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☆ Oil prices rise on escalating attacks in the Middle East
▼ + stars: | 2024-10-02 | by ( ) www.cnbc.com time to read: +2 min

Storage tanks and oil processing facilities operate at Saudi Aramco's Ras Tanura oil refinery and terminal in Ras Tanura, Saudi Arabia, on Oct. 1, 2018. Oil prices rose on Wednesday on fears conflict in the Middle East could turn into a wider war and disrupt oil supply from the key producing region after Iran fired ballistic missiles at Israel. Iran's oil output rose to a six-year high of 3.7 million barrels per day in August, ANZ added. "Iran accounts for about 4% of global oil output, but an important consideration will be whether Saudi Arabia increases production if Iranian supplies were disrupted." "Any suggestion that production hikes will proceed could offset concerns of supply disruptions in the Middle East," ANZ's note said.

Persons: Brent, Israel, Benjamin Netanyahu, Joe Biden Organizations: U.S, West Texas, Organization of, Petroleum, ANZ Research, ANZ, Israel, . Security, American Petroleum Institute Locations: Saudi, Ras Tanura, Saudi Arabia, Iran, Israel, Lebanon, Tehran, OPEC, Russia, U.S

☆ Claudia Sheinbaum to be sworn in as first female president of Mexico, a country with pressing problems
▼ + stars: | 2024-10-01 | by ( Associated Press | ) edition.cnn.com time to read: +5 min

Mexico City Associated Press —Claudia Sheinbaum will take the oath of office Tuesday as Mexico’s first female president in more than 200 years of independence, promising to protect an expanded social safety net and fight for the poor like her predecessor, but facing pressing problems. Sheinbaum romped to victory in June with nearly 60% of the vote, propelled largely by the sustained popularity of her political mentor, former President Andrés Manuel López Obrador. “So, where López Obrador was charismatic, Claudia Sheinbaum will have to be effective.”He is not leaving her an easy situation. Things with its northern neighbor were already tense after López Obrador said he was putting relations with the US embassy “on pause” after public criticism of the proposed judicial overhaul. López Obrador built a massive new oil refinery and poured money into the state-owned oil company.

Persons: Claudia Sheinbaum, Mexico’s, Sheinbaum romped, Andrés Manuel López Obrador, Sheinbaum, “ López Obrador, ”, Carlos Pérez Ricart, López Obrador, Hurricane John, Hurricane Otis, John, Ismael “ El, Guzmán López, Donald Trump, Trump, Jill Biden, Sheinbaum’s, Jennifer Piscopo Organizations: Associated Press, National Guard, Mexico’s Center for Economic Research, Hurricane, Ismael “ El Mayo ” Zambada, “, Royal Holloway University of London Locations: Mexico, Acapulco, Pacific, Hurricane, Culiacan, Sinaloa, United States, Tijuana, Chiapas, Canada, America

☆ Gold lingers near record highs, Powell's speech eyed for rate cues
▼ + stars: | 2024-09-26 | by ( ) www.cnbc.com time to read: +2 min

Gold prices were steady on Thursday, hovering close to record highs, on expectations of another big U.S. rate cut this year, although gains were limited ahead of remarks by key Federal Reserve policymakers later in the day. Gold prices were steady on Thursday, hovering close to record highs, on expectations of another big U.S. rate cut this year, although gains were limited ahead of remarks by key Federal Reserve policymakers later in the day. Bullion has risen nearly 29% so far in 2024 and hit record highs several times this year, largely fueled by monetary policy easing by major global banks and geopolitical concerns. Last Wednesday, the Fed delivered a 50-basis-point rate cut, with traders seeing a 62% chance of an additional half-percentage-point reduction in November, according to the CME FedWatch Tool. Additionally, U.S. jobless claims data on Thursday and the core personal consumption expenditure index — the Fed's preferred inflation — on Friday, will be eyed for further rate cues.

Persons: Tim Waterer, Bullion, Jerome Powell, John Williams, Michael Barr, Nicholas Frappell Organizations: U.S ., KCM, Fed, New York Fed, ABC Refinery Locations: .

