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Oil eases on stronger dollar, China demand concerns
  + stars: | 2023-08-14 | by ( ) www.cnbc.com   time to read: +2 min
Oil prices eased on Monday after seven straight weeks of gains supported by tightening supply on OPEC+ output cuts, as concerns about China's faltering economic recovery and a stronger dollar weighed. Oil may be range-bound this week as China's sluggish economic recovery and a stronger U.S. dollar could depress prices, but OPEC+ would do whatever it takes to keep supply tight and stabilize markets, CMC Markets analyst Tina Teng said. A Russian warship fired warning shots at a cargo ship in the Black Sea on Sunday, ratcheting up tensions in a key area for commodities exports from Ukraine and Russia. "Escalating tensions between Russia and Ukraine has raised the prospect of disruption to trade in the Black Sea," ANZ analysts said in a note, adding that the Black Sea handles around 15%-20% of oil that Russia sells. In the U.S., the number of operating oil rigs held steady at 525 last week, after falling for eight weeks in a row, according to Baker Hughes weekly report.
Persons: Tina Teng, Brent, Baker Hughes Organizations: Raffles, Brent, West Texas, U.S, Federal, CMC, Organization of, Petroleum, International Energy Agency, ANZ Locations: Yantai, East China's Shandong province, OPEC, Saudi Arabia, Russia, Russian, Ukraine, U.S
A 3D-printed oil pump jack is seen in front of displayed OPEC logo in this illustration picture, April 14, 2020. REUTERS/Dado Ruvic/File PhotoSummary OPEC flags healthy oil market fundamentals in second halfUS consumer prices rise moderately in JulyChina tips into deflation as efforts to stoke recovery falterBEIJING, Aug 11 (Reuters) - Oil prices fell marginally on Friday as investors weighed optimistic demand forecasts from the OPEC producer group against mixed economic data in top importer China. Brent crude fell 15 cents to $86.25 a barrel at 0515 GMT, while U.S. West Texas Intermediate crude futures were down 13 cents at $82.69 a barrel. Market sentiment was also lifted by Thursday's U.S. consumer prices data for July, which fuelled speculation the Federal Reserve is nearing the end of its aggressive rate hike cycle. Data this week also showed China's consumer prices fell into deflation and factory gate prices extended declines in July, raising concerns about fuel demand in the world's second-largest economy.
Persons: Dado, Brent, Tina Teng, Teng, Baden Moore, Moore, Stephanie Kelly, Andrew Hayley, Shri Navaratnam, Simon Cameron Organizations: REUTERS, China, U.S, West Texas, CMC Markets, The, of Petroleum Exporting, Thursday's U.S, Federal Reserve, National Australia Bank, bbl, Thomson Locations: China, BEIJING, OPEC, Auckland, June's, Saudi Arabia, Russia, Ukraine, Baden, 2H23, New York, Beijing
A 3D-printed oil pump jack is seen in front of displayed OPEC logo in this illustration picture, April 14, 2020. REUTERS/Dado Ruvic/File PhotoSummary OPEC flags healthy oil market fundamentals in second halfUS consumer prices rise moderately in JulyChina tips into deflation as efforts to stoke recovery falterBEIJING, Aug 11 (Reuters) - Oil prices were largely unchanged in Asian morning trade as investors weighed optimistic demand forecasts from the OPEC producer group against mixed economic data in top importer China. In 2024, "solid" economic growth amid continued improvements in China is expected to boost oil consumption, it added. Market sentiment was also lifted by Thursday's U.S. consumer prices data for July, which fuelled speculation the Federal Reserve is nearing the end of its aggressive rate hike cycle. However, Teng also noted that "China’s sluggish economic data and the retreat on Wall Street weighs on risk sentiment, and a strengthened USD also pressured commodity prices".
Persons: Dado, Brent, Tina Teng, Teng, Baden Moore, Moore, Stephanie Kelly, Andrew Hayley, Shri Navaratnam, Simon Cameron Organizations: REUTERS, China, U.S, West Texas, CMC Markets, The, of, Petroleum, Thursday's U.S, Federal Reserve, National Australia Bank, bbl, Thomson Locations: China, BEIJING, OPEC, Auckland, June's, Saudi Arabia, Russia, Ukraine, Baden, 2H23, New York, Beijing
The S&P 500 ended slightly lower Friday, logging its second straight week of losses. Stocks had kicked off the day with declines after the producer-price index showed supplier prices ticking up from June's flat reading. The S&P 500 and Nasdaq Composite fell, while the Dow Industrials edged up. The FTSE 100 slid and the pound rallied after data showed the U.K. economy grew. Chinese stocks fell.
