeport | ) www.nytimes.com sentiment -1.00   time to read: +1 min
In Washington, the universal nature of the proposed allocation has stirred up opposition from Republicans, who argue that it would burnish the finances of American adversaries like China, Russia and Iran while doing little to help poor countries. The Trump administration opposed the proposal on similar grounds, while the Biden administration has embraced the idea as a means of aiding developing countries at no cost to taxpayers. Debt is at the center of concerns about low-income countries, given that many entered the pandemic already straining under severe burdens. Pakistan’s external debt payments soared from less than 10 percent of government revenues to 35 percent over the same period. The pandemic has dramatically worsened the situation, destroying revenues at the same time that it has increased demand for government services.
Persons: John Kennedy, Trump, Biden Organizations: Republicans, Republican, South Asia —, UNICEF, Jubilee Locations: Washington, China, Russia, Iran, Louisiana, Africa, South Asia, Zambia
Fighting between separatist brigades kills two in Yemen's Aden -sources
  + stars: | 2021-06-24 | by ( ) www.reuters.com sentiment -0.99   time to read: +2 min
ADEN, June 24 (Reuters) - Clashes between brigades of the main southern separatist movement in Yemen killed two fighters and wounded 15 people, including civilians, in the port city of Aden, security sources said on Thursday. Aden is the interim seat of Yemen's Saudi-backed government and has seen rising tensions between the government and the Southern Transitional Council (STC) over control of the city and wider south. The fighting, which raged for two hours, erupted when one of the brigades manning a checkpoint attempted to disarm another convoy, the sources said. The two sides have yet to redeploy troops out of Aden and other regions in the south which the pact had stipulated. read moreThe coalition intervened in Yemen in March 2015 after the Houthis ousted the government from the capital Sanaa.
Persons: Sheikh Othman, Aidarous, Reyam Mukhashaf, Aziz El Yaakoubi, Angus MacSwan Organizations: Southern Transitional Council, Reuters, AK, STC, United Arab, United Nations, Thomson Locations: ADEN, Yemen, Aden, Yemen's Saudi, Sheikh, Saudi Arabia, Iran, United Arab Emirates, United
VIENNA, June 24 (Reuters) - The U.N. nuclear watchdog and Iran have a temporary agreement on monitoring Iran's atomic activities that expires on Thursday. If it is not extended, wider negotiations on reviving the 2015 Iran nuclear deal would plunge into crisis, diplomats say. Struck on Feb. 21, the interim monitoring deal was valid for three months, then extended by a month on May 24. * Centrifuges: The deal provides for IAEA monitoring of various aspects of assembly and storage of centrifuges, machines that enrich uranium. The deal provides for IAEA monitoring of "all uranium ore concentrate produced in Iran or obtained from any other source".
Persons: Donald Trump, Mark Heinrich Our Organizations: IAEA, reimposed, International Atomic Energy Agency, CSA, Thomson Locations: VIENNA, Iran, United States, Islamic Republic, Tehran, Natanz, Washington
Oil dips but hovers near three-year highs on recovery signs
  + stars: | 2021-06-24 | by ( Ron Bousso | ) www.reuters.com + 0.00   time to read: +3 min
Doubts about the future of the 2015 Iran nuclear deal that could end U.S. sanctions on Iranian crude exports also helped prices. https://refini.tv/3w2pz6N"The narrative is unchanged: the bounce in Western-world commuting and leisure activity fuels oil demand and drains oil supplies," Norbert Rücker, head of economics at Julius Baer, wrote in a note. Across the Atlantic, U.S. crude inventories dropped to their lowest since March 2020, official data showed. read moreIndian Oil Minister Dharmendra Pradhan on Thursday urged OPEC to phase out crude output cuts as high prices are stoking inflation. Brent has gained more than 45% this year on the OPEC+ supply cuts and recovering demand.