☆ Gold touches record high on rate-cut bets, weaker U.S. dollar
▼ + stars: | 2024-09-25 | by ( ) www.cnbc.com time to read: +2 min

Gold bars sit in a vault at the Perth Mint Refinery, operated by Gold Corp, in Perth, Australia, on August 9, 2018. Gold hit a record high on Wednesday, boosted by a softer U.S. dollar and hopes of more interest rate cuts, while investors looked for new signals for the Federal Reserve's interest rate trajectory. Spot gold was steady at $2,658.08 per ounce, as of 0557 GMT, after hitting an all-time high of $2,670.43 earlier. On Tuesday, China announced a slew of support measures including outsized rate cuts, after the U.S. Fed cut rates by 50 basis points last week. Inflows to gold exchange-traded funds, particularly from Western investors, will rise in the coming months, providing further support for record-high bullion prices, analysts said.

Persons: Gold, Kelvin Wong, OANDA's, Wong, Michelle Bowman, Jerome Powell's, heightening Organizations: Perth Mint Refinery, Gold Corp, U.S, Fed, Asia Pacific, Traders Locations: Perth, Australia, China, Beirut

☆ OPEC is highly bullish on long-term oil demand growth. Not everyone agrees
▼ + stars: | 2024-09-24 | by ( Natasha Turak | ) www.cnbc.com time to read: +1 min

Low global demand forecasts, coupled with new oil supply coming from non-OPEC countries, spell a long period of subdued crude prices. Has demand growth hit its apex, and is it just downhill from here? The oil producer group's 2024 World Oil Outlook report, released Tuesday, predicts strong energy demand growth of 24% globally between now and 2050. It also forecasts "robust medium-term growth" in oil demand reaching 112.3 million barrels per day in 2029, an increase of 10.1 million barrels per day compared to 2023. The IEA still sees global oil demand rising; it just forecasts a smaller rise, and expects it to peak by the end of the decade.

Persons: It's Organizations: Brent, International Energy Agency, The, IEA Locations: Saudi, Ras Tanura, Saudi Arabia, OPEC, The Paris

☆ Oil edges up following U.S. rate cut move, geopolitical concerns
▼ + stars: | 2024-09-23 | by ( ) www.cnbc.com time to read: +2 min

Oil prices gained slightly during early trade on Monday, boosted by concerns conflict in the Middle East may impact supply in the key producing region and expectations the U.S. interest rate cut last week will support demand. Both contracts rose in the previous session on support from the U.S. interest rate cut and a dip in U.S. supply in the aftermath of Hurricane Francine. Last Wednesday, the U.S. Federal Reserve cut interest rates by half a percentage point, a larger decrease in borrowing costs than many expected. Interest rate cuts typically boost economic activity and energy demand, but analysts and market participants are concerned the central bank may see a slowing job market. "Sentiment was buoyed by the Fed's rate cut amid hopes it can engineer a soft landing for the economy," said ANZ.

Persons: Hurricane Organizations: Brent, U.S . Federal Reserve, ANZ Locations: Houston , Texas, Israel, Iranian, Iran, Lebanon

☆ Stocks making the biggest moves premarket: FedEx, Chewy, Trump Media and more
▼ + stars: | 2024-09-20 | by ( Lisa Kailai Han | ) www.cnbc.com time to read: +3 min

Lennar — The homebuilding stock slipped 3% despite beating analysts' expectations for its fiscal third quarter. Trump Media & Technology Group — Shares traded nearly 5% lower as selling restrictions on former President Donald Trump and other early investors ended. PepsiCo — The snacks and beverage stock slipped 1% following a downgrade at Morgan Stanley to equal weight from overweight. ASML — Shares slipped 2% after Morgan Stanley downgraded the semiconductor manufacturer to equal weight from overweight. Aptiv — Shares of the automobile technology supplier rose more than 1% after an upgrade to overweight from equal weight at Wells Fargo.