Persons: Stocks, TINA, Wynn Organizations: Investors, Nasdaq, Dow, UBS, Credit Suisse, Casino, Wynn Resorts, Caesars, Bank of England Locations: Swiss, Shanghai
Coincidentally, Sayre also wrote about “The Joy of Sex” for The Times, including it in a round-up of sex manuals (which was headlined “Ahh!”). Here, though, she was most definitely interested in the graphics. ‘I understand,’ she said, ‘that you have “The Joy of Sex” — unillustrated.’” There was no such thing, of course; the art in “The Joy of Sex,” as the Book Review noted, “may have had just a little to do with its phenomenal sales.”That wasn’t true of “Breakfast of Champions,” which soared onto the best-seller lists on its literary merits alone. It’s just an agreeable thing to do, and I recommend it to everybody. I always say to people, practice an art, no matter how well or badly, because then you have the experience of becoming, and it makes your soul grow.”
Persons: Sayre, , mien, , , Vonnegut, “ I’ve Organizations: The Times, U.S . Airways Locations: , Manhattan, U.S
New York CNN —New Jersey is now the only state in America where it’s illegal for drivers to pump their own gas. Oregon last week lifted its 72-year-old ban on self-service gas stations, allowing stations to operate half of their pumps as self-serve. Oregon’s move makes New Jersey the last state where drivers can’t touch the gas pump. Gas stations’ struggles to hire workers have led to renewed attempts by New Jersey gas station industry advocates to lift the ban. Gas stations’ struggles to hire workers have led to renewed attempts by New Jersey gas station industry advocates to lift the ban.
Persons: Tina Kotek, , Phil Murphy, Patrick Murray Organizations: New, New York CNN —, Democratic Gov, Gas, Jersey, ” New, ” New Jersey Gov, Monmouth University, Monmouth University Polling Locations: New York, New York CNN — New Jersey, America, Oregon, New Jersey, , New Jersey , Oregon, , ” New Jersey, Monmouth
Oil prices edge up as production cuts keep market supported
  + stars: | 2023-08-08 | by ( ) www.cnbc.com   time to read: +2 min
An offshore drilling platform stands in shallow waters at the Manifa offshore oilfield, operated by Saudi Aramco, in Manifa, Saudi Arabia, on Wednesday, Oct. 3, 2018. Oil prices rose in early trade on Tuesday as supply concerns arising from production cuts by Saudi Arabia and Russia supported the market. But Saudi and Russia's production cut could remain a bullish factor to oil markets," said CMC Markets analyst Tina Teng in a note. "Saudi Arabia's decision to extend production cuts into September despite Brent futures rising above $80 per barrel suggests that the kingdom may be targeting a higher price than $80 per barrel." It maintained oil output cuts of 3.66 million barrels per day for 2023, and extended and deepened cuts from January 2024 by a further 1.4 million barrels per day.
Persons: Tina Teng, Vivek Dhar, Brent Organizations: Saudi Aramco, Brent, U.S, West Texas, Saudi, Commonwealth Bank of Australia, Organization of, Petroleum, OPEC Locations: Manifa, Saudi Arabia, Russia, China, United States, OPEC, Saudi
"The big thing we're watching for is any sign that rates of bad and doubtful debt are rising," Macquarie analysts said. Analysts at Citi expect cash profit to rise 3.5% to A$9.93 billion, while a Visible Alpha consensus estimate stands at A$10.11 billion. "Most banks may maintain buy-backs and lift dividends as they are still healthy on capital ratios." The heavyweight banking index, the S&P/ASX 200 Financials (.AXFJ), has gained 0.4% so far this year, as of last close. ($1 = 1.5230 Australian dollars)Reporting by Upasana Singh and Rishav Chatterjee in Bengaluru; Editing by Anil D'SilvaOur Standards: The Thomson Reuters Trust Principles.
