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☆ Babar Azam steps down as Pakistan captain after World Cup exit
▼ + stars: | 2023-11-15 | by ( ) www.reuters.com time to read: +1 min

Nov 15 (Reuters) - Babar Azam stepped down as Pakistan's cricket captain on Wednesday, days after a group stage exit from the World Cup. Azam captained Pakistan in all three formats starting October 2019, and led them to number one in ICC One Day International (ODI) rankings for the first time in May. Pakistan slid from the spot after finishing fourth in Asia Cup and fifth in the World Cup. Batsman Shan Masood has been announced by the PCB as the new test captain while pacer Shaheen Afridi will be the T20 captain. Azam is ranked by ICC as a top five batsman in all three formats, and is Pakistan's most successful captain in T20 Internationals with 42 wins.

Persons: Babar Azam, Azam, Morne Morkel, Babar, Shan Masood, Shaheen Afridi, Chiranjit, Christian Radnedge Organizations: ICC, Asia, Pakistan Cricket Board, Thomson Locations: Pakistan, Bengaluru

☆ Myanmar rebels says dozens of junta forces surrender, captured
▼ + stars: | 2023-11-15 | by ( ) www.reuters.com time to read: +3 min

Reuters could not independently verify the information from the AA, which is one of three ethnic minority insurgent groups that launched a coordinated offensive against junta forces in late October. A curfew has been imposed in the Rakhine State capital Sittwe, where military tanks have been sighted, the administration there said. A junta spokesperson, Zaw Min Tun, on Tuesday accused the rebel groups of "destroying the whole country" and said reports of captured military posts were "propaganda". He did not comment on reports of junta forces surrendering. Most of the Myanmar soldiers were flown by Indian forces to another point on the border and handed back to Myanmar authorities, said an Indian security official who declined to be identified.

Persons: Nobel, Aung, Min Tun, Kanupriya Kapoor, Robert Birsel Organizations: REUTERS, Arakan Army, Reuters, AA, Myanmar, Thomson Locations: Myanmar, Myanmar's Khawmawi, India, Zokhawthar, Champhai district, India's, Mizoram, Rakhine State, Sittwe, China, Suu Kyi, Shan, Rakhine, Chin State

☆ Is the Great Resignation over? Why bosses are leaving at record rates
▼ + stars: | 2023-11-15 | by ( Lee Ying Shan | ) www.cnbc.com time to read: +6 min

sturti | Getty ImagesThe Great Resignation may be over for most workers — but for some top honchos, it's only just begun. CEOs are looking around and thinking: 'I prefer a position in another company,' or 'I prefer retirement. "CEOs are looking around and thinking: 'I prefer a position in another company,' or 'I prefer retirement. While businesses rally to ensure the mental well-being of their workforce, CEOs might find themselves isolated in their struggles. While businesses rally to ensure the mental well-being of their workforce, CEOs might find themselves isolated in their struggles."

Persons: Gray, Alexander Kirss, Covid, switchers, Kirss, Carlina, —, LaShawn Davis, Challenger, Andrew Challenger, Davis, there's Organizations: Challenger, Christmas, Gartner, CNBC, Employees, Hospitals Locations: Ukraine

☆ Nepal Bans TikTok, Saying It Disturbs ‘Social Harmony’
▼ + stars: | 2023-11-14 | by ( Shan Li | Krishna Pokharel | ) www.wsj.com time to read: 1 min

Nepal’s government said last week it would require social-media companies to set up liaison offices in the country. Photo: prakash mathema/Agence France-Presse/Getty ImagesNEW DELHI—Nepal is banning TikTok over concerns that the video platform is “disturbing social harmony,” joining a growing list of countries that have partially or completely banned the popular Chinese-owned app. Nepal’s cabinet, led by Prime Minister Pushpa Kamal Dahal , decided to ban TikTok on Monday, said Rekha Sharma , the minister of communication and information technology.

Persons: prakash mathema, ”, Pushpa Kamal Dahal, Rekha Sharma Organizations: Agence France Locations: DELHI, Nepal

☆ Myanmar rebels seek to control border with India after early wins
▼ + stars: | 2023-11-14 | by ( ) www.reuters.com time to read: +5 min

Dozens of rebels battled the Myanmar military from dawn to dusk on Monday to overrun two camps abutting India's Mizoram state, as part of a widening offensive against the junta-led administration, Chin National Front (CNF) Vice Chairman Sui Khar said. Following the battle, 43 Myanmar soldiers surrendered to Indian police and are currently sheltering in Mizoram, local police official Lalmalsawma Hnamte said. "Whether they will be pushed back or not, we are waiting for further instructions from the central government," he told Reuters. Chin rebels will now look to consolidate their control along the India-Myanmar border, where the Myanmar military has two more camps, Sui Khar said. A Rathedaung resident told Reuters on Tuesday the area came under artillery fire overnight and that military soldiers had entered the town.

