Billionaire entrepreneur Elon Musk wrote on X that United States Vice President and Democratic nominee in the 2024 presidential election Kamala Harris intends to “destroy” the right to free speech “under the constitution.” Musk, an outspoken critic of the Democratic Party, responded to another X user who mentioned him, Robert F. Kennedy Jr., and Tulsi …
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The Organization of the Petroleum Exporting Countries (OPEC) and oil-producing nations outside of OPEC confirmed on Thursday that eight of its members have agreed to extend their additional voluntary production cuts for two months until the end of November 2024. The initial cut of 2.2 million barrels per day, implemented voluntarily by Algeria, Iraq, Kazakhstan, Kuwait, …
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U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) decreased by 6.9 million barrels from the previous week. At 418.3 million barrels, U.S. crude oil inventories are about 5% below the five year average for this time of year. U.S. crude oil refinery inputs averaged 16.9 million barrels per day during …
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Crude oil inventories in the United States fell by a staggering 7.4 million barrels for the week ending August 30, according to The American Petroleum Institute (API). Analysts had expected a far smaller 900,000-barrel dip. For the week prior, the API reported a 3.4-million-barrel decrease in crude inventories. So far this year, crude oil inventories …
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Israeli Prime Minister Benjamin Netanyahu pointed out on Wednesday that any deal involving the removal of troops from the Gaza-Egypt border’s Philadelphi Corridor is a “false narrative,” seemingly in response to White House National Security Communications Advisor John Kirby’s assertions that Israel had agreed to a framework that included the mentioned withdrawal. “There is a possibility …
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Oil prices fell to their lowest level in 9 months early on Wednesday morning on concerns about demand and potential supply increases. OPEC+ is reconsidering its plan to ease production cuts in October due to the price slump. Oil prices have since recovered slightly on the news that OPEC+ is considering maintaining its production cuts. …
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Issue has become a key sticking point in cease-fire talks Hamas says Israeli forces must leave the corridor in Gaza Israel’s government voted to maintain a military presence in Gaza’s so-called Philadelphi corridor, an issue that’s proved a key sticking point in cease-fire talks with Hamas. Prime Minister Benjamin Netanyahu’s security cabinet almost all approved the …
The Yemeni Houthis reportedly hit two tankers in the Red Sea on Monday, one of them Saudi-flagged. According to a Reuters report citing U.S. military sources, which said one of the targets hit on Monday was a Panama-flagged vessel named Blue Lagoon I and the other was Saudi-flagged Amjad. The Houthis took responsibility for the Blue …
The United States may withdraw from Gaza ceasefire negotiations if an agreement is not reached within the next two weeks, a high-ranking official within the Turkish Foreign Ministry informed RIA Novosti on Tuesday, speaking on condition of anonymity. According to the source, Washington seems to be making a sincere effort to secure a ceasefire agreement …
Crude oil dropped further on Tuesday, with both Brent and West Texas Intermediate (WTI) futures plunging over 4%. Concerns over demand in the Eurozone and China are likely to be compounded with the release of manufacturing activity data for the United States. The S&P Global and Institute for Supply Management reports found that the sector remained in contraction territory in …