Persons: Brent, paring, Norbert Rücker, Julius Baer, Dharmendra Pradhan, Yuka Obayashi, Raju Gopalakrishnan Organizations: drawdowns, of, Petroleum, Oil, United, Washington, Thomson Locations: TOKYO, Iran, Germany, U.S, OPEC, United States
Serious differences persist in Iran nuclear talks - U.S. official
  + stars: | 2021-06-24 | by ( ) www.reuters.com sentiment -0.99   time to read: +2 min
European External Action Service (EEAS) Deputy Secretary General Enrique Mora and Iranian Deputy at Ministry of Foreign Affairs Abbas Araghchi wait for the start of talks on reviving the 2015 Iran nuclear deal in Vienna, Austria June 20, 2021. EU Delegation in Vienna/Handout via REUTERSWASHINGTON, June 24 (Reuters) - There are serious differences in talks on resuming compliance with the 2015 Iran nuclear deal and if they cannot be bridged in the foreseeable future, Washington will need to rethink its approach, a senior U.S. official said on Thursday. "This process is not going to be open forever," the senior U.S. official told reporters. Iran struck a deal with major powers in 2015 to curb its uranium enrichment program, a possible pathway to nuclear arms, in return for the lifting of U.S., European Union and U.N. sanctions. Reporting By Arshad Mohammed, Daphne Psaledakis and Doyinsola Oladipo Editing by Chris ReeseOur Standards: The Thomson Reuters Trust Principles.
Persons: General Enrique Mora, Abbas Araghchi, Ebrahim Raisi, Donald Trump, Joe Biden, Arshad Mohammed, Daphne Psaledakis, Chris Reese Organizations: Ministry of Foreign, EU, REUTERS, U.S, U.S ., Union, Thomson Locations: Iranian, Iran, Vienna, Austria, Handout, REUTERS WASHINGTON, Washington, U.S, Islamic Republic, Raisi, Tehran
Canada finds no evidence Iran's downing of airliner was premeditated
  + stars: | 2021-06-24 | by ( Steve Scherer | ) www.reuters.com sentiment -1.00   time to read: +2 min
Mourners attend an outdoor vigil for the victims of a Ukrainian passenger jet which crashed in Iran, in Toronto, Ontario, Canada January 9, 2020. REUTERS/Chris Helgren/File PhotoOTTAWA, June 24 (Reuters) - Canada said on Thursday it had found no evidence that Iran's downing of a Ukrainian passenger plane last year had been premeditated, and condemned what it called the incompetence and recklessness of those responsible. In a report the team added: "This in no way absolves Iran of its responsibility for the death of 176 innocent people". Ottawa has repeatedly complained that Iran's official explanation did not answer many important questions about the downing of Ukrainian International Airlines flight 752. In March, Iran's civil aviation body blamed the crash on a misaligned radar and an error by an air defense operator.
Persons: Chris Helgren, PS752, Justin Trudeau, Steve Scherer, David Ljunggren, David Gregorio Our Organizations: REUTERS, OTTAWA, Ukrainian International Airlines, Thomson Locations: Ukrainian, Iran, Toronto , Ontario, Canada, Tehran, United States, Canadian, Ottawa
TEHRAN — The U.S. Justice Department on Tuesday seized 36 Iranian-linked news website domains, accusing them of spreading disinformation, amid continued tensions between Tehran and Washington. Three other seized websites were operated by one of the main Iran-aligned Iraqi militia groups, Kata’ib Hizballah, which more than a decade ago was designated a foreign terrorist organization by the U.S, the department's statement added. The department said SDNs are prohibited from obtaining services, including website and domain services, in the United States without a license. The sites seized included Press TV, the Iranian government's main English-language television channel, and Al-Alam, its Arabic-language equivalent. But they were back online using Iranian domain addresses Alalam.ir and Presstv.ir.
Persons: Kata’ib, IRTVU, SDNs, Kata’ib Hizballah, IRNA, Mahmoud Vaezi, Alam, It’s, hardliner Ebrahim Raisi, Donald Trump’s, Raisi, Joe Biden, Yuliya Talmazan, Ali Arouzi Organizations: The U.S . Justice, The Justice Department, Iranian Islamic Radio, Television Union, U.S, Revolutionary Guard, United, Press, U.S ., Lualua, NBC, ., Department of Justice, Revolutionary Guards Locations: TEHRAN, The, Tehran, Washington, U.S, United States, Iran, Iranian, Al, London
Iran Says It Foiled Attack on Another Nuclear Facility
  + stars: | 2021-06-23 | by ( Sune Engel Rasmussen | Aresu Eqbali | ) www.wsj.com sentiment -0.95   time to read: +1 min
TEHRAN—Iran said Wednesday it foiled an attempt to sabotage a facility belonging to its atomic agency near the capital, the latest attack on its nuclear program and one that follows the election of a hard-line cleric as the country’s president. Iranian authorities didn’t say what the building contained or give any other details about the attack. State-run PressTV said the “hostile attempt” hadn’t caused damage or casualties due to precautions taken after previous attacks on the country’s nuclear facilities and the killing of one its top nuclear scientists. The alleged sabotage attempt comes at a politically sensitive time for Iran. A day after his election, one of Iran’s main nuclear facilities experienced an unexplained blackout.
