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Singapore Minister says momentum on climate action has waned as COP30 approaches
Grace Fu, Singapore's Environment Minister, said Thursday that momentum on global climate change is waning, as geopolitical concerns create uncertainty for businesses and governments. The COP30 Climate Summit will take place from November 10-21. She told reporters that, in addition to geopolitical tensions and higher food and energy prices, these "political obstacles" are making it difficult for countries take the necessary climate action. She said that "the fact that the U.S. pulled out of Paris Agreement is an extremely important factor"... but there are also many political considerations." The annual summit is expected to attract around 50,000 delegates from 190 countries to the Brazilian rainforest city of Belem. Fu stated that, despite the slowing of momentum in combating climate changes, it was up to each country to find partners who share similar views. Singapore has already begun to work on signing implementation agreements with a "dozen or so" countries, which will allow the country to obtain carbon credits in accordance with Article 6 of Paris Agreement. In October, it signed its 10th contract with Mongolia. This agreement established a legally-binding framework for the generation and transfer of carbon credits generated by carbon mitigation projects. Fu stated that "we hope more can be achieved to harmonise regulations...the disclosure standards (and) to also build breadth, depth and volume in the market." The decision to hold the summit in the rainforest city Belem this year created logistical problems for many countries, as hotel prices rose due to a lack of beds. Fu said that the Singapore delegation was reduced by half from last year. The Ministry of Sustainability and Environment is aware of the cost of sending delegates and of the need to reduce the burden on Belem’s public infrastructure. This includes the use of private rental cars for travel to and away from conference venues. Carbon Brief reports that Singapore sent 262 delegates last year to the COP29 held in Baku, Azerbaijan. (Reporting and editing by David Stanway; Reporting by Jun Yuan Yong)
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Oil prices rise as fears of a glut ease despite low demand
After closing at a two-week low on lower demand in the previous session, oil prices rose on Friday as concerns about oversupply eased. Brent crude futures rose 17 cents or 0.27% to $63.69 a bar at 0455 GMT. U.S. West Texas intermediate futures gained 18 cents or 0.3% to $59.78. The global oil price fell for a third consecutive month in October, as OPEC and its allies increased production while non-OPEC producers also continued to increase their output. Haitong Securities reported that after U.S.-British sanctions against Russia's largest oil companies two week ago, the market's aggressively bearish stance was moderated. However, the oil price momentum changed at the end October. Haitong Securities stated that OPEC+’s plan to halt further production increases during the first quarter next year has also helped ease concerns about an oversupply. Nevertheless, there is still concern about the weakening demand. J.P. Morgan said that the global oil demand had increased by 850,000 barrels a day through November 4. This is below the 900,000 barrels a day growth projected by J.P. Morgan earlier. The note stated that "high-frequency indicators indicate that U.S. petroleum consumption remains subdued", pointing out the weak travel activity as well as lower container shipments. Oil prices dropped in the previous session after the U.S. Energy Information Administration reported that U.S. crude stockpiles rose by 5.2m barrels to 421.2m barrels last weekend, as opposed to expectations of a 603,000 barrel increase. Capital Economics wrote in a report that they believe the downward pressure on oil will continue, which supports their forecast below consensus of $60 per barrel by end-25 and 50 per barrel at end-26. Saudi Arabia, which is the largest oil exporter in the world, slashed the price of its crude oil for Asian buyers sharply in December. This was a response to a market that had been oversupplied as OPEC+ producers increased production. (Reporting from Tokyo by Katya Glubkova and Beijing by Sam Li; editing by Tom Hogue).