Persons: David Gray, Banks, Macquarie, Morgan Stanley, Tina Teng, Upasana Singh, Rishav Chatterjee, Anil D'Silva Organizations: REUTERS, Commonwealth Bank of Australia, National Australia Bank, Westpac, ANZ Group, Reserve Bank of Australia, Macquarie, CBA, Citi, NAB, ANZ, WBC, Thomson Locations: Melbourne, Southbank, Australia, Bengaluru
Crude oil storage tanks are seen in an aerial photograph at the Cushing oil hub in Cushing, Oklahoma, U.S. April 21, 2020. Both contracts notched their sixth consecutive weekly gains last week, the longest winning streak since December 2021 to January 2022. Russia said on Thursday would cut oil exports by 300,000 bpd in September. The port that handles 2% of the world's oil supply has resumed operations. OPEC+'s output cuts, China's stimulus measures, and an improved U.S. economic outlook are supporting crude prices, CMC Markets analyst Tina Teng said in a note, although she said prices were approaching near-term resistance of their April highs.
Persons: Tina Teng, Tony Sycamore, Baker Hughes, Florence Tan, Jamie Freed Organizations: REUTERS, Brent, U.S, West Texas, ANZ, CMC, Thomson Locations: Cushing , Oklahoma, U.S, Saudi Arabia, Saudi Arabia Russia, SINGAPORE, Russia, China, Russian, Ukrainian, Novorossiysk, Saudi, Saudi Aramco, Asia
Megan Rapinoe reacts to missing during the penalty kick shootout. The US soccer icon announced she would retire at the end of the 2023 National Women’s Soccer League (NWSL) season, meaning this could be her final match for the US national team. Rapinoe came on as a second-half substitute against Sweden but failed to score her penalty in the shootout. "She’s going to leave a legacy and we’re going to continue to grow as feminine soccer players and I think it’s great." It was a sentiment echoed by fellow fan Tina Lordanou, who was watching from the same bar.
Persons: Megan Rapinoe, Brad Smith, Rapinoe, I’ve, Gia Díaz, Tina Lordanou Organizations: USSF, Getty, Women’s Soccer League, US, Sweden Locations: New York
Both benchmarks were on track for a sixth week of gains, their longest streak of weekly gains this year. Saudi Arabia on Thursday extended a voluntary oil production cut of 1 million barrels per day (bpd) to the end of September. Russia will also slash its oil exports by 300,000 bpd in September, its Deputy Prime Minister Alexander Novak said. The Joint Ministerial Monitoring Committee of OPEC+ is unlikely to tweak its overall oil output cuts at its meeting on Friday, sources have said. But the extension of Saudi Arabia's reductions and comments by Russia ahead of the OPEC+ meeting have raised supply concerns, supporting prices.
Persons: Brent, Alexander Novak, Edward Moya, Tina Teng, Teng, Arathy Somasekhar, Christian Schmollinger, Simon Cameron, Moore Organizations: Saudi, Brent, U.S, West Texas, Ministerial, OPEC, U.S . Federal Reserve, Bank of England, CMC, Thomson Locations: Russia, U.S, SINGAPORE, Saudi Arabia, Saudi, Houston, Singapore
MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) was 0.46% higher after dropping 2.3% on Thursday. Overnight, U.S. stocks closed little changed after a choppy trading session, as investors weighed rising Treasury yields with the latest batch of economic data and earnings. "U.S. stock markets may be entering a correction phase after a multi-month rally," said markets analyst Tina Teng at CMC Markets. The yield on 10-year Treasury notes was at 4.187% in Asian hours, just shy of the nine-month peak of 4.198% touched on Thursday. In currencies, the dollar index , which measures U.S. currency against six peers, fell 0.039% to 102.41, easing away from the near one-month peak of 102.84 reached on Thursday.