Persons: Sui Khar, Kyaw Naing, Lalmalsawma Hnamte, Chin, Nobel, Aung, Suu Kyi, Krishn Kaushik, Kanupriya Kapoor, Devjyot, Michael Perry, Raju Gopalakrishnan Organizations: REUTERS, Chin, Myanmar's, Myanmar National Democratic Alliance Army, Reuters, Human Rights Organization, Myanmar, Arakan Army, Artillery, Thomson Locations: Myanmar, India, Farkawn, Mizoram, Myanmar's Shan, Kayah, Rakhine, Chin, Rakhine's, Myanmar's Chin, India's Mizoram, China, Shan State, Sittwe, Rathedaung, Minbya, Suu, MIZORAM, DELHI

☆ Myanmar junta imposes curfew in western city amid surge in rebel-led fighting
▼ + stars: | 2023-11-14 | by ( ) www.reuters.com time to read: +2 min

Nov 14 (Reuters) - Myanmar's junta has imposed a curfew in the western city of Sittwe, according to a government document and media reports, amid a surge in fighting on several fronts between the military and ethnic minority insurgent groups. Local media outlets Narinjara News and Western News also reported a curfew had been imposed. A Rathedaung resident told Reuters on Tuesday the area came under artillery fire overnight and that military soldiers had entered the town. "Artillery fell on a street in Rathedaung town last night. Fighting erupted on two new fronts this week, in the western states of Rakhine and Chin, which sent about 5,000 people fleeing to neighbouring India.

Persons: Kanupriya Kapoor, Michael Perry Organizations: Reuters, Local, Narinjara, Western News, Arakan Army, Artillery, Thomson Locations: Sittwe, Rakhine, Rathedaung, Myanmar, Shan State, China, Chin, India, Chin State

☆ World economy to perform better than expected in 2024, says Goldman Sachs
▼ + stars: | 2023-11-14 | by ( Lee Ying Shan | ) www.cnbc.com time to read: +3 min

The U.S. is expected to outpace other developed markets again with estimated growth of 2.1%, Goldman said. Goldman noted global manufacturing activity has been weighed down by a weaker-than-expected rebound in Chinese manufacturing and the European energy crisis, as well as an inventory cycle that had to correct for overbuilding last year. S&P Global's gauge of worldwide manufacturing activity came in at 49.1 in September. Additionally, China's Caixin/S&P Global manufacturing PMI fell to 49.5 in October from 50.6 in September, marking the first contraction since July. Manufacturing activity should recover somewhat in 2024 from a subdued 2023 pace, Goldman economists led by chief economist Jan Hatzius said, especially as "spending patterns normalize, gas-intensive European production finds a trough, and inventories-to-GDP ratios stabilize."

Persons: Goldman Sachs, Goldman, Jerome Powell, Jan Hatzius, China's Organizations: Bloomberg, U.S . Federal Reserve, Global, Goldman Sachs, P Global, PMI Locations: York, U.S, Japan

☆ Myanmar Rebels Says Dozens of Junta Forces Surrender, Captured
▼ + stars: | 2023-11-14 | by ( Nov. | At P.M. | ) www.usnews.com time to read: +2 min

Persons: Nobel, Aung, Min Tun, Kanupriya Kapoor, Robert Birsel Organizations: Reuters, Arakan Army, AA, Myanmar Locations: Myanmar, Rakhine State, Sittwe, China, Suu Kyi, Shan, Rakhine, Chin State, Mizoram

☆ Myanmar junta attacked on new fronts, thousands flee to India
▼ + stars: | 2023-11-13 | by ( ) www.reuters.com time to read: +3 min

Myanmar's military junta is facing its biggest test since taking power in a 2021 coup after three ethnic minority forces launched a coordinated offensive in late October, capturing some towns and military posts. "We have conquered some posts and fighting is continuing in some other places," he said. Fighting also broke out in Chin State, which borders India, when insurgents attacked two military camps, according to an Indian official and two sources with knowledge of the assault. About 5,000 people from Myanmar crossed into India's Mizoram state to seek shelter from the fighting, said James Lalrinchhana, the deputy commissioner of a district on the Myanmar border. A spokesperson for Myanmar's junta did not immediately respond to messages seeking comment on the latest fighting.

