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Oil prices rise after Trump extends EU Trade Talks deadline to July
The oil prices rose in the early Asian trading on Monday, after U.S. president Donald Trump extended the deadline for trade negotiations with the European Union. This eased concerns over U.S. duties on the EU that could harm the global economy and fuel the demand. Brent crude futures were up 37 cents or 0.6% to $65.15 a bar by 0001 GMT, while U.S. West Texas intermediate crude was up 32 cents or 0.6% at $61.87 a bar. Tony Sycamore, IG's market analyst, said: "Crude oil and U.S. stock futures are up this morning following the extension of the deadline by U.S. president Trump." Trump announced that he had agreed to extend the deadline for the trade talks between the United States and the European Union to July 9, after Ursula von der Leyen said that the European Union needed more time to reach a deal. Sycamore stated that the headlines about trade and tariffs along with fiscal concerns will be the major wild card this week for crude oil and risk sentiment. Brent and WTI continued to rise after ending 0.5% higher Friday, as the limited progress made in U.S. - Iran nuclear talks eased fears of Iranian oil returning on global markets. Also, U.S. buyers were covering positions before the three-day Memorial Day Weekend. Baker Hughes, an energy services company, also released data that indicated U.S. companies, under pressure of lower oil prices and a reduction in the number operating oil rigs, had reduced the number to 465, the lowest level since November 2021. At the next meeting, the Organization of the Petroleum Exporting Countries (OPEC+) and its allies could decide to boost output by 411,000 barrels a day for July. This month, the group reported that it could complete the voluntary production cuts of 2.2 million barrels per day by the end October. It had already increased output targets for April, may and June by around 1 million barrels per day. Reporting by Florence Tan, Editing by Muralikumar Anantharaman
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Israeli attacks kill 23 people in Gaza including a rescue official and a journalist
Local health officials reported that Israeli military strikes on Gaza Strip killed 23 Palestinians, including a journalist from the area and a senior official of the rescue services. Medical experts said that the latest deaths in Israel's campaign were caused by separate Israeli strikes at Khan Younis, Jabalia, and Nuseirat, in central Gaza Strip. According to reports, an airstrike on Hassan Majdi Abu Warda's house in Jabalia earlier Sunday killed several members of his family and local journalist Hassan Majdi Abu Warda. A second airstrike on Nuseirat has killed Ashraf Ab Nar, a senior civil emergency service official, and his spouse in their home, according to medics. The Israeli military did not immediately comment. Hamas' Gaza Government Media Office said that Abu Warda’s death brought the total number of Palestinian journalists who have been killed in Gaza since 10/7/2023 to 220. The media office released a statement saying that Israeli forces controlled 77% of Gaza Strip either by ground forces, evacuation orders, or bombardment which keeps residents from returning to their homes. In separate statements issued on Sunday, the armed wings of Hamas (Hamas' wing) and Islamic Jihad (Islamic Jihad's wing) said that their fighters had carried out ambushes and attacks against Israeli forces in various areas in Gaza using anti-tank missiles and bombs. The Israeli military announced on Friday that it had carried out more strikes overnight in Gaza, including 75 targets such as weapons storage and rocket launchers. Israel began an air and land war in Gaza following the Hamas militants’ cross-border attack of October 7, 2023. The Israeli counted 1,200 dead, with 251 hostages taken into Gaza. Gaza's health authorities report that the conflict has caused more than 53,900 Palestinian deaths and has devastated coastal areas. Aid groups report widespread signs of severe malnutrition.
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Israeli attacks kill 20 people in Gaza including a rescue official and a journalist
Local health officials reported that Israeli military strikes on Gaza Strip killed at least twenty Palestinians, including a journalist from the area and a senior official of the rescue services. Medical experts said that the latest deaths in Israel's campaign were caused by separate Israeli strikes at Khan Younis, Jabalia, and Nuseirat, in central Gaza Strip. According to reports, an airstrike on Hassan Majdi Abu Warda's house in Jabalia earlier Sunday killed several members of his family and local journalist Hassan Majdi Abu Warda. A second airstrike on Nuseirat has killed Ashraf Ab Nar, a senior civil emergency service official, and his spouse in their home, according to medics. The Israeli military did not immediately comment. Hamas' Gaza Government Media Office said that Abu Warda’s death brought the total number of Palestinian journalists who have been killed in Gaza since 10/7/2023 to 220. In separate statements issued on Sunday, the armed wings of Hamas (Hamas' wing) and Islamic Jihad (Islamic Jihad's wing) said that their fighters had carried out ambushes and attacks against Israeli forces in various areas in Gaza using anti-tank missiles and bombs. The Israeli military announced on Friday that it had carried out more strikes overnight in Gaza, including 75 targets such as weapons storage and rocket launchers. Israel began an air and land war in Gaza following the Hamas militants’ cross-border attack of October 7, 2023. The Israeli counted 1,200 dead, with 251 hostages taken into Gaza. Gaza's health authorities report that the conflict has caused more than 53,900 Palestinian deaths and has devastated coastal areas. Aid groups report widespread signs of severe malnutrition.
