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Peace efforts continue to hold as oil prices rise slightly before the long US weekend
The price of oil rose slightly Friday, just before the long holiday weekend here in the United States. As cautious optimism held on efforts to bring peace between the United States and?Iran in the Middle East. Brent futures rose 17 cents or 0.24% to $72.10 per barrel at 0155 GMT. West Texas Intermediate rose 14 cents or 0.20% to $68.83 per barrel. The U.S. market will be closed on Friday in advance of Independence Day. Independence Day is celebrated on Saturday. The two benchmarks reached their lowest levels in the previous session since the U.S./Israeli war against Iran started late February. Brent for the week fell by 0.02%, and WTI rose 0.12%. These were the lowest weekly movements in months for both Brent and WTI. Tim Waterer is the chief market analyst for KCM Trade. He said, "It seems that there's cautious optimism in the market. It wants to believe that 'the peace efforts' will last, but it still hedges its bets, until it sees concrete evidence on water." Some nations have begun to increase production in response to the reopening the Strait of Hormuz. This was the route that carried a fifth of the daily world supply of?oil?and liquefied gas before the start of the war. Kuwait's oil output jumped sharply in June to 1.65 million barrels per day from the 580,000 barrels per day it produced in May. A source familiar with this matter confirmed that. Kuwait boosted its exports on Thursday following the U.S. Iran interim peace agreement. According to shipping and trade data, Saudi Aramco has switched to spot pricing in order to accelerate sales to Asia. Helen Clark, Tom Hogue (Editing)
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Asian markets are choppy after US jobs data dampen Fed rate hike expectations
After a lukewarm U.S. The jobs report has thrown cold water on the 'prospect' of an imminent rate increase by the Federal Reserve. MSCI's broadest Asia-Pacific share index outside Japan fluctuated in gains and losses. It gained 0.1% following two days of consecutive declines. The sharp declines in U.S. chipmakers trading weighed heavily on South Korea's Kospi. S&P 500 and Nasdaq futures both rose by 0.1% while Japan's Nikkei was down by 1%. According to data released Thursday, the U.S. employment growth slowed dramatically in June, and payroll gains from the two previous months were'revised down.' This indicates a cooling of labour markets. As workers left the workforce, the unemployment rate fell to 4.2% from 4.3% in may. This pushed the participation rate down to its lowest level in over five years. The figures challenged the narrative that the Fed is on track to raise rates in the second half this year, wrote Westpac analysts in a research report. The lackluster jobs data dampened traders' expectations for an imminent rate increase and increased the odds that the Fed would keep rates on hold till October. FedWatch, a tool of the CME Group, shows that Fed funds futures price a 46.8% implied probability that the U.S. Central Bank will maintain rates at its September 15-16 meeting. This is compared to 35.8% a day before. Overnight, a mixed bag of stocks on Wall Street was seen. The S&P 500 was unchanged and the Nasdaq Composite fell 0.8%. However, the Dow Jones Industrial Average closed at a record high. The market in the?U.S. The?U.S. The U.S. Dollar was up 0.2% against the?yen when Asian trading began, but market liquidity had been thinned out by the holiday. After a twitchy Thursday session, the greenback gained some strength. The Japanese yen also surged after reports that the authorities had adopted a different approach in their forays on the market. The reason for the sudden surge in value was not immediately apparent. The?U.S. The dollar index, which measures greenback strength against a basket six currencies, remained'steady' at 100.98, after dropping 0.5% on Friday. Brent crude futures fell 0.4% to $71.49 when trading resumed in Asia. Gold rose 0.1% to $4,125.49. Bitcoin was down by 0.4% to $61,306.45 while Ether was down by 0.7% to $1,692.16. (Reporting and editing by Jamie Freed; Gregor Stuart Hunter)
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Overnight, Russian attacks in Ukraine kill two and injure eight, according to officials
In the early morning hours of Friday, Russian officials said that two people had been?killed? and eight others injured? in overnight attacks on Ukraine. Oleh Hryhorov is the head of the regional military authority. He said that Russian drones struck a private home in the Sumy region. Two people were killed, and one was injured. Oleksandr ilkul, head of the city defence council, confirmed that seven people were injured in the central ukranian city of Kryvyi Rih. This is the hometown of President Volodymyr Zelenskiy. On Friday, Kyiv will observe a day of mourning after nearly 'three dozen people were killed in the deadliest Russian attack against?the Ukrainian capital this year. (Reporting from Jekaterina Glubkova, Tokyo; Editing Stephen Coates).
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De la Fuente, Spain's coach, said that satisfaction can kill.
