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☆ Dollar steady before Fed minutes; Aussie slips on China weakness
▼ + stars: | 2023-07-05 | by ( Kevin Buckland | ) www.reuters.com time to read: +2 min

The dollar hovered around 144.62 yen, below the 145 level that spurred intervention by Japanese authorities last autumn. Australia's dollar declined 0.24% to $0.6676, putting it on course to snap a four-day winning streak. Prior to the Chinese services data, the Aussie had been slightly stronger following another stronger yuan fixing from the People's Bank of China, fueling bets for imminent policy support from Beijing. "This (services data) provides further confirmation that the Chinese economy is slipping towards a double-dip slowdown," Tony Sycamore, a markets analyst at IG in Sydney, wrote in a client note. The yuan headed for its first down day in four sessions in the offshore market, slipping 0.13% to 7.2425 per dollar .

Persons: Europe's, Shusuke Yamada, Tony Sycamore, it's, Kevin Buckland, Shri Navaratnam Organizations: U.S, Federal, Treasury, Bank of America, Ministry, Finance, People's Bank of China, IG, Thomson Locations: TOKYO, Tokyo, Beijing, Sydney

☆ Can Japan's Nikkei benchmark hit an all-time high of 40,000? One strategist thinks so
▼ + stars: | 2023-07-05 | by ( Lim Hui Jie | ) www.cnbc.com time to read: +3 min

Akio Kon | Bloomberg | Getty ImagesJapan's Nikkei 225 can reach 40,000 points in the next 12 months as fundamentals are "pointing in the right direction," according to market strategist Jesper Koll. Should the prediction come true, this would mean that the Nikkei would have breached its all-time high of 38,195 achieved on Dec 29, 1989. Japan's central bank has maintained an ultra-loose monetary policy for more than 20 years. He said that while there is more upside in the Nikkei, "a lot of good news is already priced in." That's on the expectation that the BOJ will move to tighten monetary policy.

Persons: Akio Kon, Jesper Koll, CNBC's, Koll, Kazuo Ueda, Tony Sycamore Organizations: Tokyo Stock Exchange, Bloomberg, Getty, Nikkei, Monex Group, Bank of Japan, CNBC Locations: Tokyo, Japan, Japan's, Koll, Sycamore

☆ Australia's central bank leaves its key rate unchanged, says inflation 'passed its peak'
▼ + stars: | 2023-07-04 | by ( Jihye Lee | ) www.cnbc.com time to read: +2 min

David Gray | Getty Images News | Getty ImagesAustralia's central bank held its official cash rate steady at 4.10% in a closely watched decision Tuesday. Economists were split on expectations ahead of the decision, with 16 out of 31 respondents surveyed by Reuters forecasting a hike of 25 basis points and 15 expecting the central bank to hold. Stocks cheered the move as the central bank said inflation in the economy has "passed its peak." He added that the central bank will continue to closely monitor developments in the global economy, household spending trends and inflation forecasts. The central bank's decision to hold rates steady was to "assess" the effects of the multiple rate hikes so far, according to IG's Australia market analyst Tony Sycamore.

Persons: David Gray, Stocks, RBA, Philip Lowe, Lowe, Tony Sycamore, —, Sycamore Organizations: Sydney Opera House, Getty, Reuters, U.S ., Australia Bureau, Statistics, CNBC Locations: Australia

☆ Australia's consumer inflation hits 13-month low, adding to rate pause case
▼ + stars: | 2023-06-28 | by ( Stella Qiu | ) www.reuters.com time to read: +2 min

SYDNEY, June 28 (Reuters) - Australia's consumer inflation slowed to a 13-month low in May, driven by a sharp pullback in fuel, while a measure of core inflation also cooled in a sign interest rates might not have to rise again in July. Data from the Australian Bureau of Statistics on Wednesday showed its monthly consumer price index (CPI) rose 5.6% in the year to May, marking the smallest increase since April last year. That was down from 6.8% the previous month and well below market forecasts of 6.1%. The core trimmed mean measure of CPI rose by an annual 6.1%, a seven-month low and again down from 6.7% in April. Wednesday's data showed the most significant drivers were an 8.4% jump in housing and a 7.9% increase in food and non-alcoholic beverages.