Persons: John Donahue, Elliott Hill, Lennar, LSEG, Donald Trump, MillerKnoll, Tesla, Morgan Stanley, Lee Simpson, Piper Sandler, Chewy, Buddy Chester, CNBC's Michelle Fox, Sarah Min, Jesse Pound, Samantha Subin Organizations: Nike —, FedEx —, Trump Media & Technology, —, Constellation Energy, Microsoft, — Auto, Mercedes, General Motors, PepsiCo, Contessa Pharmaceuticals, Valero Energy Locations: China, Wells Fargo

☆ Oil prices set to end week higher after U.S. rate cut
▼ + stars: | 2024-09-20 | by ( ) www.cnbc.com time to read: +1 min

Oil prices, which were little changed in early Asian trade on Friday, were on track to end higher for a second straight week following a large cut in U.S. interest rates and declining global stockpiles. Brent futures , which were trading 19 cents or 0.3% lower at $73.69 a barrel at 0027 GMT on Friday, gained 4.3% this week. The U.S. central bank cut interest rates by half a percentage point on Wednesday. Weak demand from China's slowing economy was weighing on prices, with refinery output in China slowing for a fifth month in August. China's industrial output growth also slowed to a five-month low last month, and retail sales and new home prices weakened further.

Persons: Brent Organizations: Citi Locations: Brent, U.S, China

☆ Oil prices fall as U.S. rate cut fails to boost market sentiment
▼ + stars: | 2024-09-19 | by ( ) www.cnbc.com time to read: +2 min

A pump jack operates in front of a drilling rig at sunset in an oil field in Midland, Texas. Oil prices fell in Asian trading on Thursday after a larger-than-expected Federal Reserve interest rate cut sparked concerns about the U.S. economy. The U.S. central bank cut interest rates by half a percentage point on Wednesday, suggesting the Fed saw a slowing job market. That view appeared to outweigh the boost that interest rate cuts usually bring to economic activity. China's industrial output growth also slowed to a five-month low last month, and retail sales and new home prices weakened further.

Persons: Tony Sycamore, heightening Organizations: Brent, Fed, ANZ, Citi, Shandong Yulong Petrochemical Locations: Midland , Texas, U.S, China, Shandong Yulong, Gaza

☆ Oil stares at a bleak future as China's economy sputters. The good news: A market 'bust' is unlikely
▼ + stars: | 2024-09-18 | by ( Lee Ying Shan | In Ying-Shan-Lee | ) www.cnbc.com time to read: +3 min

"We estimate that Brent could fall to roughly $50 per barrel in a moderate [U.S.] recession … We have a fairly benign view on the global economy," Struyven said during the conference. en Luckock global head of oil at Trafigura"Things are slowing down. Trading Giant Trafigura raised concerns about China's weak demand, and the global oil consumption tied to it. China's slowdown has spurred some to scour for alternative oil demand drivers, with a few eyeing India as a potential candidate. India is the third largest consumer of oil at around 5 million barrels of oil per day, 5% of the world's oil consumption.

Persons: Andrey Rudakov, Goldman Sachs, Brent, Struyven, Torbjörn Törnqvist, Ben Luckock, we're, Bing Chen, Gunvor Organizations: Tuapsinsky, Rosneft Oil, Bloomberg, Getty, Global Commodities, Daan, CNBC, Global, Brent, U.S, West Texas Locations: Tuapse, Russia, China, U.S, Ukraine, India, Japan, Germany, Hong

☆ A push toward sustainable jet fuel is leaving investors with unanswered questions
▼ + stars: | 2024-09-17 | by ( Jenni Reid | ) www.cnbc.com time to read: +8 min

Bloomberg | Bloomberg | Getty ImagesThe aviation industry still sees so-called "sustainable aviation fuel" (SAF) as the only viable way to meet its decarbonization targets, even as opposition and the potential for higher costs for passengers pose obstacles to the fast-growing sector. SAF is a broad term describing fuel that is burned by an aircraft engine, but instead of using kerosene is derived from more sustainable sources. The planemaker said it is collaborating with producer HIF Global on the development of methane-based fuels, and investing in alcohol-to-jet fuel producer LanzaJet. But IATA's own forecast for SAF production to triple in 2024 to 1.9 billion liters would cover just 0.53% of aviation fuel demand for the year. "The truth is, it's going to be more expensive, you can't really sugarcoat that," said HIF Global's Clara Bowman.