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Gold prices rise on weaker dollar and US government shutdown
Gold edged higher on Thursday, as the dollar fell from its four-month high. Investors remained uncertain about the U.S. economy amid the government shutdown. Gold spot was up by 0.1% to $3,986.23 an ounce at 0427 GMT. Bullion is down about 9% from its record high of $4381.21 set on October 20. U.S. Gold Futures for December Delivery increased by 0.1% to $3,994.60 an ounce. Tim Waterer, KCM Trade's Chief Market Analyst, said that the dollar had dipped a little bit. This made it easier for gold to gain traction on the upside. Dollar fell by 0.2%, after reaching a four-month peak in the previous session. This made gold cheaper for holders of other currencies. The ADP report on Wednesday showed that private employers in the United States added 42,000 new jobs in October. This was more than double the forecasted gain of 28,000, according to ADP. The strong labor market may temper hopes of interest rate cuts. The longest government shutdown in U.S. history is the result of a congressional impasse. Investors and the Federal Reserve are forced to rely on indicators from the private sector. Waterer said that traders hadn't forgotten the fact that this government shutdown is the longest ever. Jerome Powell, the Fed's chairperson, said that it could be the last time rates are reduced before 2025. The market participants see a 63% probability of a Fed interest rate cut in December. This is down from over 90% last week. Gold that does not yield a return tends to perform well in environments with low interest rates. The U.S. Supreme Court raised questions on Wednesday about the legality and impact of President Donald Trump’s sweeping tariffs. Silver spot gained 0.3%, to $48.22 an ounce. Platinum fell 0.7%, to $1.550.91. Palladium increased 0.2%, to $1.422.23. (Reporting and editing by Rashmi aich; Ishaan arora)
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Borr Drilling Announces Revenue Lift
Borr Drilling has announced unaudited results for the nine months ended September 30, reporting total operating revenues of $277.1 million, an increase of $9.4 million or 4% compared to the second quarter of 2025.Net income of $27.8 million was a decrease of $7.3 million or 21% compared to the second quarter of 2025, and adjusted EBITDA of $135.6 million was an increase of $2.4 million or 2% compared to the second quarter of 2025.YTD, the company was awarded 22 new contracts representing more than 4,820 days and $625 million of potential contract revenue.CEO Bruno Morand commented: "Our third quarter results were strong, extending the rebound delivered in the second-quarter. With 23 of our 24 rigs active during the quarter, we demonstrated disciplined execution and commercial strength in contracting rigs despite a dynamic market.”Operational execution remained robust with technical utilization of 97.9% and economic utilization of 97.4% across the active fleet.“Following quarter end, we announced three contract extensions in Mexico,” said Morand. “The Galar and Gersemi each received a two-year firm extension at improved commercial and payment terms. A third rig, the Njord, also received an extension. Mexico remains an important market for us. Collections restarted in September, with approximately $19 million received in September and October. These inflows, together with recent government actions to strengthen Pemex finances, are the basis for our confidence in the continued normalization of payments.“Today we also announced new commitments for our rigs Odin and Grid, expanding Borr Drilling’s footprint into the Gulf of America and Angola. These awards reflect our focused commercial strategy, deep customer relationships, and disciplined fleet management. They further diversify our customer and market portfolio, underscore our ability to navigate evolving conditions, and minimize idle time across the fleet. Following these awards, our 2026 coverage stands at 62% with an average dayrate of $140,000, including priced options.“We expect fourth quarter 2025 results to reflect fewer operating days, due to several rigs transitioning between contracts and the recent impact of sanctions-induced contract terminations in Mexico. Despite this, we anticipate full year 2025 Adjusted EBITDA in the range of $455 million to $470 million.”In recent quarters, the company has experienced incremental jack-up demand across several international markets, absorbing available capacity and providing gradual relief to the headwinds from 2024. “While near-term volatility may persist, clear signs of demand inflection in Saudi Arabia and Mexico - two of the world’s largest jack-up markets - together with incremental activity in other areas, provide us with confidence that the market is now past the trough. We foresee a tightening market in the near to medium term that we expect should support higher utilization and dayrates.”
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Aker Solutions Secures Contract from ExxonMobil Canada
Aker Solutions has signed a five-year enabling contract with ExxonMobil Canada Properties, a partnership, as operator of the Hebron platform. The contract is an extension for brownfield maintenance and modification (M&M) services on the Hebron platform.The brownfield M&M contract is a significant (between NOK 1.5 billion and NOK 2.5 billion) five-year extension to the original engineering, procurement, and construction (EPC) enabling agreement awarded in 2015.Aker Solutions has delivered platform-wide upgrades and modifications to the Hebron platform since 2015 and has provided multi-disciplinary services to the East Coast Atlantic region for more than 30 years.The work will be led from Aker Solutions’ location in St. John’s, Newfoundland and Labrador, where the company has increased its staff from 100 to 350 employees in recent years.
