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The Latest Breaking News from Oil

May NY world sugar #11 (SBK23 ) on Monday closed up +0.15 (+0.67%), and May London white sugar #5 (SWK23 ) closed up +3.10 (+0.49%). Sugar prices Monday posted moderate gains, with NY sugar climbing to a 6-1/2 year nearest-futures high and London sugar climbing to a 10-1/2 year high...

Barchart

Starting to sting? Putin denounces sanctions as oil revenues contract

Are those sanctions starting to bite? On the surface, it's business as usual for a Russia that on Saturday took over the rotating presidency of the UN Security Council and still enjoys plenty of support from the likes of China. But last week, President Vladimir Putin for the first time…

France 24

Oil surges most in a year after OPEC+’s shocking production cut

Oil rallied the most in more than a year after OPEC+ unexpectedly announced output cuts that threaten to tighten the market and deliver a fresh inflationary jolt to the world economy.

Tribune News Service

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OPEC+ pricing power is ‘higher than it’s ever been’ after oil cuts, Goldman Sachs says

Oil-producing allies approved another oil production cut that could deal damage to the West.

Fortune

What will it mean for petrol prices after Saudi Arabia cut oil production?

Brent crude oil is trading close to $85 a barrel, jumping by almost 6 per cent.

The Independent UK

Analysis - Saudi crown prince acts to realign Mideast dynamics amid concern over US support

Saudi Arabia's unpredictable crown prince is pushing hard to realign Middle East dynamics, engaging with old foes and orchestrating OPEC oil cuts like the ones on Sunday which took the global market by surprise.

Reuters

Here's how the Rogers-Shaw merger could benefit Canadian customers

The Canadian government has finally approved the $26 billion takeover of Shaw by Rogers after nearly two years of delays. When the merger was first announced by Rogers in 2021, it stirred up a significant amount of competition concern.

The Conversation

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Crude Prices Surge as OPEC+ Cuts Production

May WTI crude oil (CLK23 ) this morning is up +4.71 (+6.22%), and May RBOB gasoline (RBJ23 ) is up +8.93(+3.33%). May Nymex natural gas (NGK23 ) is down -0.122 (-5.51%). Crude oil and gasoline prices this morning are sharply higher, with crude posting a 2-1/4 month high and gasoline...

Barchart

Crude Oil Found a Bottom

In 2022, the U.S. sold an unprecedented level of its Strategic Petroleum Reserve, sending the SPY to the lowest level since December 1983. The sales weighed on crude oil but appeared to have set a floor under the energy commodity that continues to power the world.

Barchart

OPEC+ Says Additional Voluntary Oil Production Cuts Will Be 1.66 Mln Bpd

The 48th Meeting of OPEC’s Joint Ministerial Monitoring Committee (JMMC) was held via videoconference on Monday. The Committee reviewed the crude oil production data for January and February 2023 and noted the overall conformity for participating OPEC and non-OPEC countries of the Declaration of Cooperation (DoC).

Asharq Al-Awsat

Troubled waters for inflation after fresh oil price hike

City Comment: OBR’s latest forecast of 2.9% inflation by the end of the year already looks in peril

Evening Standard

In Blue Colorado, Oil and Gas Companies Try a New Approach to Woo Democrats

Up against a heavily Democratic Legislature, fossil fuel firms funnel cash to politicos they’ve previously ignored to win precious votes.

Capital & Main

Pacific trade deal ‘will make mockery of UK’s climate ambitions’

CPTPP membership will result in more deforestation and endanger animal welfare, say campaigners

The Guardian - UK

Broader Market Climbs as Bond Yields Fall on U.S. ISM Manufacturing Miss

What you need to know… The S&P 500 Index ($SPX ) (SPY ) today is up +0.21%, the Dow Jones Industrials Index ($DOWI ) (DIA ) is up +0.87%, and the Nasdaq 100 Index ($IUXX ) (QQQ ) is down -0.48%. U.S. stock indexes this morning are mixed, with the...

Barchart

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Barchart

Markets Today: Stock Indexes Mixed as Soaring Crude Prices Spark Inflation Concerns

Morning Markets The S&P 500 Index ( $SPX ) ( SPY ) today is up +0.06%, the Dow Jones Industrials Index ( $DOWI ) ( DIA ) is up +0.75%, and the Nasdaq 100 Index ( $IUXX ) ( QQQ ) is down - 0.69%. U.S. stock indexes are mixed...

The Independent UK

Oil producers' cuts could boost gasoline prices, help Russia

Some of the globe's biggest oil producers are cutting back

The National (Scotland)

Scotland's deficit to grow as oil and gas prices tumble

SCOTLAND’S budget deficit is forecast to grow because of falling oil and gas prices – sparking a warning from a top economist.

Radio France Internationale

Oil prices soar after Opec+ announces surprise production cuts

World oil prices soared Monday after several top producers led by Saudi Arabia sprang surprise output cuts despite already angering the United States with a similar move last year.

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Barchart

Markets Today: Stock Indexes Slip as Soaring Crude Prices Spark Inflation Concerns

Morning Markets June S&P 500 futures (ESM2 3) this morning are down -0.18%, and June Nasdaq 100 E-Mini futures (NQM2 3) are down -0.81%. U.S. stock index futures this morning are moderately lower on higher bond yields after the action by OPEC+ to cut its crude production by 1 million...

The Conversation

Companies that frack for oil and gas can keep a lot of information secret – but what they disclose shows widespread use of hazardous chemicals

From rural Pennsylvania to Los Angeles, more than 17 million Americans live within a mile of at least one oil or gas well. Since 2014, most new oil and gas wells have been fracked.

The National (Scotland)

Plans to use Scotland's oil and gas to fund English council tax freeze slammed

LABOUR’S plans to use Scotland’s oil and gas resources to fund a council tax freeze in England have been branded a “slap in the face”.

Bangkok Post

Cost of diesel to be cut this week amid falling global oil prices

The domestic diesel price is to be cut to 33 baht a litre this Friday, down from 33.5 baht a litre, as global oil prices keep falling, says the Oil Fuel Fund Office (Offo).

The Guardian - UK

Why are oil prices rising and what does it mean for inflation?

All you need to know about the Opec+ decision to cut production and the potential knock-on effects

Asharq Al-Awsat

Reducing Oil Production: A New Pillar to Support Global Economic Conditions

In support of the stability of the global oil markets, and the enhancement of the balance between supply and demand, the member of the Organization of Petroleum Exporting Countries (OPEC) and the producing countries within the OPEC+ have decided to implement a voluntary reduction of crude oil production. Experts described…

The Guardian - UK

First Thing: Trump ‘vows to escalate attacks’ on Manhattan prosecutor

Stunned by indictment at first, ex-president indicates he wants to politically ‘rough ’em up’. Plus, Judy Blume calls for fight back against censorship

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