Persons: Khine Thu, Rathedaung, James Lalrinchhana, Richard Horsey, Martin Petty, Devjyot, Robert Birsel Organizations: Myanmar, Arakan Army, Reuters Staff, Chanchinmawia, Thomson Locations: Rakhine, Chin, India, Myanmar, France, Rakhine State, Chin State, India's Mizoram, Shan State, China, Sagaing, Kayah State, MIZORAM

☆ An Amazon seller who brings in up to $53,000 in monthly revenue says 20% of her products do 80% of the sales. She shares her biggest product flops and what she's learned from the failures.
▼ + stars: | 2023-11-13 | by ( Kathleen Elkins | ) www.businessinsider.com time to read: +5 min

E-commerce business owner Shan Shan Fu makes a living selling products on Amazon . In October 2023, she did $53,000 in sales, which Insider verified by looking at screenshots of her Amazon dashboard. When I launched the pickleball product, it was instantly a super low ROAS, under 1.0." Fu estimates that of the 30 or so new products she launches per year, 20% of them do 80% of the sales. But she skipped this step with the pickleball product, she said: "I kind of just got delusional and I thought, 'People like pickleball.

Persons: Shan Shan Fu, Fu, they're, She'll, Fu doesn't, there's Locations: ROAS

☆ The world's best and brightest are flocking to these countries
▼ + stars: | 2023-11-13 | by ( Lee Ying Shan | ) www.cnbc.com time to read: +1 min

Commercial and residential properties stand on the city skyline in Zurich, Switzerland, on Wednesday, Nov. 11, 2015. Switzerland is once again the world's most talent-competitive country, according to the 2023 Global Talent Competitiveness Index by business school INSEAD. The annual report measures how 134 countries draw in, grow and retain their talent. The top-ten countries have remained steady over the past decade, with Switzerland and Singapore consistently topping the charts as "clear leaders." "Over the past decade, we've seen an unwavering link between a country's wealth and its talent competitiveness, with richer economies continuing to outshine poorer economies," the report stated.

Persons: we've Organizations: U.S Locations: Zurich, Switzerland, Singapore

☆ Myanmar Fighter Jet Crashes, Rebels Claim Responsibility
▼ + stars: | 2023-11-12 | by ( Nov. | At A.M. | ) www.usnews.com time to read: +2 min

(Reuters) - A Myanmar fighter jet has crashed during clashes between the military and an insurgent group, both sides said, in another setback for a junta facing the biggest challenge to its rule since a coup in 2021. Junta spokesperson Zaw Min Tun told state-run MRTV the jet crashed due to a technical problem and the pilots had ejected safely and were in contact with the military. The military-installed president last week said Myanmar was at risk of breaking apart due to the failure to deal with the insurgency more effectively. Assaults on towns have also taken place in Sagaing region, in central Myanmar, west of Shan State. The KNDF said on its Facebook page it shot down the jet on Saturday using heavy machine guns and its members were searching for the pilots.

Persons: Zaw Min Tun, KNDF, Martin Petty, Robert Birsel Organizations: Reuters, Karenni Nationalities Defence Force, Reuters Staff Locations: Myanmar, Kayah State, Thailand, Shan State, China, Sagaing, Vietnam, Thai

☆ Myanmar fighter jet crashes, rebels claim responsibility
▼ + stars: | 2023-11-12 | by ( ) www.reuters.com time to read: +2 min

Nov 12 (Reuters) - A Myanmar fighter jet has crashed during clashes between the military and an insurgent group, both sides said, in another setback for a junta facing the biggest challenge to its rule since a coup in 2021. Junta spokesperson Zaw Min Tun told state-run MRTV the jet crashed due to a technical problem and the pilots had ejected safely and were in contact with the military. The military-installed president last week said Myanmar was at risk of breaking apart due to the failure to deal with the insurgency more effectively. Assaults on towns have also taken place in Sagaing region, in central Myanmar, west of Shan State. The KNDF said on its Facebook page it shot down the jet on Saturday using heavy machine guns and its members were searching for the pilots.