Persons: Neste, HIF, Buzz, Lauren Riley, Riley, Rick Nagel, You've, Clara Bowman, Bowman, United's Lauren Riley, HIF Global's Clara Bowman Organizations: SAF, Bloomberg, Getty, United Airlines, Chicago O'Hare International, Labour, Airbus, Farnborough Air, CNBC, International Air Transport Association, Acorn Capital Management, Porsche, HIF, Union's Renewable Energy Directive, Biden, Boeing, Google, Embraer Locations: Singapore, Chile, Texas, U.S, America

☆ Gold hovers near record high ahead of Fed rate verdict
▼ + stars: | 2024-09-17 | by ( ) www.cnbc.com time to read: +2 min

An employee puts gold bullions into a safe deposit box at Degussa shop in SingaporeGold prices hovered near a record high on Tuesday, ahead of the anticipated start of the U.S. interest rate reduction cycle, which could see policymakers deliver an outsized cut. Spot gold was steady at $2,581.68 per ounce as of 0254 GMT. Bullion rose to a record high of $2,589.59 on Monday. Goldman Sachs reiterated its optimistic outlook on gold prices. "We find that ETF holdings backed by physical gold continue to rise gradually as the Fed policy rate comes down," it said in a note on Monday.

Persons: Yeap Jun Rong, there's, Nicholas Frappell, Goldman Sachs Organizations: U.S, U.S . Federal, ABC Refinery, Palladium Locations: Singapore, ., U.S .

☆ Oil extends gains on U.S. output concerns, expected drop in stockpiles
▼ + stars: | 2024-09-17 | by ( ) www.cnbc.com time to read: +1 min

Oil prices extended gains on Tuesday as the market eyed U.S. output concerns in the aftermath of Hurricane Francine and expectations of lower U.S. crude stockpiles. The market is keeping a close watch on the upcoming decision by the U.S. Federal Reserve on the interest rate cut. A lower interest rate will reduce the cost of borrowing and can potentially lift oil demand by supporting economic growth. "Growing expectations of an aggressive rate cut boosted sentiment across the commodities complex," said ANZ analysts in a note, adding that ongoing supply disruptions also supported oil markets. China's oil refinery output fell for a fifth month in August amid declining fuel demand and weak export margins, government data showed on Saturday.

Persons: Hurricane Francine Organizations: Brent, Federal, U.S . Bureau of Safety, U.S . Federal Reserve, ANZ, Investors Locations: U.S . Gulf, Mexico, U.S, China

☆ Oil prices inch up on Fed rate cut outlook
▼ + stars: | 2024-09-16 | by ( ) www.cnbc.com time to read: +2 min

Oil prices edged up in early trade on Monday amid expectations of a U.S. interest rate cut this week, though gains were capped by U.S. supply resumptions following Hurricane Francine and weaker China data. Brent crude futures for November were up 15 cents, or 0.2% at $71.76 a barrel at 0015 GMT. U.S. crude futures for October were up 23 cents, or 0.3%, at $68.88 a barrel. Still, nearly a fifth of crude oil production and 28% of natural gas output in the Gulf of Mexico remain offline in the hurricane's aftermath. A key factor that will dominate the market this week is how aggressive a rate cut the U.S. Federal Reserve will deliver following its Sept. 17-18 meeting.

Persons: Francine, Donald Trump, Benjamin Netanyahu, Israel Organizations: Brent, U.S . Federal, FedWatch, ANZ, Republican Locations: Tatarstan, Russia, U.S, China, Mexico, Gulf, Florida, Iran, Israel

☆ A Fed rate cut may lend a helping hand to Chinese stocks. Or not.
▼ + stars: | 2024-09-15 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +5 min

By extension, the move in Washington, D.C. could also spell good news for Chinese stocks. High U.S. interest rates relative to China have made it fairly straightforward for global institutions to pick U.S. Treasurys over Chinese stocks. More than lower rates needed Other global investors say Chinese stocks need more than easier monetary policy to become truly attractive. The "government can push interest rates down, but if households don't want to spend the extra income, it won't go into the economy," he said. Earlier this year, People's Bank of China Governor Pan Gongsheng acknowledged U.S. Fed easing would create room for China to further cut interest rates.