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Prince William of Britain calls for optimism about the environment at EarthShot Prize
Prince William of Britain expressed optimism about the global environmental challenges on Wednesday at an event with a star studded crowd in Rio de Janeiro to celebrate the fifth edition EarthShot Prize. William's visit to Latin America is just a few days before Brazil hosts the UN Climate Summit COP30 in next week. William, who founded the award in 2020 after being inspired by his visit to Namibia, said: "I can understand why some people might be discouraged during these uncertain times." I understand that so much work remains to be done. This is not the time to be complacent. The optimism I felt back in 2020 still remains. The award, named in honor of John F. Kennedy’s “moonshot” goal, was designed to encourage significant environmental progress over a decade which has now reached the midpoint. Five winners will receive 1 million pounds ($1.3million) each for their projects. The ceremony featured performances by pop stars Shawn Mendes and Kylie Minogue, Brazilian musicians Gilberto, Seu Jorge, and Anitta as well as former Formula One World Champion Sebastian Vettel. The British Prime Minister Keir starmer and London Mayor Sadiq Kan also attended. William will represent his father King Charles at the UN Climate Summit. During his visit, he visited Rio landmarks and announced initiatives for Indigenous Communities and environmental activists. Reporting by Andre Romani, Sao Paulo; Michael Holden, London; editing by Clarence Fernandez
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Shanghai copper prices rise after a four-day drop as the selling pressure eases
Shanghai copper prices rose on Thursday, after they had hit a low of more than a week in the previous session. However, weak Chinese demand limited gains. As of 0802 GMT, the most active copper contract traded on the Shanghai Futures Exchange rose 0.97%, trading at 86260 yuan (12,110.07 USD) per metric tonne. The benchmark three-month futures on the London Metal Exchange were also up 0.57%, to $10 758.50 per ton. Analysts at Sucden Financial wrote in a report that copper's consolidation was more likely to be the result of "unwinding overextended positions than a change in fundamental narrative". Analysts see a possible deficit in 2026. This is still a major factor in the price of red metal. After a four-day drop, the selling pressure on the Shanghai contract has eased. The metal had reached a new historic high of 89.270 yuan per ton. The London benchmark also gained after a four day loss, after it reached a record high last week of $11,200 on tight global supplies. The traders are now awaiting further economic data, especially from China. There was disappointment in the manufacturing PMI for October. The trade readings will be released on Friday, and the lending data will be released next week. Other base metals in the SHFE rose by 0.73%. Tin gained 0.57%. Lead lost 0.57%. Nickel shed 0.34%. Zinc was not changed. Thursday, November 6 DATA/EVENTS (GMT) 0700 Germany Industrial Output MM Sep 0700 Germany Industrial Production YY SA Sep 0930 UK S&P GLOBAL PMI: MSC COMPOSITE - OUTPUT Oct 1200 UK BOE Bank Rate Nov ($1 = 7.1230 Chinese yuan renminbi) (Reporting by Dylan Duan and Lewis Jackson; Editing by Harikrishnan Nair). Thursday, November 6, DATA/EVENTS 0700 Germany Output MM Sept 0700 Germany Production YY SA September 0930 UK S&P Global PMI: MSC Composite - OUTPUT 1030 UK BOE Bank rate Nov (1200 UK BOE Rate Nov) ($1 = 7.1230 Chinese Yuan Renminbi). (Reporting and editing by Dylan Duan; Harikrishnan Nair.
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Oil prices fall as low demand and oil glut weigh on the market
The oil prices were mostly flat on Thursday morning, after having settled at two-week lows the previous session. This was due to the pressure of a weaker global demand and an oversupply of crude oil. Brent crude futures rose 2 cents or 0.03% to $63.54 a bar at 0127 GMT. U.S. West Texas intermediate futures were unchanged at $59.60. J.P. Morgan said that the global oil demand had increased by 850,000 barrels a day through November 4. This is below the 900,000 barrels a day growth projected earlier. The note stated that "high-frequency indicators indicate that U.S. petroleum consumption remains subdued," pointing out weak travel activity as well as lower container shipments. Oil prices dropped in the previous session after the U.S. Energy Information Administration reported that U.S. crude stockpiles rose by 5.2m barrels, to 421.2m barrels, last week. This was compared to expectations of a 603,000 barrel rise. Capital Economics wrote in a report that they believe the downward pressure on oil will continue, confirming their forecast below consensus of $60 per barrel by the end of 25 and $50 per barrel by the end 26. The global oil price fell for a third consecutive month in October, as OPEC and its allies continued to increase production while non-OPEC producers also increased their output. (Reporting from Tokyo by Katya Glubkova; editing by Tom Hogue).
Iron ore prices steady after four-day drop amid concerns about oversupply
Dalian iron ore prices held steady after a four-day decline, but lingering fears about an oversupply weighed on the market sentiment.
As of 0318 GMT, the most-traded contract for January iron ore on China's Dalian Commodity Exchange was trading 0.39% higher. It was 775.5 Yuan ($108.87).
The benchmark December Iron Ore at the Singapore Exchange fell 0.16% to $103.35 per ton.
Atilla WIDNEL, Navigate Commodities' managing director in Singapore, says that the rally and optimism following the Fourth Plenum are now diminishing. The markets have few concrete details about "anti-involutionary" measures or long term steel capacity reforms.
The anti-involution campaign is a Chinese initiative to curb overcapacity, and unsustainable low prices in many industries.
Mills have not been motivated to permanently close down their plants. This has led to concerns about the possibility of an oversupply for now. Atilla said that the relatively high output of steel during a period of low demand has a negative impact on steel prices, margins and input costs, such as iron ore.
Analysts at ANZ believe that the environmental production-cutting warning for Hebei Province is likely to have an impact on blast furnace operations.
Galaxy Futures, a Chinese broker, says that global iron ore supplies remained high in the third quarter and are expected to remain at similar levels for the fourth.
SteelHome data shows that the total iron ore stocks across Chinese ports increased by 1.53% in a week to 135.6 million tonnes as of October 31.
Coking coal and coke both gained 2.1% and 1.78 % respectively.
The benchmarks for steel on the Shanghai Futures Exchange are mixed. Hot-rolled coil and rebar both rose by 0.3%. Wire rod and stainless steel fell by 0.16%. ($1 = 7.1230 Chinese yuan). (Reporting and editing by Mrigank Dahniwala.)
(source: Reuters)