Persons: Issei Kato SINGAPORE, Anderson Alves, Fitch, Alves, HSI, Tina Teng, Teng, Brent, Ankur Banerjee Organizations: U.S ., REUTERS, Japan's Nikkei, Hong, CMC Markets, Amazon.com, Apple, U.S, Treasury, Treasury Department, Sterling, Bank of England, Thomson Locations: Tokyo, Japan, Asia, Pacific, ActivTrades, Shanghai, Hong Kong, U.S
CNN —Tina Knowles has appeared to refute the theory that her daughter Beyoncé dropped mentioning Lizzo on tour because of a lawsuit. The lyrics to the song include references to “Betty Davis, Solange Knowles, Badu, Lizzo, Kelly Rowl,’ Lauryn Hill, Roberta Flack” and other prominent women, which Beyoncé recorded with Madonna. That led some to believe the superstar was distancing herself from Lizzo. Knowles jumped in the comments on an Instagram post about the alleged snub. “She also didn’t say her own sister’s name yal [sic] should really stop,” Knowles wrote.
Persons: Tina Knowles, Beyoncé, Lizzo, Betty Davis, Solange Knowles, Badu, Kelly Rowl, Lauryn Hill, Roberta Flack ”, Knowles, ” Knowles Organizations: CNN
REUTERS/Dado Ruvic/IllustrationLONDON, Aug 3 (Reuters) - The dollar touched a four-week peak against major peers on Thursday after upbeat labour market data a day earlier, while sterling remained lower after the Bank of England downshifted to a smaller 25 basis point hike. The dollar index , which measures the currency against six major peers, rose as high as 102.84, its highest level in four weeks. Earlier, the currency fell to a four-week low of 143.89 per dollar. The New Zealand dollar similarly earlier slid to its lowest since end-June at $0.6063, having tumbled more than 1% on Wednesday. "The U.S. dollar actually strengthened against most other currencies (and) there were risk-aversion trades across all the asset classes."
Persons: Dado Ruvic, Lefteris Farmakis, nonfarm, Fitch, Sterling meanwhile, BOE, John Leiper, Tina Teng, Samuel Indyk, Rae Wee, Shri Navaratnam, Nick Macfie, Andrew Heavens, Giles Elgood Organizations: REUTERS, Bank of England, U.S . Treasury, Treasury, Barclays, Titan Asset Management, Bank of Japan, New Zealand, CMC Markets, U.S, Thomson Locations: U.S, Asia, Beijing
REUTERS/Dado Ruvic/IllustrationLONDON, Aug 3 (Reuters) - The dollar scaled a four-week peak against major peers on Thursday after upbeat labour market data a day earlier, while sterling edged lower ahead of an expected rate hike from the Bank of England. "Rate differentials continue to move in favour of the dollar as U.S. rates have been firmer than European rates," Christensen added. Against a stronger dollar, sterling fell 0.1% to $1.27. "An outside bet of a 50-basis-point hike would be a surprise and would lead to a stronger pound," Christensen added. "The U.S. dollar actually strengthened against most other currencies (and) there were risk-aversion trades across all the asset classes."
Persons: Dado Ruvic, Niels Christensen, Christensen, nonfarm, Fitch, BOE, Nordea's Christensen, Tina Teng, Samuel Indyk, Rae Wee, Shri Navaratnam, Nick Macfie Organizations: REUTERS, Bank of England, U.S . Treasury, Treasury, Bank of Japan, New Zealand, CMC Markets, U.S, Thomson Locations: U.S, Asia, Beijing
REUTERS/Christian Hartmann/File PhotoSINGAPORE, Aug 3 (Reuters) - Oil prices were little changed on Thursday after a two-day decline, including a sharp drop on Wednesday, as a U.S. government credit downgrade weighed on sentiment, though concerns around supply tightness provided some support. Ratings agency Fitch downgraded the main U.S. credit rating, the world's biggest oil consumer, reflecting an expected fiscal deterioration as well as a high and growing government debt burden. Both benchmarks were trading near their highest since April on Wednesday, but closed down 2% after the ratings downgrade. "Since oil had a steady rise over the past month, it was ripe for a pullback. The oil market will remain tight over the short-term, but prices could be still vulnerable for a deeper drop," said Edward Moya, an analyst at OANDA.