Persons: Steven Sun, Laura Wang, Morgan Stanley, Aaron Costello, Yi Gang, Costello, James Wang, Wang, Pan Gongsheng Organizations: U.S . Federal Reserve, HSBC, HSBC Qianhai Securities, Nasdaq, U.S, Treasury, Cambridge Associates, CNBC, People's Bank of China, UBS Investment Bank Research, UBS, Hang Seng China Enterprises, China Southern Airlines, Hengli Petrochemical, Saudi, Aramco Locations: China's, Washington ,, China, 1H24, Asia, U.S, Beijing, Hang, Shenzhen, Shanghai

☆ Oil prices extend recovery rally to cap volatile week
▼ + stars: | 2024-09-13 | by ( ) www.cnbc.com time to read: +2 min

Brent crude futures rose by 34 cents, or 0.5%, to $72.31 per barrel by 0016 GMT. U.S. West Texas Intermediate crude futures rose by 38 cents, or 0.6%, to $69.35 a barrel. Official data showed nearly 42% of the region's oil output was shut-in as of Thursday. A shift towards lower-carbon fuels is also weighing on China's oil demand, speakers at the APPEC conference said this week. China's crude oil imports averaged 3.1% lower this year from January through August compared to the same period last year, customs data showed on Tuesday.

Persons: Phillips, Hurricane Francine, Brent, Francine Organizations: Brent, . West Texas, UBS, Organization of Petroleum, International Energy Agency, U.S . Energy, Administration Locations: Linden , New Jersey, United States, U.S . Gulf of Mexico, Louisiana, China, U.S

☆ Oil prices flat as lower demand signs outweigh U.S. hurricane impact
▼ + stars: | 2024-09-12 | by ( ) www.cnbc.com time to read: +1 min

Oil prices were flat on Thursday as concerns about lower demand erased the gains from the previous session spurred by Hurricane's Francine's impact on output in the U.S., the world's biggest crude producer. But with the storm set to eventually dissipate after making landfall, the oil market's attention again turned to lower demand. U.S. oil stockpiles rose across the board last week as crude imports grew and exports dipped, the Energy Information Administration said on Wednesday. The data also showed gasoline demand fell to its lowest since May at the same time distillate fuel demand dropped, with refinery runs also declining. Earlier in the week, the Organization of the Petroleum Exporting Countries cut its forecast for global oil demand growth in 2024 and also trimmed its expectation for next year, its second consecutive downward revision.

Persons: Hurricane's, Brent Organizations: Hurricane, Energy Information Administration, Organization of, Petroleum, International Energy, ANZ Research Locations: Nolan , Texas, U.S, U.S . Gulf, Mexico, Louisiana

☆ Mexico’s President Bet Big on Oil. His Successor Will Be Stuck With the Tab.
▼ + stars: | 2024-08-24 | by ( Simon Romero | ) www.nytimes.com time to read: +1 min

On a sweltering day in August, Claudia Sheinbaum appeared with her mentor, President Andrés Manuel López Obrador, to inaugurate one of the costliest infrastructure projects in Mexico’s history: a $16 billion oil refinery. The sprawling complex in Mr. López Obrador’s home state, Tabasco, forms the capstone of an energy strategy that he will bequeath to Ms. Sheinbaum, a climate scientist, when she takes the presidency in October. Mexico’s oil production tumbled to a 45-year low this year, one of the steepest output declines anywhere in the world this century. Blackouts plagued the country after Mr. López Obrador heaped scorn on wind farms that could help satisfy electricity demand. Natural gas imports for the strained grid are soaring, making energy independence an ever more distant dream.