Persons: Iran’s, PressTV, Ebrahim Raisi, Biden Organizations: U.S Locations: TEHRAN — Iran, Karaj, Tehran, Iran, U.S, Iraq
Iran official says U.S. has agreed to lift oil, shipping sanctions
  + stars: | 2021-06-23 | by ( ) www.reuters.com sentiment -0.99   time to read: +2 min
It was also agreed to lift some sanctions on individuals and members of the supreme leader's inner circle." Other Western and Iranian officials have also said the talks are a long way from a conclusion. Iran agreed in 2015 to curbs on its nuclear programme in return for the lifting of international sanctions. Trump abandoned the agreement three years later and reimposed sanctions, and Tehran responded by violating some nuclear limits. However, some Iranian officials have suggested Tehran may prefer an agreement before Raisi takes office to give the new president a clean slate.
Persons: Leonhard Foeger, Hassan Rouhani's, hardliner Ebrahim Raisi, Donald, Trump, Mahmoud Vaezi, Jake Sullivan, Joe Biden, Ayatollah Ali Khamenei, Raisi, Parisa Organizations: International Atomic Energy Agency, IAEA, REUTERS, Washington, ., Rouhani, Trump, . National, Thomson Locations: Vienna, Austria, DUBAI, Iran, Rouhani's, Washington, Tehran, Western
An Iranian flag flutters in front of the International Atomic Energy Agency (IAEA) headquarters in Vienna, Austria, September 9, 2019. The talks adjourned on Sunday for a break, two days after Iran held a presidential election won by hardliner Ebrahim Raisi, the Iranian judiciary chief who is on a U.S. blacklist. Iran agreed in 2015 to curbs on its uranium enrichment programme, a possible pathway to nuclear weapons, in return for the lifting of international sanctions. Trump abandoned the agreement three years later, calling it flawed to Iran's advantage, and reimposed harsh sanctions that hammered Iran's economy. It was also agreed to lift some sanctions on individuals and members of the supreme leader's inner circle."
Persons: Leonhard Foeger, Hassan Rouhani's, hardliner Ebrahim Raisi, Donald, Trump, Mahmoud Vaezi, Heiko Maas, Maas, Antony Blinken, Jake Sullivan, Ayatollah Ali Khamenei, Vaezi, Joe Biden's, Raisi, Parisa Organizations: International Atomic Energy Agency, IAEA, REUTERS, United, Rouhani, U.S, West, . National, Trump, Thomson Locations: Vienna, Austria, DUBAI, Iran, United States, Germany, Tehran, Rouhani's, Washington, Iranian, Raisi, West ., Western
Sabotage attempt on building of Iran's atomic energy organization foiled - PTV
  + stars: | 2021-06-23 | by ( ) www.reuters.com sentiment -1.00   time to read: 1 min
DUBAI, June 23 (Reuters) - PTV, a breaking news Twitter account linked to Iran's English language Press TV, said on Wednesday a sabotage attempt on a building of the Iranian atomic energy organization had been foiled. The was no confirmation of the report from the Iranian authorities. Iran has accused Israel of several attacks on facilities linked to its nuclear program and killing its nuclear scientists over the past years. Israel has neither denied nor confirmed the allegations. Reporting by Maher Chmaytelli; Editing by Toby ChopraOur Standards: The Thomson Reuters Trust Principles.
Persons: Israel, Maher Chmaytelli, Toby Chopra Organizations: PTV, Press, Thomson Locations: DUBAI, Iran, Israel
Iranian authorities foiled a "sabotage attack" against one of its civilian nuclear facilities, local news site Nournews reported Wednesday, offering no further details. The report comes just days after the election of hardline cleric Ebrahim Raisi to Iran's presidency. Raisi has expressed vocal anti-Western sentiment but supports a return to the 2015 Iranian nuclear deal with the U.S. and other world powers. Since then, amid a raft of economically crippling U.S. sanctions, Iran has ramped up its nuclear activities in violation of the deal, spiking tensions with the West, particularly Washington. Tehran maintains that its nuclear program is solely for civilian purposes and that is has a sovereign right to pursue it.
