The Israel Defense Forces (IDF) said on Thursday that they killed three “terrorists” who tried to cross into Israel from the Rafah area in southern Gaza. The IDF said the suspected terrorists opened fire on their troops. The Israeli military responded with an airstrike and tank shelling. An unnamed military official told the Times of …
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Hamas, in a statement on Telegram on Thursday, expressed that the peace proposal it received to resolve the conflict in Gaza does not align with the proposal unveiled by United States President Joe Biden just last week. Last Friday, Biden presented an Israeli three-phase proposal aimed at ending the conflict in Gaza. According to this plan, …
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Oil advanced from a four-month low as traders tried to establish a price floor after several days of declines. The market had entered oversold territory as a result of OPEC+’s plan to boost supply in October. Prices edged lower earlier in the session after the US Energy Information Administration reported that US crude stockpiles expanded by …
Standard Chartered: the price undershooting was the consequence of markets being dominated by a combination of extreme macroeconomic pessimism; speculative shorts and over-enthusiastic algorithmic trading. Standard Chartered: OPEC+ decisions will ultimately prove positive for oil prices. Brent crude declined almost $8 from last week’s high. OPEC+ agreed on Sunday to extend most of its oil output cuts …
Continue reading “Markets Have Overreacted to OPEC’s Plan To Phase Out Production Cuts”
Israeli Prime Minister Benjamin Netanyahu said on Wednesday that the Israeli military is prepared to carry out an “extremely powerful action in the north” of the country as tensions with Israel’s northern neighbor Lebanon escalated. “Whoever thinks that he can harm us and we will sit with our hands clasped has made a major mistake,” …
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Oil fell to the lowest in about four months after OPEC+’s plan to loosen its production curbs this year deepened the market’s bearish sentiment. The output cuts are scheduled to start unwinding as early as October, adding barrels to a market beset by persistent concerns about demand and robust supplies from outside the group. The …
Senior Hamas representative Osama Hamdan told reporters in Beirut that the group will not agree to a deal with Israel if the proposal does not include the Israel Defense Forces (IDF) withdrawal from the Gaza Strip and a permanent ceasefire to its “aggression.” “We told mediators that if there isn’t a clear Israeli position on …
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Saudi Arabian Cabinet said on Tuesday that its government praised the latest decision by the Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC oil-producing nations to “voluntarily” extend the oil production cuts during the remaining part of the year. The governmental body noted in a statement that the confirmation of “the decision of the Kingdom …
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In a report sent to the world on Monday by the J.P. Morgan Commodities Research team, analysts at J.P. Morgan outlined that they view OPEC+’s latest move as “market neutral for global crude oil balances and prices in 2024”. The analysts highlighted in the report that the group extended 3.6 million barrels per day of …
Continue reading “JP Morgan, S&P Global, Rystad Look at Latest OPEC+ Move”
Israeli Prime Minister Benjamin Netanyahu says he is not ready to consider a truce in Gaza until Israel’s conditions are met. His announcement follows a statement by an Israeli government spokesperson that Netanyahu would “stop the war,” to allow the return of hostages. On Friday, US President Joe Biden unveiled what he called a three-phase …
Continue reading “Why has Netanyahu backed away from an officially announced peace plan”