Persons: Claudia Sheinbaum, Andrés Manuel López Obrador, López, Sheinbaum, López Obrador Locations: Tabasco, Mexico

☆ Ukraine is striking targets hundreds of miles inside Russia for 3 key reasons, experts say
▼ + stars: | 2024-08-10 | by ( Cameron Manley | ) www.businessinsider.com time to read: +5 min

While the news grabbed headlines, it was not the first time that Ukraine has reportedly targeted sites deep within Russia. AdvertisementUkraine does not currently have permission to use long-range guided weapons such as the ATACMS to hit such targets inside Russia. While striking targets so far from the frontline may be seen as Ukraine spreading itself rather thinly, such attacks have three key benefits, experts told BI. "Russia has already adapted its air defense posture following previous drone strikes and reportedly has stood up mobile counter-UAS [unmanned aircraft system] teams. Russia's S-400 is one of its most advanced air defense systems.

Persons: —, Mark Cancian, Cancian, Justin Bronk, Moscow's pocketbook, John Hardie, Hardie, hasn't, Bronk Organizations: Service, Business, Ukraine's Security Service, International Security, Centre, Strategic, International Studies, Stringer, Anadolu Agency, Getty, Ukraine, Royal United Services Institute, Russia, Foundation for Defense of Democracies, Bloomberg, Reuters Locations: Ukraine, Russian, Murmansk, Russia, Astrakhan, Bashkortostan, Moscow

☆ Oil set to fall for fourth week as demand concerns weigh on sentiment
▼ + stars: | 2024-08-02 | by ( ) www.cnbc.com time to read: +2 min

Brent crude futures gained 33 cents, or 0.4%, to $79.85 a barrel by 0020 GMT, after falling 1.5% in the previous session, while U.S. West Texas Intermediate crude futures rose 38 cents, or 0.5%, to $76.69, after a 2.1% drop on Thursday. On a weekly basis, Brent futures are on track to fall 1.7%, while WTI futures are set to drop 1.1%. "Markets continue to remain wary of Chinese oil demand after June data came in weaker-than-expected," analysts at consultancy firm FGE said. Asia's crude oil imports dropped to the lowest in two years in July on weak demand in China and India, according to data compiled by LSEG Oil Research. Still, the outlook for Chinese crude oil imports is brightening, FGE analysts noted, citing an increase in strategic purchases and a recovery in refining rates in the country.

Persons: Brent, FGE Organizations: Brent, U.S, West Texas, LSEG Oil Research Locations: Long Beach , California, United States, Europe, Asia, China, India, Iran, Israel

☆ Shell beats second-quarter profit expectations, launches $3.5 billion share buyback program
▼ + stars: | 2024-08-01 | by ( Sam Meredith | In Samuelmeredith | ) www.cnbc.com time to read: +3 min

The Shell logo is displayed outside a petrol station in Radstock in Somerset, England, on Feb. 17, 2024. British oil giant Shell on Thursday posted stronger-than-expected second-quarter profit despite lower refining margins and weaker liquified natural gas trading. The company reported adjusted earnings of $7.7 billion in the first quarter of 2024. Shell said it would launch a $3.5 billion share buyback program over the next three months, a similar scheme as in the previous quarter. British rival BP on Tuesday increased its dividend and extended its share repurchasing program on the back of stronger-than-expected earnings.

Persons: LSEG, Shell's, Shell, Wael Sawan, CNBC's, Sawan, Chandra Asri Organizations: Shell, Chandra, BP, Exxon Mobil, Chevron Locations: Radstock, Somerset, England, Singapore, Rotterdam, Netherlands, Swiss, London

☆ Oil major BP raises dividend as second-quarter profit beats expectations
▼ + stars: | 2024-07-30 | by ( Sam Meredith | In Samuelmeredith | ) www.cnbc.com time to read: +2 min

British oil giant BP on Tuesday reported stronger-than-expected net profit for the second quarter and raised its dividend despite previously warning of significantly lower refining margins. The oil and gas major posted underlying replacement cost profit, used as a proxy for net profit, of $2.8 billion for the second quarter. BP reported net profit of $2.7 billion for the first three months of the year and $2.6 billion for the second quarter of 2023. BP said earlier in the month that weak refining margins and lower oil trading results would likely dent the firm's second-quarter results by as much as $700 million. BP's net debt stood at $22.6 billion at the end of the second quarter, down from $23.7 billion compared to the same period last year.