Persons: Rafael Grossi, Ebrahim Raisi, Raisi, Donald Trump Organizations: International Atomic Energy Agency, IAEA, Iran's Supreme National Security, Associated Press, Iran's, CNBC, U.S, Islamic Locations: Iran, Vienna, Austria, Islamic Republic, Washington . Iran, Tehran
Maas said a deal was possible even after the election of Raisi, an implacable critic of the West. An Iranian flag flutters in front of the International Atomic Energy Agency (IAEA) headquarters in Vienna, Austria, September 9, 2019. Iran agreed in 2015 to curbs on its uranium enrichment programme, a possible pathway to nuclear weapons, in return for the lifting of international sanctions. Trump abandoned the deal three years later, calling it flawed to Iran's advantage, and reimposed harsh sanctions that hammered Iran's economy. It was also agreed to lift some sanctions on individuals and members of the supreme leader's inner circle."
Persons: Hassan Rouhani's, Mahmoud Vaezi, hardliner Ebrahim Raisi, Donald, Trump, Vaezi, Heiko Maas, Maas, Antony Blinken, Franck Riester, Leonhard Foeger, Jake Sullivan, Ayatollah Ali Khamenei, Joe Biden's, Raisi, Parisa Hafezi, Humeyra Pamuk, John Irish, Mark Heinrich Our Organizations: DUBAI, United, Rouhani, U.S, Junior Foreign, International Atomic Energy Agency, IAEA, REUTERS, National, Trump, National Security, Thomson Locations: Iran, Germany, France, BERLIN, United States, Tehran, Rouhani's, Washington, Vienna, Iranian, Raisi, Austria, Western, Dubai, Berlin, Paris
"The Iraqi state is not in control of the situation," said Hanaa Edwar, a prominent Iraqi rights activist. A government official, speaking on condition of anonymity, said militias are "stronger than the state itself ... the old guard are in control. "There's no law and order in Baghdad, no (strong) security apparatus ... the state is dying," he said. On both occasions state security forces did not intervene. Meanwhile, the old parties say they are feeling confident ahead of the election.
Persons: Thaier, Mustafa al, Barham Salih, Hanaa Edwar, Saddam Hussein, Kadhimi, Hisham al, Muqtada al, Sadr, Qasim Muslih, Muslih, Mozany, Mohammed Aldhamat, Amjad, Amina Ismail, John Davison, Peter Graff Organizations: REUTERS, United Nations, Iraq's, Thomson Locations: Baghdad, Iraq, BAGHDAD, Iran, Iraqi, United States, U.S
U.S. Seizes Internet Domains Tied to Iran’s Government
  + stars: | 2021-06-22 | by ( Byron Tau | Ian Talley | ) www.wsj.com sentiment -0.99   time to read: +1 min
WASHINGTON—More than 30 web domains linked to the Iranian regime were seized by U.S. agencies on Tuesday, a U.S. government official said. The U.S. seized sites operated by government-run PressTV as well as social media channels affiliated with Iran-backed militias in Iraq. Visitors to the affected websites were greeted with a banner that said the domains had been seized by the U.S. government as part of enforcement action taken by the Federal Bureau of Investigation and the U.S. Department of Commerce’s Bureau of Industry and Security. Iran’s mission to the United Nations didn’t immediately respond to a request for comment, but Tehran’s government has condemned previous seizures of Iranian websites as unlawful and part of an influence campaign against Iran. The seizure notice cites several legal justifications for the action, including civil and criminal forfeiture laws, as well as the International Emergency Economic Powers Act, which grants the president the power to regulate international commerce in response to threats to U.S. security.
Persons: Biden, United Nations didn’t Organizations: WASHINGTON, U.S, Visitors, Federal Bureau of Investigation, U.S . Department of Commerce’s, of Industry, Security, United Nations, Emergency Economic Locations: U.S, Iran, Iraq, Washington
A U.S. Senate committee held a hearing Tuesday on President Biden’s nominee for the top sanctions and counterterrorist finance role at the U.S. Treasury Department, a position that has been vacant since 2019 and that Congress isn’t expected to vote on until the Senate returns in July. Mr. Nelson is the chief legal officer of LA28, the organizing committee for the 2028 Olympic and Paralympic Games in Los Angeles. He previously served as the deputy chief of staff of the Justice Department’s national security division and as the policy chief for the California Justice Department. The hearing on the nomination comes as the role has remained open for more than a year and half. Sen. Sherrod Brown (D., Ohio), chairman of the Senate Committee on Banking, Housing and Urban Affairs, which convened the hearing, said he hoped to move forward quickly on the two nominations when the Senate reconvenes in July.