Persons: Zaw Min Tun, KNDF, Martin Petty, Robert Birsel Organizations: Karenni Nationalities Defence Force, Reuters, Reuters Staff, Thomson Locations: Myanmar, Kayah State, Thailand, Shan State, China, Sagaing, Vietnam, Thai

Myanmar's junta leader General Min Aung Hlaing, who ousted the elected government in a coup on February 1, 2021, presides over an army parade on Armed Forces Day in Naypyitaw, Myanmar, March 27, 2021. "This is the weakest the Tatmadaw has been since the coup," the diplomat said, referring to Myanmar's military and asking not to be named. Maung Saungkha, leader of the Bamar People's Liberation Army, which contributed troops to the offensive, told Reuters the rebel alliance had spent more than a year preparing to take on the better-armed military. CHINA'S SHADOWSo far, rebel troops have faced unexpectedly weak opposition from the military, according to analysts and resistance leaders who spoke to local media. In a statement announcing the operation, the alliance said they intended to remove those enclaves, which they said were protected by the junta.

Persons: General Min Aung Hlaing, Stringer, Maung Saungkha, Nobel, Aung, Suu Kyi, Min Aung, Richard Horsey, Simon Cameron, Moore Organizations: Armed Forces, REUTERS, Junta, United States Institute of Peace, United Nations, Liberation Army, Reuters, National Unity Government, Arakan Army, Myanmar National Democratic Alliance Army, National Liberation Army, Crisis, Thomson Locations: Naypyitaw, Myanmar, BANGKOK, China, Myanmar's, Shan, Beijing, Suu, Sagaing, Arakan

☆ Goldman Sachs sees 'clear deficit' of iron ore for the rest of the year
▼ + stars: | 2023-11-10 | by ( Lee Ying Shan | ) www.cnbc.com time to read: +1 min

The iron ore market is looking at a shortfall for the rest of the year due to low inventories and falling production, said Goldman Sachs. "Rather than facing a surplus for this year, the iron ore market is now set for a clear deficit," Goldman said in a recent report. The metal is primarily used to make steel, an important material in construction and engineering projects. That being said, Goldman remains cautious in ascribing too much optimism in the uptick of steel demand coming out of China's embattled property sector. China's property crisis has been one of the biggest spanner in the works in achieving a sustainable economic recovery.

Persons: Goldman Sachs, Goldman Locations: China's

☆ South Korea is battling against a bedbug outbreak
▼ + stars: | 2023-11-09 | by ( Lee Ying Shan | ) www.cnbc.com time to read: +1 min

South Korea has been gripped by a bedbug outbreak, and the government is rushing to battle the bloodsucking bugs. The bedbugs were first found in a sauna in Incheon, as well as university dormitories and gosiwons, according to a the South Korean government. An initial outbreak was reported in a dormitory at Keimyung University in Daegu city in September. As of Tuesday, the number of suspected bedbug cases rose to 30, with more than half in the capital, Seoul. While they do not transmit diseases, their bites can cause intense itching and lead to secondary skin infections or scarring.

Persons: bedbugs Organizations: South, Keimyung University, Korea Disease Control, Prevention Agency Locations: Paris, Seoul, South Korea, Incheon, Daegu, South Korea's, Korea

☆ China is 'absolutely booming' in this sector, says Standard Chartered
▼ + stars: | 2023-11-08 | by ( Lee Ying Shan | ) www.cnbc.com time to read: +1 min

China's economic recovery story has been a largely disappointing one, but the economic powerhouse is seeing stellar growth in one particular sector, said Standard Chartered's Bill Winters. While China's recovery is still "a bit bumpy," the country is also building is a more resilient, sustainable and stronger economy, he said. "Gradually decompressing the old economy sectors, and accelerating in the new economy sectors," Winters added. China boasts the world's largest EV market with 5.9 million units sold in 2022, capturing 59% of EVs sold globally, according to research from Canalys. Additionally, Counterpoint Research data showed that domestic brands make up 81% of the EV market — with BYD, Wuling, Chery, Changan and GAC among the top players.

Persons: Bill Winters, CNBC's Emily Tan, Winters, EVs Organizations: Global Financial, Investment, Research, Chery, Changan, GAC Locations: China

☆ Asia-Pacific markets fall ahead of China trade data, RBA rate decision
▼ + stars: | 2023-11-07 | by ( Lee Ying Shan | ) www.cnbc.com time to read: 1 min

Photo: Carola Frentzen/dpa (Photo by Carola Frentzen/picture alliance via Getty Images)Asia-Pacific markets fell Tuesday ahead of trade data coming out of China, as well as a rate decision by the Reserve Bank of Australia. Australia's S&P/ASX 200 traded 0.22% lower ahead of the central bank's rate decision. Economists polled by Reuters expect the central bank to raise its key policy rate by 25 basis points to 4.35%. In Japan, the Nikkei 225 slipped 0.5% in its first hour of trade, while the Topix shed 0.39%. South Korea's Kospi fell 1.66%, easing off Monday's gains when the index posted its best session since late March 2020 after the country re-imposed a ban on short selling.