Persons: Christian Hartmann, Fitch, Brent, Edward Moya, refiners, Tina Teng, Andrew Hayley, Sudarshan, Christian Schmollinger, Kim Coghill Organizations: REUTERS, Brent, U.S, West Texas, Energy, Administration, Organization of, Petroleum, Reuters, CMC Markets, Thomson Locations: Scheibenhard, Strasbourg, France, SINGAPORE, U.S, Saudi Arabia, China
U.S. Dollar banknotes are seen in this illustration taken July 17, 2022. Data out on Wednesday showing U.S. private payrolls rose more than expected in July boosted the greenback, as the figures pointed to continued labour market resilience which is likely to keep U.S. rates higher for longer. That sent the dollar index to its highest since July 7 in the previous session. "The U.S. dollar actually strengthened against most other currencies (and) there were risk-aversion trades across all the asset classes." The yen edged marginally higher to 143.31 per dollar, though languished near an over three-week low of 143.545 hit earlier in the week.
Persons: Dado Ruvic, shrugging, Treasuries, Vishnu Varathan, nonfarm, Fitch, Tina Teng, Karen Fishman, Goldman Sachs, Rae Wee, Shri Navaratnam Organizations: REUTERS, Treasury, U.S ., Mizuho Bank, White, New, CMC Markets, U.S, Bank, Bank of Japan, Thomson Locations: SINGAPORE, Asia, U.S, Wall, New Zealand
The case against Tierra Allen, 29, claims she slandered a car rental company and screamed publicly. Authorities in the United Arab Emirates have prohibited the 29-year-old Texas resident from leaving the country since April, when an employee of a rental car company accused her of screaming during an argument. After widespread international media attention to her case, Dubai police have now amended that complaint. The rental car was towed back to the rental car office with Allen's belongings still inside, including her wallet, phone, and passport. Allen's mother, Tina Baxter, told Insider that her daughter expects to finally retrieve her personal items from the rental car agency this week.
Persons: Tierra, Allen, slandered, Radha Stirling, Stirling, Dubai . Stirling, expediting, Tina Baxter, Baxter Organizations: Tierra Allen, Service, Authorities, United Arab, Dubai police, Stirling Locations: Texas, Dubai, Wall, Silicon, United Arab Emirates, Dubai ., UAE
Data out on Wednesday showing U.S. private payrolls rose more than expected in July boosted the greenback, as the figures pointed to continued labor market resilience which is likely to keep U.S. rates higher for longer. That sent the dollar index to its highest since July 7 in the previous session. The risk-off sentiment also hurt the risk-sensitive Australian and New Zealand dollars, which had each tumbled more than 1% on Wednesday. "The U.S. dollar actually strengthened against most other currencies (and) there were risk-aversion trades across all the asset classes." The yen edged marginally higher to 143.31 per dollar, though languished near an over three-week low of 143.545 hit earlier in the week.
Persons: shrugging, Treasuries, Vishnu Varathan, nonfarm, Fitch, Tina Teng, Karen Fishman, Goldman Sachs Organizations: Treasury, U.S ., Mizuho Bank, White, New, CMC Markets, U.S, Bank, Bank of Japan Locations: Asia, U.S, Wall, New Zealand
SINGAPORE, Aug 1 (Reuters) - Oil prices slipped on Tuesday but were still near a three-month high reached in the previous session on signs of tightening global supply, as producers implement output cuts, and strong demand in the United States, the world's biggest fuel consumer. A private sector survey also showed on Tuesday that China's factory activity swung to contraction in July, with supply, demand and export orders all deteriorating amid sluggish market conditions. In June, OPEC+ agreed on a broad deal to limit oil supply into 2024, and Saudi Arabia pledged an additional voluntary cut of 1 million barrels per day for July. National Australia Bank analysts said they expect Saudi Arabia to extend its voluntary 1 million barrels per day (bpd) supply cut into September. U.S. crude oil and gasoline stockpiles were expected to have declined last week, according to a Reuters poll which estimated on average that crude inventories fell by about 900,000 barrels in the week to July 28.
Persons: Brent, Tina Teng, Teng, Christian Schmollinger, Sonali Paul Organizations: Brent, . West Texas, CMC Markets, Organization of Petroleum Exporting, National Australia Bank, NAB, Energy, Administration, Thomson Locations: SINGAPORE, United States, ., OPEC, Saudi Arabia, Saudi
10, it the greatest women's player of all time and has become an 'icon' Brazil. Marta has won the FIFA Women's World Player of the Year award an unprecedented six times. The only achievement missing from a glittering CV is a major title with her beloved national team. Australia and New Zealand 2023 is her sixth and final Women's World Cup. If it weren’t for Marta, women’s football in Brazil would probably still be a very incipient thing.