Persons: Tony Sycamore, Marcel Thieliant, Stella Qiu, Sam Holmes Organizations: SYDNEY, Australian Bureau, Statistics, Reserve Bank of Australia, IG, Bank, Capital Economics, Thomson

☆ Asian shares up, dollar wobbly as US inflation data reinforces Fed pause bets
▼ + stars: | 2023-06-14 | by ( Stella Qiu | ) www.reuters.com time to read: +4 min

The much-watched U.S. CPI report overnight showed prices barely rose in May, with just a 0.1% increase from the prior month. On an annual basis, consumer prices rose 4%, the smallest in more than two years, slowing from April's 4.9%. Short-dated German yields jumped to a 3-month high overnight as investors looked to the rate decision from the European Central Bank on Thursday. Oil prices were lower in early trade after receiving a 3% boost on China's policy rate cut. U.S. crude futures were off 0.5% to $69.12 per barrel, while Brent crude futures fell 0.4% to $74.02 per barrel.

Persons: China's, Tony Sycamore, Jerome Powell, Stella Qiu, Shri Navaratnam Organizations: Nikkei, Federal Reserve, U.S, CPI, Fed, Tokyo's Nikkei, Bank of Japan, Nasdaq, IG, Bank of England, European Central Bank, Brent, Thomson Locations: China, Hong Kong, SYDNEY, Asia, Pacific, Japan

☆ Asia shares buoyed by Fed pause bets; dollar heavy
▼ + stars: | 2023-06-09 | by ( Kevin Buckland | ) www.reuters.com time to read: +4 min

Japanese and Australian bond yields followed those on U.S. Treasuries lower, and the dollar remained on the defensive early in the Asian session. MSCI's broadest index of Asia-Pacific shares (.MIAP00000PUS) added 0.6%, and at one point touched its strongest level since Feb. 16. Traders now lay 1-in-4 odds for the Fed to raise rates by a quarter point on June 14, versus 75% probability of a pause. "I wouldn't go all in and say we're going to get a rate hike, but I think we should be at least 50% priced," said Tony Sycamore, an analyst at IG Markets in Sydney. The dollar added 0.15% to 139.135 yen , after earlier slipping to a one-week low of 138.765.

Persons: Hong, Tony Sycamore, Jerome, Powell's, Powell, undertightening, Tayyip Erdogan's, WTI fututes, Kevin Buckland, Stephen Coates Organizations: Federal Reserve, Japan's Nikkei, Nasdaq, Fed, Bank of Canada, Reserve Bank of Australia, IG Markets, New, U.S, West Texas, Brent, Thomson Locations: TOKYO, Asia, Pacific, Sydney, Tokyo, New York, U.S, United States, Iran

☆ Dollar adrift as traders assess Fed options; Aussie buoyant
▼ + stars: | 2023-06-07 | by ( Rae Wee | ) www.reuters.com time to read: +3 min

In the broader currency market, the U.S. dollar dipped in early Asia trade, as traders pared back their expectations of a rate hike at next week's FOMC meeting. Against the greenback, sterling rose 0.08% to $1.2432, while the kiwi gained 0.08% to $0.6084. "We don't think the FOMC will hike next week ... but risks again are skewed to the upside," said Kong. The U.S. dollar index slipped 0.03% to 104.05, while the euro rose 0.07% to $1.0698. CRYPTO SHAKEOUTIn the cryptoverse, bitcoin , the world's biggest cryptocurrency, was last marginally higher at $27,273, after jumping nearly 6% on Tuesday.

Persons: Philip Lowe, Carol Kong, Lowe, CRYPTO, Coinbase, Binance, Changpeng Zhao, Tony Sycamore, Rae Wee, Shri Navaratnam Organizations: Federal Reserve, Australian, Reserve Bank of Australia's, Commonwealth Bank of Australia, U.S, Fed, The U.S, European Central Bank, U.S . Securities, Exchange Commission, SEC, IG Markets, Thomson Locations: SINGAPORE, Asia, U.S, The, Turkish

June 6 (Reuters) - Investors have pulled around $1.43 billion from the crypto exchange Binance and its U.S. affiliate as of 11 a.m. ET (1500 GMT) on Tuesday, data firm Nansen said, a day after a top U.S. regulator sued both exchanges. Binance saw net outflows of $1.34 billion of crypto tokens on the ethereum blockchain, with its U.S. affiliate, Binance.US, registering net outflows of $70.8 million, Nansen tweeted. The U.S. Securities and Exchange Commission on Monday sued Binance, its CEO Changpeng Zhao and the operator of Binance.US over what it called a "web of deception" to evade U.S. laws. The SEC complaint is the latest in a series of legal headaches for Binance.