Spain coach Luis de la Fuente warned against getting carried away with his team's 3-0 win over Austria on Thursday that sent them through to the World Cup 16th round. Spain has yet to concede at this?tournament. Mikel Oyarzabal and Pedro Porro both scored two goals to underline the fact that they are one of the favorites. "I am happy for many reasons today. De la Fuente said to reporters that he was happy first of all because of the win. "We won in a big way and our team's image was fantastic," he explained. "But we still have room to improve." You may think that you've seen the best, but this team is still not at its full potential. "There is still more to be done." De la Fuente stressed that Spain's progress was built on a process over a period of time, rather than a single outstanding performance. He also said the knockout rounds will require even higher standards. He said that "today's performance is the basis for what comes next." "We will keep improving, and do things better... We aren't yet satisfied; we are going for more." De la Fuente warned against thinking that Spain had reached its peak following 'another impressive defensive display in which Austria failed not to register a single shot on target. There were times when we did not feel high pressure. "You need to improve constantly," he said. When you believe in flattery, you will become weaker. "Satisfaction is a killer." The 65-year old was awash with praise for his left back Marc Cucurella who provided two assists to Oyarzabal. He called him "invaluable" as well as "a top-notch athlete". De la Fuente said that the next phase would be more demanding. We have great players, but our only goal is to surpass our own expectations. Hatem Maher reported, Ed Osmond edited.
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US considers proposal to cut Colorado River water use, Arizona says
According to Arizona's chief negotiation, the U.S. Bureau of Reclamation may adopt a large part of the proposal by Arizona, California, and Nevada to reduce the water?use?on the drought stricken Colorado River. This could save the states from further federal cuts. The Bureau of Reclamation is considering adopting a large part of a proposal by Arizona, California and Nevada to reduce water?use?on the drought-stricken Colorado River. This could spare the states steeper federal cuts. The bureau will implement its preferred plan by the beginning of August if there is no agreement among the seven states. If the Bureau adopts?the Lower Basin water-saving goals it will be a relief for Arizona. Under a bureau proposal Arizona would have risked losing Colorado River?water that millions of people use in Phoenix and Tucson. Tom Buschatzke said, in a Wednesday phone interview, that Arizona's chief negotiator had "some very positive discussions" with Reclamation regarding Reclamation's adoption of the Lower Basin proposal largely in a manner that was acceptable to us. "I believe?we are getting closer to delivering this with Reclamation." In a Thursday statement, Bureau spokesperson Peter Soeth stated that the agency had received input from Upper Basin States on the Lower Basin proposals, made some adjustments, and was "committed" to a continuing dialog with the states and tribal nations. Lower Basin states have proposed water savings at least 3.2 millions acre-feet by 2028 in order to maintain the critical Colorado River reservoir level. This was about half of the total amount the Bureau proposed. Buschatzke stated that Lower Basin States are in discussions with the Bureau about amendments made to their proposal by the bureau to address concerns regarding the use of reservoirs above Lake Powell. Negotiators from California and Nevada didn't immediately respond to a request for comment. "I consider this to be a Lower Basin breakthrough, but I doubt that it will break the deadlock between the Upper Division and Lower Division," said former Colorado River District general manager Eric Kuhn. Upper Basin states objected strongly to the Lower Basin proposal. The seven states may still find themselves in court over the operating rules. A spokesperson from the Utah Colorado River Agency said that Upper Basin States were having "productive" discussions with the Bureau on "short-term river operations". Requests for comment from Colorado, New Mexico, and Wyoming's negotiators were not immediately responded to. Reporting by Andrew Hay, New Mexico; Editing by Donna Bryson Rod Nickel and David Gregorio
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Officials say that three people were killed in an attack by Russia on eastern Ukraine
Regional officials reported that three people were killed by Russian attacks on Thursday, in different parts of eastern Ukraine. According to Oleksandr Hanzha, the Governor of Dnipropetrovsk Region, one?person was killed in a series of?? attacks around the town of Nikopol. This is a Russian target that lies on the other side of the Dnipro River, opposite the Russian-held Zaporizhzhia nuclear power plant. Three people were injured. Hazna said that a seven-year old child was killed in an attack, and two more children were injured farther?northeast at the town of Synelnykove. Vadym Fillashkin, the governor of?Donetsk, the focal point of many clashes along 1,250 km (750 miles) of front line, said that Russian forces dropped seven bombs in the town of Oleksandrivka. One person was killed and two others were injured. The head of the Donetsk Region, who is based in Moscow, said that one person was killed southwest of Donetsk. Officials appointed by Moscow said that a Ukrainian drone attack on a minibus inflicted nine injuries. It was impossible to independently verify the accounts of either side. (Reporting and editing by Stephen Coates; reporting by Ron Popeski)
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The dollar falls after chipmakers and jobs data weigh on stocks
The dollar was weighed down by rate bets as a gauge of stocks around the world closed little changed on Thursday. Overnight, in South Korea the KOSPI Index fell nearly 8% after Meta Platforms announced plans to sell computing capacity. This raised concerns about excess AI capability. The U.S. semiconductor index fell 5.5%. European stocks rose, partly due to the expectation of lower rate hikes. U.S. data revealed that job growth in the U.S. slowed down more than expected during June, while the?payroll increases for the previous two months were revised downwards. This indicates a cooling of the labor market. It also reduces expectations for an interest rate increase from the Fed. Last month, 57,000 new jobs were created against an expectation of 101,000. Bret Kenwell, eToro's U.S. investment analyst, said that the U.S. central banks "has been talking hard?on inflation and a stronger labour market would have raised the temperature." The report today doesn't scream labor market?trouble but it does cool down the narrative. The dollar index (which measures the greenback in relation to a basket other currencies) fell by 0.52%, the most since two months, to 100.87. Meanwhile, the euro rose by 0.48%, reaching $1.1431. The dollar fell 0.91% against the Japanese yen to 161,08. The dollar also gained 0.3% against emerging market currencies. Oil prices were largely unchanged, as traders looked for progress in the talks between Iran and the U.S. to end the four-month war that has shut down shipping through the Strait of Hormuz. U.S. crude dropped 0.15% to $68.47 per barrel. Brent increased to $71.60 a barrel, up 0.04% for the day. The S&P 500 closed the day with a flat result after falling and rising by more than 0.7%. The Nasdaq Composite dropped 207.36, or 0.80% to 25,832.67, and the Dow Jones Industrial Average climbed 594.83, or 1.14% to a new record closing high 52,900.07. Meta Platforms fell nearly 5%. The MSCI index of stocks around the world rose 0.79 points, or 0.07% to 1,118.74. The pan-European STOXX 600 rose by 1.41% while emerging market stocks dropped 37.75 points or?2.19% to 1,684.18. Spot gold increased by 2.24% to $4,119.36 per ounce. Spot silver rose by 2.85% to $60.83 an ounce. This was partly due the weakening dollar. The U.S. market will be closed Friday, July 4, to observe Independence Day.