Persons: CNN —, ” Sissi, , Sissi, Vasco da Gama, Marta Viera da Silva, , Marta, chuckles, Stuart Franklin, wasn’t, Marta ’, John Walton, , that’s, ” Marta, Feng Li, Brazil’s, Ronaldo, Ronaldinho, Rivaldo, Cafu, Roberto Carlos, Dida, Tina Ellerston, Ellerston, , Juca Kfouri, Ronaldo O Fenômeno, Ronaldinho Gaúcho, ” Kfouri, Doug Pensinger, Pelé, Marta “ Pelé, Raphael Alves, she’s, Neymar, ‘ Marta ’, King, Marta –, Paul Currie, Kfouri, “ Marta Organizations: CNN, Brazil, Rio, Vasco, CNN Sport, FIFA, Nigeria, women’s, Champions League, Copa Libertadores, Germany, United, United States Women’s National, AFP, Getty, Brazil ” Locations: Rio de Janeiro, Brazil, United States, men’s, Germany, USA, nestling, Australia, New Zealand, Alagoas, Marta’s, Brazilian
‘A Knight’s Tale’ (Aug. 31)Another period musical, this one from the writer and director Brian Helgeland (an Oscar winner for co-writing the “L.A. The movie’s writer, director and editor, Oren Peli, cleverly turns his technological shortcomings into bonuses, crafting a found-footage story of things going bump in the night with gooseflesh raising inventiveness. Naomi Watts provides a rooting interest as the cynical reporter investigating the tape’s mysterious origins and the spell it casts. ‘Salt’ (Aug. 31)Angelina Jolie fronted her fair share of action movies, but she never really seemed to find the right vehicle for her particular talents. operative, or both, or something else entirely — Jolie lands on the perfect role for her distinctive blend of butt-kicking athleticism, sensuality and intelligence.
Persons: , Brian Helgeland, , Ledger, Sossamon, stealer Rufus Sewell —, Tina Fey, Rosalind Wiseman, Fey dramatizes, Cady, Lindsay Lohan, Mark Waters, Lohan, Fey, Ana Gasteyer, Tim Meadows, Amy Poehler, Lizzy Caplan, Rachel McAdams, Amanda Seyfried, Oren Peli, Hideo Nakata’s, Gore, Naomi Watts, Angelina Jolie, Evelyn Salt, Jolie, Phillip Noyce Organizations: Business, Bees Locations: Helgeland, That’s, Russian
Hurricane Idalia Approaches Florida, Could Be ‘Extremely Dangerous’Idalia could intensify to at least a Category 3 hurricane and cause life-threatening storm surges on Florida’s Gulf Coast, according to forecasters. It is set to be one of the first major hurricanes of the Atlantic hurricane season. Photo: Tina Russell for The Wall Street Journal
Persons: Tina Russell Organizations: Atlantic, The Wall Street Locations: Florida, Gulf Coast
July is a hard month for a lot of us here in New Mexico, where thousands of people’s lives were upended by the test of the world’s first nuclear bomb. The people of New Mexico were the first human test subjects of the world’s most powerful weapon. The three-hour movie tells only part of the story of the Manhattan Project, which developed the bomb, and conducted the test code-named Trinity that day in July. It does not explore in any depth the costs of deciding to test the bomb in a place where my family and many others had lived for generations. The area of southern New Mexico where the Trinity test occurred was not, contrary to the popular account, an uninhabited, desolate expanse of land.
Persons: “ Oppenheimer ” —, Robert Oppenheimer, Trinity, Oppenheimer, Mary Organizations: Manhattan, Mexicans Locations: New Mexico, Santa Fe, Trinity, Spanish
How I hid from the KKK: Mathew Knowles
  + stars: | 2023-07-27 | by ( Tania Bryer | ) www.cnbc.com   time to read: 1 min
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailHow I hid from the KKK: Mathew KnowlesBeyoncé's father Mathew Knowles reveals to CNBC's Tania Bryer how he hid from the white supremacist Ku Klux Klan group as a child, and how he and his former wife Tina talked about racism to their daughters, Beyoncé and Solange.
Persons: Mathew Knowles, CNBC's Tania Bryer, Tina, Beyoncé, Solange Organizations: Ku Klux Klan
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