Persons: Nansen, Binance, Changpeng Zhao, Tony Sycamore, Binance's BNB cryptocurrency, Zhao, Tom Wilson, Rae Wee, Ankur Banerjee, Kevin Buckland, Hannah Lang, Sonali Paul, Tom Hogue, Nick Zieminski, Louise Heavens Organizations: U.S, Binance.US, U.S . Securities, Exchange Commission, Monday, SEC, Reuters, IG Markets, U.S . Commodity Futures Trading Commission, Thomson Locations: U.S, London, Singapore, Tokyo, Washington

☆ Dollar on back foot after weak ISM; Aussie awaits RBA
▼ + stars: | 2023-06-06 | by ( Kevin Buckland | ) www.reuters.com time to read: +3 min

Leading cryptocurrency bitcoin sagged toward the psychological $25,000 mark after U.S. regulators sued Binance, the world's biggest cryptocurrency exchange. "The soft ISM services PMI was unexpected to say the least," said Tony Sycamore, a market analyst at IG Markets in Sydney. The dollar was little changed at 139.55 yen , while the euro edged 0.08% higher to $1.0718. "The market is still short the Aussie dollar," he said. Elsewhere, bitcoin attempted to find its feet around $25,370, after tumbling 5.1% overnight in its biggest drop since April 19.

Persons: Binance, Tony Sycamore, Sycamore, you've, bitcoin, Changpeng Zhao, Kevin Buckland, Shri Navaratnam Organizations: Federal, Reserve Bank of, Global, U.S, Fed, Market, PMI, IG Markets, Services, China, Securities, Exchange Commission, SEC, Thomson Locations: TOKYO, Sydney

☆ Binance hit by outflows of $790 million in last 24 hours, data shows
▼ + stars: | 2023-06-06 | by ( ) edition.cnn.com time to read: +2 min

Investors have pulled around $790 million from the crypto exchange Binance and its US affiliate in the last 24 hours, data firm Nansen said Tuesday, a day after a top US regulator sued both exchanges. Binance saw net outflows of $778.6 million of crypto tokens on the ethereum blockchain, with its US affiliate, Binance.US, registering net outflows of $13 million, Nansen tweeted. The US Securities and Exchange Commission on Monday sued Binance, its CEO Changpeng Zhao and the operator of Binance.US over what it called a “web of deception” to evade US laws. The world’s biggest cryptocurrency was last at $25,723, flat on the day but pinned near a more than two-month low. The SEC complaint is the latest in a series of legal headaches for Binance.

Persons: Nansen, Binance, Changpeng Zhao, “, ”, Tony Sycamore, Binance’s BNB cryptocurrency, Zhao Organizations: Binance.US, US Securities and Exchange Commission, Monday, SEC, Reuters, IG Markets, US, Futures Trading Commission

☆ Bitcoin steadies above $25,000 as Binance SEC lawsuit rattles investors
▼ + stars: | 2023-06-06 | by ( Rae Wee | ) www.reuters.com time to read: +2 min

SINGAPORE, June 6 (Reuters) - Bitcoin stabilised above $25,000 on Tuesday after a steep dive overnight, as investors grappled with news that the U.S. securities regulator sued crypto exchange Binance, dealing a severe blow to the industry. Bitcoin , the world's largest cryptocurrency, was last at $25,797, up 0.2% in Asian trade on Tuesday, pinned near a more than two-month low. The U.S. Securities and Exchange Commission on Monday sued Binance, the world's largest cryptocurrency exchange, and its CEO Changpeng Zhao for secretly controlling Binance.US as part of a "web of deception" to evade U.S. laws, among other charges. "It's another blow to the crypto industry and the crypto exchanges of the world," said Tony Sycamore, market analyst at IG Markets. Reporting by Rae Wee in Singapore and Kevin Buckland in Tokyo; Editing by Sonali PaulOur Standards: The Thomson Reuters Trust Principles.