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US considers proposal to cut Colorado River water use, Arizona says
According to Arizona's Chief Negotiator, the U.S. Bureau of Reclamation may adopt a large part of the?proposal of Arizona, California, and Nevada to reduce the water?use along the drought-stricken Colorado River. This?step could spare the states from?steep cuts by the federal government. The '20-year-old' plan expires this year, and the seven states who share the Colorado River are at a standstill. On May 1, the Lower Basin states submitted a proposal to the Bureau of Reclamation that would address the severe water shortages. If there is no agreement among the seven states by early August, the Bureau will implement its "preferred plan". If the Lower Basin adopts the Lower Basin water-saving goals it will'mark a respite for Arizona. Under a bureau proposal Arizona would have risked losing Colorado River Water that millions of people in Phoenix and Tucson rely on. Tom Buschatzke said in a Wednesday phone interview that Arizona's top negotiator had "some very positive discussions" with Reclamation regarding Reclamation's adoption of the Lower Basin proposal in a manner we could accept. "I believe we are getting closer to that with Reclamation." Peter Soeth, a Bureau spokesperson, said in a Thursday statement that the agency had received input from Upper Basin States on the Lower Basin proposals, made some adjustments, and was "committed" to a continuing dialog with the states and tribal nations. Lower Basin states have proposed water savings at least 3.2 millions acre-feet by 2028 in order to maintain the critical Colorado River reservoir level. This was about half of the maximum reductions the Bureau proposed. Buschatzke stated that Lower Basin States are in discussions with the Bureau about their amendments to their proposal, as they seek to address concerns regarding the use of reservoirs over Lake Powell. Californian and Nevadan negotiators did not respond immediately to requests for comments. Upper Basin states have objected to certain key elements in the Lower Basin proposal. The seven states may still be in court over "operating rules". A spokesperson from Utah's Colorado River agency stated on Wednesday that Upper?Basin States were in "productive" discussions with the Bureau over "short term" river operations. Requests for comment from Colorado, New Mexico, and Wyoming negotiators were not immediately responded to. Reporting by Andrew Hay, New Mexico; editing and proofreading by Donna Bryson, Rod Nickel
Sources: Nayara refinery in India sells its gasoline to Russia through traders
Two sources who have direct knowledge of this matter confirmed on Thursday that traders had sold Nayara Energy gasoline to Russia. The country is currently experiencing fuel shortages due to Ukrainian attacks on the energy infrastructure. On Wednesday, it was reported that Russia began seaborne imports from India of gasoline without naming the supplier.
Nayara has not responded to an email sent by? Nayara did not respond to an email from?Einen seeking comment. Rosneft, the Russian oil giant, owns a 49 percent stake in Nayara.
Hardeep Singh Puri, Indian Oil minister, said at a media briefing on Thursday that Indian companies "were not" selling fuel to Russia. However, it was "possible", if Russia bought fuel of Indian origin from traders.
Since the European Union sanctions of last July, which made it difficult to pay customers and suppliers, Russia-backed refiner Nayara relies on traders for its crude imports and refined fuel exports.
Vadinar, a refinery that processes 400,000 barrels of oil per day in western India, has been processing only Russian crude since the sanctions.
According to an industry source, it was reported that at least 60,000 tons of gasoline were?sent? from India to Russia. Another source said two tankers containing?30,000-40,000 tons had been sent.
The tanker invoice that was seen on Thursday indicated that the vessel Agni - loaded with gasoline from Vadinar - sailed to Fujairah in June '20. However, LSEG tanker information showed that this vessel flying the flag of Cameroon had passed past Fujairah heading north and that it was now in Suez.
(source: Reuters)