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Congo to sign US mineral deal by June end, reports FT
The Financial Times reported that officials from the Democratic Republic of Congo were optimistic about a deal they could reach with Washington in order to secure U.S. investment in vital minerals and support for ending a Rwandan-backed rebellion in the east of the country. According to a report last week, Congolese minerals, such as tungsten tantalum, and tin that Kinshasa accuses neighbouring Rwanda of exploiting illegally, could be legitimately exported to Rwanda for processing, under the terms of the peace deal being negotiated between the U.S. The newspaper cited two sources close to the talks as saying that an investment deal with the U.S., and a separate peace agreement with Rwanda could be reached "by the end June". The FT reported that there are still many potential stumbling stones. The FT reported that Congo's Mines minister Kizito Pakaabomba stated an agreement with the U.S. will help "diversify partnerships" and reduce the country's dependency on China for exploitation of the vast mineral wealth. Kinshasa sees the pillage of its mineral wealth in eastern Congo as the key driver for the conflict between their forces and the Rwanda-backed M23 rebellions that has intensified ever since January. Kinshasa accuses Kigali of smuggling minerals worth tens or millions of dollars over the border every month to be sold by Rwanda. Massad Boulos is the senior adviser to President Donald Trump for Africa. He says that Washington wants a peace deal between the two parties to be signed by the end of the summer. This agreement will include mineral deals that are expected to bring Western investment worth billions of dollars to the area. Earlier this month, According to the Financial Times, Yolande Makolo, a Rwandan spokesperson, said that defensive measures are needed along the border as long as the DRC is plagued by threats and insecurity. The U.S. State Department didn't immediately respond to an inquiry for comment. (Reporting and editing by Christian Schmollinger in Bengaluru, Mrinmay dey from Bengaluru)
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Three dead after Russian drones strike Kyiv and other Ukrainian cities
Officials said that Russian forces attacked Kyiv early Sunday morning, killing at least three people and injuring 11 others in the capital. They also damaged buildings and homes in surrounding towns. Three people were killed in two small towns near the capital, according to officials in the Kyiv area. The attacks were also carried out in a number of regional cities, including Kharkiv (Ukraine's second largest city), Mykolaiv (in the south) and Ternopil (in the west). Timur Tkachenko of Kyiv's Military Administration said that 11 people had been injured by drone strikes. In the Holosiivskyi District, just outside of the city center, a five-storey building was struck by fire. The exterior of the building was damaged. Strikes in other districts damaged a private home and an office centre. This was the second night in a row that a massive attack occurred. Overnight, on Friday evening, Russia launched drones and missiles against Kyiv in the largest combined aerial attack of the war's three years. The attack damaged several apartment buildings and injured 15 people. Kharkiv mayor Ihor Terekhov confirmed that drones had struck three districts in the northeastern Ukraine and injured three individuals. Blasts have shattered the windows of high-rise apartment buildings. The regional governor reported that drone strikes had injured two people, in a residential neighborhood of Mykolaiv. A missile strike on Ternopil, in western Ukraine, smashed windows and started a small fire. Local officials reported that a drone attack was also carried out in Konotop to the north of Kyiv. The Russian Defence Ministry announced that their air defence units intercepted 95 Ukrainian drones in a period of four hours. Sergei Sobyanin said that 12 Ukrainian drones were intercepted as they approached the capital. Reporting by Gleb Garanich and Oleksandr Kozohukhar; Editing and review by Cynthia Osterman, Christopher Cushing and Christopher Cushing
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Corriere CEO: Pirelli is in a risky situation if Sinochem does not sign a deal.
The CEO of the Pirelli group told Corriere della sera that the Italian tyre manufacturer is in a dangerous situation because its Chinese major shareholder Sinochem has rejected the company's proposal to resolve governance issues which could hamper its expansion in the United States. Pirelli, and its second largest shareholder, Italy's Camfin have stated that Sinochem's stake in the company poses a risk to Pirelli's ambitions of expanding into the U.S. where some legislators are against approving projects supported by Chinese companies. Pirelli's Chinese shareholders rejected the company's proposal earlier this month, despite it not being detailed. In an interview published Saturday, Pirelli CEO Andrea Casaluci stated that the goal was to find solutions to guarantee Pirelli's ability to operate on all markets in the world, especially the U.S. without restrictions and constraints, while thinking only about the company's development. Pirelli generates over 20% of revenue in North America, and 40% of that is from sales of high-value goods. Casaluci added that without a solution the development of Pirelli’s relevant technologies will be compromised, and the future growth in Italy and other markets is also at risk. Casaluci said that Sinochem had also presented its own proposal to the Italian government, which has the so-called golden power to limit or block foreign influence on domestic strategic groups without consulting the group. Sinochem and Pirelli were not available to comment on the interview when contacted.