Persons: Binance, Changpeng Zhao, Tony Sycamore, cyptocurrency, Wayne Huang, Rae Wee, Kevin Buckland, Sonali Paul Organizations: U.S . Securities, Exchange Commission, Monday, IG Markets, SEC, Reuters, XREX Inc, Thomson Locations: SINGAPORE, Asia, Singapore, Tokyo

LONDON/SINGAPORE, June 6 (Reuters) - Investors have pulled around $790 million from the crypto exchange Binance and its U.S. affiliate in the last 24 hours, data firm Nansen said on Tuesday, a day after a top U.S. regulator sued both exchanges. Binance saw net outflows of $778.6 million of crypto tokens on the ethereum blockchain, with its U.S. affiliate, Binance.US, registering net outflows of $13 million, Nansen tweeted. The U.S. Securities and Exchange Commission on Monday sued Binance, its CEO Changpeng Zhao and the operator of Binance.US over what it called a "web of deception" to evade U.S. laws. The world's biggest cryptocurrency was last at $25,723, flat on the day but pinned near a more than two-month low. The SEC complaint is the latest in a series of legal headaches for Binance.

Persons: Nansen, Binance, Changpeng Zhao, Tony Sycamore, Binance's BNB cryptocurrency, Zhao, Tom Wilson, Rae Wee, Ankur Banerjee, Kevin Buckland, Sonali Paul, Tom Hogue, Louise Heavens Organizations: LONDON, U.S, Binance.US, U.S . Securities, Exchange Commission, Monday, SEC, Reuters, IG Markets, U.S . Commodity Futures Trading Commission, Thomson Locations: SINGAPORE, U.S, London, Singapore, Tokyo

LONDON/TOKYO, June 1 (Reuters) - Global shares rose on Thursday amid receding bets for a U.S. rate hike this month and relief over the passage through the U.S. House of Representatives of a bill to suspend the federal debt ceiling. The Euro STOXX 600 index (.STOXX) rose 0.8% after closing at a two-month low in the previous session. The MSCI world equity index (.MIWD00000PUS), which tracks shares in 47 countries, added 0.2%. Also bolstering the mood were U.S. Federal Reserve officials including governor and vice chair nominee Philip Jefferson pointing to a rate hike "skip" at the Fed's June 13-14 policy meeting. However, shortly after, the Fed's Jefferson said skipping a rate hike in two weeks would provide policymakers time to see more data before making a decision.

Persons: Joe Biden, Ray Attrill, Philip Jefferson, Sandrine Perret, Jefferson, Patrick Harker, It's, it's, Tony Sycamore, Tom Wilson, Kevin Buckland, Simon Cameron, Moore, Lincoln, Emelia Organizations: U.S . House, Republicans, National Australia Bank, Federal, Fed, Philadelphia Fed, IG Markets, Treasury, Thomson Locations: TOKYO, U.S, Unigestion, Asia, London, Tokyo

☆ Oil ticks up as markets weigh U.S. debt deal, rate hike possibility
▼ + stars: | 2023-05-29 | by ( Arathy Somasekhar | ) www.reuters.com time to read: +3 min

"The euphoria of the debt deal is wearing off as concern mounts for another rate hike by the Fed in June," brokerage Liquidity Energy LLC wrote in a note. U.S. President Joe Biden and House of Representatives Speaker Kevin McCarthy over the weekend forged an agreement to suspend the $31.4 trillion debt ceiling and cap government spending for the next two years. Still, analysts saw any boost in oil prices from it as short-lived. "Higher U.S. rates are a headwind for crude oil demand," IG Sydney-based analyst Tony Sycamore said. The dollar also nudged down on Monday as the debt ceiling deal lifted risk appetite in world markets and dented the greenback's safe-haven appeal.

☆ Oil dips as rate hike fears offset U.S. debt deal
▼ + stars: | 2023-05-29 | by ( Arathy Somasekhar | ) www.reuters.com time to read: +2 min

HOUSTON, May 29 (Reuters) - Oil prices slipped on Monday as worries over further interest rate hikes that could curb energy demand trumped a tentative U.S. debt ceiling deal, possibly averting a default in the world's top oil consumer. "The euphoria of the debt deal is wearing off as concern mounts for another rate hike by the Fed in June," brokerage Liquidity Energy LLC wrote in a note. Still, analysts saw any boost in oil prices from the debt deal as short-lived, with earlier gains in the session now lost. "Higher U.S. rates are a headwind for crude oil demand," IG Sydney-based analyst Tony Sycamore said. However, comments from Russian oil officials and sources, including Deputy Prime Minister Alexander Novak, indicate the world's third-largest oil producer is leaning towards leaving output unchanged.