Persons: Carola Frentzen, Australia's, Korea's Kospi Organizations: Opera, Getty Images, Reserve Bank of Australia, Reuters, Nikkei Locations: Sydney, Asia, Pacific, China, Japan

☆ Strait of Hormuz is in focus as Israel-Hamas war threatens to spread
▼ + stars: | 2023-11-03 | by ( Lee Ying Shan | ) www.cnbc.com time to read: +1 min

Tankers depicted in the Strait of Hormuz — a strategically important waterway which separates Iran, Oman and the United Arab Emirates. Market observers are keeping a close eye on the the Strait of Hormuz — the world's most important oil transit chokepoint, to see if there may be any potential impact. The strait, which sits between Oman and Iran, is a vital channel where about one fifth of global oil production flow daily, according to the Energy Information Administration. It is a strategically important waterway linking crude producers in the Middle East with key markets across the world. On Oct. 7, Hamas militants launched a multi-pronged attack by land, sea and air and infiltrated Israel, killing more than 1,400 people.

Persons: It's Organizations: United, United Arab Emirates, Hamas, Energy Information Administration, Revolutionary Guard Corps Locations: Strait, Hormuz, Iran, Oman, United Arab, Israel, Gaza, U.S, Lebanon, Syria, The U.S

☆ Thailand Tries to Rescue 162 Nationals Trapped in Myanmar Fighting
▼ + stars: | 2023-11-03 | by ( Nov. | At A.M. | ) www.usnews.com time to read: +2 min

BANGKOK (Reuters) - Thailand is trying to bring home 162 of its nationals trapped in Myanmar by a surge in clashes between junta troops and ethnic minority insurgents near the border with China, officials said. Heavy fighting erupted last week in northern Myanmar's Shan State where an alliance of ethnic minority forces battling for self-determination launched a series of coordinated attacks on junta positions. Newly formed pro-democracy insurgent groups have in some areas teamed up with ethnic minority guerrillas who have been campaigning for decades for greater autonomy. The latest fighting in Shan State has pushed thousands of refugees into China, and displaced thousands more internally, Myanmar media outlets reported. A "three brotherhood alliance" of ethnic minority armies in Shan and Rakhine states, said it is seeking to defend their territory and civilians from attacks by the junta.

Persons: Thais, Srettha Thavisin, Nobel, Aung, Panu, Poppy McPherson, Robert Birsel Locations: BANGKOK, Thailand, Myanmar, China, Israel, Myanmar's Shan State, Yunnan province, Thai, Suu Kyi, Shan State, Shan, Rakhine

☆ Trump unleashes new attack on the legal system after his sons take the stand
▼ + stars: | 2023-11-03 | by ( Stephen Collinson | ) edition.cnn.com time to read: +10 min

Things grew heated when Amer apparently succeeded in undermining Eric Trump’s claims that he had little to do with his father’s financial statements. “I understand we had financials as a company,” Eric Trump said. Eric Trump replied: “It appears that way, yes.”In essence, both Trump sons are arguing that despite running the company, they knew nothing about its financial statements. In a bizarre passage of the trial, Trump attorney Chris Kise insisted: “I’m not a misogynist. CNN legal analyst Shan Wu said that neither the testimony of Eric Trump nor the strategy of attacking court personnel seemed like a smart approach.

Persons: Donald Jr, Eric, Hunt, ”, Donald Trump, Judge Arthur Engoron, Trump, Trump Organization –, Eric Trump, CNN Trump, Joe Biden, ” Trump, “ That’s, Andrew Amer, It’s, Amer, Eric Trump’s, “, ” Eric Trump, ” Amer, Jeff McConney, Donald Trump Jr, Volodymyr Zelensky, ” Engoron, —, Engoron, Chris Kise, I’m, Alina Habba, Shan Wu, Eric –, ” Wu, Wu, –, Tanya Chutkan Organizations: CNN, Trump, New, Trump Organization, Justice Department, Republican, Wednesday, GOP Locations: New York, Trump, Florida, Washington ,, —