Persons: Kate Thomson, Murray Auchincloss Organizations: United Kingdom ., BP Locations: Southend, United Kingdom, Gelsenkirchen, Germany, Gulf of Mexico

A Tuareg militant group spokesman said some Malian troops and Russian fighters had also been captured during the battle. According to some unofficial Russian Telegram channels, as many as 80 Russians were killed. The commander – call-sign Rusich – said on Telegram he was trying to convey a message to the Russian Defense Ministry. And in Syria five years ago, a disastrous attack by Russian mercenaries on an oil refinery led to dozens of casualties. One of them was an IED attack on a Russian vehicle in the same region of Mali as the latest devastating assault.

Persons: Nusrat al, JNIM, ”, Andriy Yusov, Yusov, Wagner, Wagner “, –, Sergei Shevchenko, Nikita Fedyanin, “, Korotkov, Africa Wagner, Yevgeny Prigozhin, Yunus, Bek, Yevkurov, al Organizations: CNN, Russian, Russian Telegram, Kremlin, Kyiv, Ukraine’s Security, Russian Defense Ministry, Corps, Grey, Russian Ministry of Defense, Russian Federation, Ministry of Defense, Ministry of Foreign Affairs, Central African, Wagner PMC, Deputy, SITE Intelligence Group Locations: Mali, Algerian, Islam, Africa, Malian, Russian, London, Syria, Central African Republic, Mozambique, Bakhmut, Ukraine, Niger, Burkina Faso, Moscow, Togo

☆ Ukraine may have just scored its longest-range drone strike yet in Russian territory — a Tu-22M3 supersonic bomber around 1,100 miles away
▼ + stars: | 2024-07-28 | by ( Cameron Manley | ) www.businessinsider.com time to read: +4 min

Read previewUkraine said it hit a Tu-22M3 supersonic bomber a record-breaking 1,100 miles from its borders, Ukrainska Pravda reported on Saturday, citing sources in the Defence Intelligence of Ukraine. This story is available exclusively to Business Insider subscribers. AdvertisementSatellite imagery of Olenya airfield, reviewed by Business Insider, shows a large number of bombers at the site. Google EarthUkraine's Ministry of Defense did not immediately respond to a request for comment from Business Insider. Related storiesBut the attack on Olenya, if confirmed, would suggest Russian aircraft are vulnerable even deep inside Russian territory.

Persons: —, Ukrainska Pravda, David Axe, Mick Ryan, Kyrylo Budanov, Ukraine.As, WarTranslated, Dmitri Organizations: Service, Ukrainska, Defence Intelligence, Business, Google, Ukraine's Ministry of Defense, Bloomberg, Russian Defense Ministry Press Service, AP, Ukraine, BBC, Main Directorate of Intelligence, Federal Security Service, Reuters Locations: Ukraine, Murmansk, Russia, Russian, Salavat, Russia's, Bashkortostan, Australian, BBC Ukraine

☆ Oil prices ease on concerns over weak China demand, Mideast ceasefire talks
▼ + stars: | 2024-07-25 | by ( ) www.cnbc.com time to read: +2 min

Oil prices eased on Thursday as concerns over weak demand in China, the world's largest crude importer, and expectations of a nearing ceasefire deal in the Middle East overcame gains in the previous session after draws in U.S. inventories. Oil prices eased on Thursday as concerns over weak demand in China, the world's largest crude importer, and expectations of a nearing ceasefire deal in the Middle East overcame gains in the previous session after draws in U.S. inventories. Brent crude futures for September fell 38 cents, or 0.5%, to $81.33 a barrel by 0129 GMT. This year, China's oil imports and refinery runs have trended lower than in 2023 on lower fuel demand amid sluggish economic growth, according to government data. "If Middle East ceasefire talks progresses, U.S. equities continue to slide, and China's economy remains sluggish, oil prices could fall to early June levels," said Satoru Yoshida, a commodity analyst with Rakuten Securities.

Persons: Hiroyuki Kikukawa, Kikukawa, Joe Biden, Benjamin Netanyahu, Satoru Yoshida Organizations: Brent, . West Texas, Energy Information Administration, NS, Nissan Securities, Hamas, U.S, Congress, Rakuten Securities Locations: China, Israel, Gaza, Egypt, Qatar

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