☆ Oil steady after U.S. debt deal but rate hike worries linger
▼ + stars: | 2023-05-29 | by ( Noah Browning | ) www.reuters.com time to read: +2 min

May 29 (Reuters) - Oil prices were steady on Monday after U.S. leaders reached a tentative debt ceiling deal, possibly averting a default in the world's largest economy and oil consumer, but concerns about further interest rate hikes capped gains. Analysts said the provisional deal has taken pressure off the markets, offering a relief rally in risk assets, including crude oil. Still, analysts see any boost in oil prices from the debt deal as short-lived. The U.S. Federal Reserve may still raise interest rates in June, IG's Sydney-based analyst Tony Sycamore said: "Higher U.S. rates are a headwind for crude oil demand," he added. However, comments from Russian oil officials and sources, including Deputy Prime Minister Alexander Novak, indicate the world's third-largest oil producer is leaning towards leaving output unchanged.

Companies Baker Hughes Co FollowMay 29 (Reuters) - Oil prices rose on Monday after U.S. leaders reached a tentative debt ceiling deal, possibly averting a default in the world's largest economy and oil consumer, although concerns about further interest rate hikes capped gains. Analysts said the provisional deal has taken pressure off the markets, offering a relief rally in risk assets, including crude oil. Analysts see the boost in oil prices from the debt deal as short-lived. "Higher U.S. rates are a headwind for crude oil demand," he added. Future oil output growth in the U.S., the world's biggest producer, also may slow as energy firms cut rigs for a fourth week.

☆ Stocks rise on US debt ceiling deal but China drags
▼ + stars: | 2023-05-29 | by ( Stella Qiu | ) www.reuters.com time to read: +5 min

S&P 500 futures rose 0.3% while Nasdaq futures firmed 0.5%. After weeks of negotiations, congressional Republican McCarthy and Biden agreed on Saturday to avert an economically destabilising default by suspending the $31.4 trillion debt ceiling until 2025. In Asia, MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) rose 0.2%, with falls in Chinese and Hong Kong shares offsetting gains seen elsewhere. U.S. shares rallied at the end of last week on hopes of a debt ceiling deal and bets on artificial intelligence firms. Elsewhere in the currency markets, the dollar index - a measure of the greenback against its major peers - was a touch lower at 104.17 as risk-sensitive currencies staged a rebound.

☆ Oil rises after US leaders strike provisional debt deal
▼ + stars: | 2023-05-29 | by ( Florence Tan | ) www.reuters.com time to read: +3 min

Companies Baker Hughes Co FollowSINGAPORE, May 29 (Reuters) - Oil prices rose on Monday after U.S. leaders reached a tentative debt ceiling deal, possibly averting a default in the world's largest economy and oil consumer, although concerns about further interest rate hikes capped gains. "The tentative debt deal offered a relief rally in risk assets, including crude oil," said Tina Teng, a CMC Markets analyst. Analysts see the boost in oil prices from the debt deal as short-lived. "Higher U.S. rates are a headwind for crude oil demand," he added. Future oil output growth in the U.S., the world's biggest producer, also may slow as energy firms cut rigs for a fourth week.

☆ Asian shares, US futures rise on debt ceiling deal
▼ + stars: | 2023-05-29 | by ( Stella Qiu | ) www.reuters.com time to read: +5 min

The positive news lifted S&P 500 futures 0.2% in Asia while Nasdaq futures firmed 0.4%. MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) gained 0.3%, after a 1.1% drop the previous week. Two-year yields hit a 2-1/2 month high of 4.6390% on Friday on markets bets of higher Federal Reserve rates for longer. U.S. shares rallied at the end of last week on hopes of a debt ceiling deal and on optimism about artificial intelligence. However, it is still not too far from a two month high hit on Friday.