☆ Is FOSO the new FOMO? How the 'fear of switching off' could affect your vacations
▼ + stars: | 2023-11-01 | by ( Lee Ying Shan | Harriet Akinyi | ) www.cnbc.com time to read: +6 min

The nagging feeling which keeps travelers tethered to their devices has been coined the fear of switching off, or FOSO. It's loosely similar to the fear of missing out (FOMO), commonly denoted as the worries of not being included in exciting experiences or activities that others are a part of. FOSO can be seen as an extension of FOMO, said Handcock. "The fear of disconnecting from devices partially stems from a fear of missing out on work and home updates," he elaborated. Gideon Mendel | Corbis Historical | Getty ImagesAccording to the survey by Priority Pass, FOSO is more prevalent among younger travelers.

Persons: Jasper Chan ambled, Chan, Collinson, Tan De, Todd Handcock, Cortney Warren, FOSO, Warren, Gideon Mendel, Gen Z, boomers, Tovah Klein, Klein, Zs, Collins, Jefferson Low, Tan De Xun, Tan, Young Organizations: CNBC Travel, CNBC, Barnard College, Jefferson, Bank of Japan, Vw, Getty Locations: Wat Arun, Bangkok, Tan De Xun, FOMO, Niseko, Bank, Singapore, Lesotho, Africa

☆ Australia wants to diversify its relationship with China: 'That doesn't mean trading any less'
▼ + stars: | 2023-10-31 | by ( Lee Ying Shan | ) www.cnbc.com time to read: +1 min

Australia wants to diversify its trading relationship with China, but that doesn't mean trade flows will slow down, Australian Trade Minister Don Farrell told CNBC. "We want to stabilize our relationship with China... we also want to diversify our relationship," Farrell told CNBC's Martin Soong on the weekend in Osaka, Japan where G7 trade ministers met. "That doesn't mean trading any less with China. But it does mean trading more with the countries with whom we have free trade agreements," he added, citing those in the European Union bloc. Canberra is also in dialogue with its largest trading partner China to drop tariffs on Australian wine imports that were introduced in March 2021.

Persons: Don Farrell, Farrell, CNBC's Martin Soong Organizations: Australian Trade, CNBC, European Union Locations: China, Osaka, Japan, Australia, Canberra, Beijing

☆ Oil could soar to record high of $150 if Israel-Hamas war escalates further, World Bank says
▼ + stars: | 2023-10-31 | by ( Lee Ying Shan | ) www.cnbc.com time to read: +1 min

Picture taken on May 3, 2022 shows a general view of Slovakia's largest mineral oil refinery Slovnaft in Bratislava, Slovakia. Record high oil prices could be on the horizon in the event of a conflagration of the ongoing Israel-Hamas war, the World Bank cautioned. Should the conflict expand beyond the borders of the Gaza Strip to a repeat of the Arab oil embargo in 1973, oil prices could surge to $157 per barrel, the World Bank noted in its latest Commodity Markets Outlook report. The highest price of oil on record was in July 2008, when Brent traded as high as $147.5 per barrel, according to data from LSEG. "In a 'large disruption' scenario — comparable to the Arab oil embargo in 1973 — the global oil supply would shrink by 6 million to 8 million barrels per day," the World Bank said.

Persons: Brent Organizations: World Bank, Markets Locations: Bratislava, Slovakia, Israel, Gaza

☆ Oil prices slip even as Middle East tensions spike, as investors eye Fed meeting
▼ + stars: | 2023-10-30 | by ( Lee Ying Shan | ) www.cnbc.com time to read: +1 min

In an aerial view, the Valero Houston refinery seen on August 28, 2023 in Houston, Texas. Oil prices dipped even after Israel sent ground forces into the Gaza Strip, raising tensions in the Middle East, as investors closely monitor the U.S. Federal Reserve's monetary policy meeting later this week. He said the ground operations were "limited so far" and noted other macroeconomic concerns. Oil prices surged late Friday, with Brent jumping above $90 per barrel as Israel said its troops were ‘increasing the ground operation’ in Gaza as it seeks to eradicate the militant group Hamas. "While a major oil supply disruption is not our base case, the oil market last week became a little too complacent about the likelihood of a major Israeli ground incursion in Gaza, and the risk of a wider regional war," McNally continued.

Persons: Israel, Brent, Bob McNally, Benjamin Netanyahu, McNally Organizations: . Federal, U.S . West Texas, Rapidan Energy Group, CNBC, Hamas Locations: Valero Houston, Houston , Texas, Gaza, ., U.S, Israel

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