Persons: Biden’s, Biden, Brian Nelson, Nelson, Sigal Mandelker, Trump, hasn’t, TFI, Mr, Elizabeth Rosenberg, Wally Adeyemo, . Rosenberg, Rosenberg, ” Ms, Sen, Sherrod Brown, Brown, — Ian Talley Organizations: U.S, U.S . Treasury Department, Paralympic Games, Justice Department’s, California Justice Department, Treasury, Senate, Treasury’s, Network, Center, New, New American Security, Banking, Housing, Urban Affairs, Senators, Republicans Locations: Los Angeles, Iran, Tehran, Venezuela, North Korea, China, Russia, TFI, New American, Washington, , Ohio
A representation of the virtual cryptocurrency Bitcoin is seen in this picture illustration taken June 14, 2021. REUTERS/Edgar Su/IllustrationThe world’s largest cryptocurrency dropped to $28,600, its lowest since early January, after giving up gains made during Asian hours. Authorities in major bitcoin mining hubs including Sichuan, Xinjiang, and Inner Mongolia have issued their own curbs with greater details on the restrictions. Iran in late May banned the energy-intensive mining of cryptocurrencies like bitcoin for nearly four months, as the country faces major power blackouts in many cities. The crackdown on miners will likely hit prices in the short-term, market players said.
Persons: Edgar Su, , Iqbal Gandham, ” Crypto, Monday’s, Alipay, Bitcoin, Anthony Wong, Seth Melamed Organizations: Reuters, REUTERS, People’s Bank of China, Agricultural Bank of China, Orichal Partners, State Council Locations: HONG KONG, China’s, Beijing, China, Anthony Wong of Hong Kong, bitcoin, Sichuan, Xinjiang, Mongolia, Iran, Tokyo
Oil dips after hitting $75 a barrel on strong demand outlook
  + stars: | 2021-06-22 | by ( Laura Sanicola | ) www.reuters.com + 0.00   time to read: +2 min
NEW YORK (Reuters) - Crude oil prices dipped slightly on Tuesday after Brent rose above $75 a barrel for the first time in over two years, as OPEC+ discussed raising oil production. U.S. West Texas Intermediate (WTI) crude fell 53 cents, or 0.7%, to $73.13 a barrel. “(Because) of tight physical markets and healthy demand perceptions, the risk remains skewed to the upside,” oil brokerage PVM said. BofA Global Research raised its Brent crude price forecasts for this year and next, saying tighter oil supply and recovering demand could push oil briefly to $100 a barrel in 2022. U.S. crude stocks were expected to have dropped for a fifth consecutive week last week, with distillate and gasoline stocks both rising, a preliminary Reuters poll showed on Monday.
Persons: Brent, Nick Oxford, PVM, , , Bob Yawger, Bernard Looney, Ebrahim Raisi, Raisi, Joe Biden Organizations: YORK, REUTERS, . West Texas, of, Petroleum, BofA, Research, Brent, Mizuho, BP, Tuesday, Reuters, Monday Locations: Midland , Texas, U.S, OPEC, Iran, Washington
Oil settles slightly lower as OPEC+ discusses raising production
  + stars: | 2021-06-22 | by ( Laura Sanicola | ) www.reuters.com + 0.00   time to read: +2 min
NEW YORK (Reuters) -Crude oil prices settled slightly lower on Tuesday after Brent rose above $75 a barrel for the first time in over two years, as OPEC+ discussed raising oil production. OPEC+ is discussing a gradual increase to oil output from August, but no decision has been taken on the exact volumes, an OPEC+ source said on Tuesday. “(Because) of tight physical markets and healthy demand perceptions, the risk remains skewed to the upside,” oil brokerage PVM said. BofA Global Research raised its Brent crude price forecasts for this year and next, saying tighter oil supply and recovering demand could push oil briefly to $100 a barrel in 2022. “There’s a lot of people talking about $100 crude and that’s driving the market,” said Bob Yawger, director of energy futures at Mizuho.
Persons: Brent, Nick Oxford, PVM, , Bob Yawger, Bernard Looney, Ebrahim Raisi, Raisi, Joe Biden Organizations: YORK, REUTERS, . West Texas, of, Petroleum, BofA, Research, Brent, Qatar Economic, Mizuho, BP, Tuesday, Reuters, Monday Locations: Midland , Texas, U.S, OPEC, Qatar, Iran, Washington
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