☆ Oil rises after U.S. leaders strike provisional debt deal
▼ + stars: | 2023-05-29 | by ( ) www.cnbc.com time to read: +3 min

Oil prices rose on Monday after U.S. leaders reached a tentative debt ceiling deal, possibly averting a default in the world's largest economy and oil consumer, although concerns about further interest rate hikes capped gains. "The tentative debt deal offered a relief rally in risk assets, including crude oil," said Tina Teng, a CMC Markets analyst. Analysts see the boost in oil prices from the debt deal as short-lived. "Higher U.S. rates are a headwind for crude oil demand," he added. Future oil output growth in the U.S., the world's biggest producer, also may slow as energy firms cut rigs for a fourth week.

☆ Oil slips as U.S. debt caution offset supply concerns
▼ + stars: | 2023-05-22 | by ( Florence Tan | ) www.reuters.com time to read: +3 min

Companies Baker Hughes Co FollowSINGAPORE, May 22 (Reuters) - Oil prices slipped on Monday as caution around the U.S. debt ceiling talks and concerns about demand recovery in China offset support from lower supplies from Canada and OPEC+ producers. The resumption of U.S. debt ceiling negotiations later on Monday will remain a key driver for crude and risk sentiment this week, IG's Sydney-based analyst Tony Sycamore said. "If the housing market continues to fall and policymakers fail to respond, the risk of a double-dip China slowdown increases, which spells bad news for crude oil consumption and demand," Sycamore said. Last week, both oil benchmarks gained about 2%, their first weekly gain in five, after wildfires shut in large amounts of crude supply in Alberta, Canada. Total exports of crude and oil products from the group plunged by 1.7 million barrels per day (bpd) by May 16, JP Morgan said, adding that Russian oil exports will likely fall by late May.

☆ Australia wage growth hits decade-high, quarterly gains miss forecasts
▼ + stars: | 2023-05-17 | by ( ) www.reuters.com time to read: +2 min

Figures from the Australian Bureau of Statistics on Wednesday showed its wage price index rose 0.8% in the March quarter from the previous quarter, just under forecasts of a 0.9% increase. Annual pay growth, however, accelerated to 3.7%, from a revised 3.4% the previous quarter, compared with forecasts of 3.6%. The central bank has flagged more rate rises might be required, saying a rise in productivity growth, which has slumped to the lowest since the 1970s, would be needed to ensure wage growth remains consistent with inflation target. Annual wage growth is expected to peak at 4.0% at the end of this year before easing back to 3.7% by mid-2025. The ABS data showed wages in the public sector picked up to an annual rise of 3.0% while growth in private sector wages increased 3.8%.

☆ Oil prices rise as tight supplies compete with economic concerns
▼ + stars: | 2023-05-15 | by ( Noah Browning | ) www.reuters.com time to read: +2 min

SINGAPORE, May 15 (Reuters) - Oil prices edged up on Monday as the prospect of tightening supplies due to OPEC+ production cuts and a resumption in U.S. buying for reserves outweighed concerns about fuel demand in top global oil consumers the United States and China. Still, global crude supplies could tighten in the second half as OPEC+ - the Organization of the Petroleum Exporting Countries and allies including Russia - is making additional output cuts that are reducing sour crude volumes. However, Iraq does not expect OPEC+ to make further cuts to oil output at its next meeting on June 4, said its oil minister, Hayan Abdel-Ghani. Meanwhile, flows of northern Iraqi crude oil to Turkey's Ceyhan port have yet to resume following Baghdad's request to restart them last week, industry sources said on Monday, helping keep global supplies tight. The tightening of sanctions will also seek to undermine Russia's future energy production and curb trade that supports the Russian military, the people said.

SINGAPORE, May 15 (Reuters) - Oil prices fell on Monday as concerns about fuel demand in the top global oil consumers, the United States and China, offset bullish sentiment about tightening supplies from OPEC+ cuts and a resumption in U.S. buying for reserves. Brent crude futures fell 26 cents, or 0.35%, to $73.91 a barrel by 0638 GMT, while U.S. West Texas Intermediate crude was at $69.34 a barrel, down 20 cents, or 0.29%. Investors will scour China's slew of economic data on industrial output, fixed assets investment and retail sales in the week ahead for signs of oil demand improvement, she said. However, Iraq does not expect OPEC+ to make further cuts to oil output at its next meeting in June, said its oil minister, Hayan Abdel-Ghani. 1 crude importers, respectively, have been the key buyers of Russian crude since the European Union embargo started in December.

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