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Navantia Seanergies Delivers Second Substation Jacket for French OW Farm
Navantia Seanergies, Spanish shipbuilder Navantia’s green energies division, has delivered its second substation jacket for Ocean Winds for the offshore wind farm at Dieppe Le Tréport in France.The jacket departed from the south basin of the Puerto Real shipyard, bound for its destination on France’s Atlantic coast.The structure – almost 54 metres tall and weighing approximately 1,900 tonnes – was fully fabricated at the Puerto Real facility and was loaded out on May 13, 2025. Since, adjustment and mooring operations have been carried out to prepare it for transport.A year ago, Navantia Seanergies delivered to Ocean Winds a jacket with similar characteristics, also built at Puerto Real, which is now installed at the Îles d’Yeu et Noirmoutier offshore wind farm in France.The jackets, constructed in Puerto Real, form part of the collaboration between Navantia Seanergies and Ocean Winds, a Madrid-based offshore wind company established as a joint venture between EDPR and ENGIE.Under this partnership, a capacity-reservation agreement was signed for the manufacture of components destined for future international offshore wind farms, including floating structures for forthcoming projects in Spain, Portugal and elsewhere in Europe.The 496 MW Dieppe Le Tréport offshore wind farm will feature 62 wind turbines will supply 850,000 people with electricity each year.
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Bloomberg News reports that the US is planning to grant Chevron a license in Venezuela for minimal maintenance.
Bloomberg News reported that the U.S. administration of President Donald Trump is about to issue Chevron a license which will allow it to maintain essential operations in Venezuela with minimal effort. According to the report, which cited people with knowledge of the issue, the U.S. Treasury Department intends to grant the waiver, allowing Chevron only to perform safety and maintenance functions in Venezuela. Chevron and the U.S. State Department as well as Treasury Department have not responded to immediate requests for comments. The U.S. business license in South America is due to be renewed. Expiration Date Most partners of Venezuelan state-owned oil company PDVSA, which is sanctioned by the United States, have asked for extensions. Treasury and State Departments in the United States would have to approve any extension. The State Department gives Treasury guidance on changes to sanctions regimes. Venezuela is home to some of the largest oil reserves in the world, but it's crude production remains a fraction of its previous level after a decade of mismanagement, lack of investment and U.S. sanctions against Venezuela's energy sector since 2019. Since 2023, the licenses granted to Chevron as well as other foreign companies have helped Venzuelan oil exports and production recover. Reporting by Gursimran K. Kaur, Bengaluru. Editing by Kate Mayberry
Copper dips for 3rd straight day on profit-taking, weak need
Copper prices succumbed to a 3rd successive session as profittaking continued on Thursday and consumers refused to purchase nearrecord levels.
Criteria copper on the London Metal Exchange (LME). was down 0.4% at $10,383 a metric heap at 1609 GMT, having actually fallen. as far as $10,210.
Traders said there was strong technical assistance at $10,200. in the afternoon trade.
It had actually been dropping due to profit-taking on long positions. - bets on greater rates - since hitting a record high of. $ 11,104.5 on Monday. It has actually because fallen 6.5% however is still up. 20% so far this year.
Speculative funds have been cashing out, however will come. back anticipating greater copper prices over the long term, Knowledge. Tree's Nitesh Shah stated.
Copper is important for the world's shift to electrification. due to its conductivity. It is generally utilized for making cable televisions and. wires. However physical intake has not been able to capture up. with the speculative frenzy.
In China, the leading consumer of the metal, copper inventory. remained at a four-year high as need waned after costs. surpassed $10,000 a ton. << MCUSTX-TOTAL > A BNP Paribas research study note cited a quote of 500,000. tons of unsold wire-rod copper stock in China.
The worldwide refined copper market revealed a 125,000 load. surplus in March, the International Copper Study Group stated on. Wednesday.
For other metals, lead pulled back after striking a. two-year high on Wednesday, and was last trading 0.6% lower at. $ 2,300.
LME aluminium fell 0.7% to $2,619 a ton, nickel. dropped 1% to $20,145, zinc edged down 0.1% to. $ 3,058.5 and tin was down 0.2% at $33,440.
(source: Reuters)