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Starlink: Starlink Mobile is providing free internet access to Movistar customers in the La Guaira region of Venezuela. Efforts are underway to provide free service to Digitel and Movilnet users as soon as possible.On June 28, local time, the Israel Defense Forces (IDF) issued a statement saying that IDF Chief of Staff Zamir, during a visit to the IDF Northern Command, formally approved plans to continue military operations in the "safe zone" of southern Lebanon, in accordance with the ceasefire agreement. Zamir stated that the IDFs 36th Division and assault brigade are currently maintaining operational control over the Beaufort Heights area and are equipped with all the tools and capabilities needed to weaken the enemy. Zamir stated that the Northern Commands area of responsibility is now the IDFs "main operational focus." The IDF is fully prepared to "rapidly resume offensive operations in Lebanon and Iran" should the need arise. Zamir stated that the agreement signed with the Lebanese government is historic and of great significance. He reiterated that the IDF will abide by the agreement but emphasized that "the test now lies in the actions of both sides, and the coming period will shape the future."US House Speaker Johnson: The housing bill will be submitted to President Trump on Monday.June 28 – The U.S. Ambassador to the United Nations stated that our actions will continue as needed to destroy Iranian infrastructure used to control the Strait of Hormuz. If Iran believes Trump will stand idly by while he attacks shipping and our bases, it is mistaken. Iran must either choose to be a responsible nation or continue down a path of destruction.On June 28, local time, Russian President Vladimir Putin stated at the United Russia party congress that Russia is currently at a critical juncture. The West cannot defeat Russia on the battlefield and therefore attempts to destabilize Russias domestic situation will ultimately fail. Russia will firmly defend its fundamental interests. Putin stated that Russia has adjusted some development goals according to the actual situation, but all strategic plans will be fully realized. The security of the country and its citizens, as well as the inviolability of Russias borders, will be guaranteed. Putin stated that the State Duma (lower house of parliament) elections will be held strictly in accordance with the law within the established timeframe. He will instruct relevant departments to take measures to ensure the safe conduct of the elections and prevent attempts at external manipulation.

Oil Prices Near 2-Month Lows as Supply Concerns Ease

Haiden Holmes

Nov 21, 2022 11:27

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Oil prices remained at two-month lows Monday as supply fears abated and China's gasoline consumption and rising interest rates weighed on the market.


Brent oil futures for January slipped 28 cents, or 0.3%, to $87.34 a barrel, their lowest level since September 27.


U.S. West Texas Intermediate (WTI) oil futures for December were trading at $80 a barrel, down 8 cents. January contract fell 21 cents to $79.90 per barrel.


Brent and WTI fell 9% and 10%, respectively, to their lowest prices since September 27.


Last week, the front-month Brent and WTI crude futures spreads narrowed sharply, reflecting diminishing supply anxieties.


As refiners stockpiled ahead of the December 5 EU oil embargo, tight crude supplies in Europe loosened, putting pressure on crude markets in Europe, Africa, and the U.S.


EU's energy policy chief told Reuters that the EU plans to finish its laws by December 5, when a G7 pact to regulate Russian oil prices takes effect.


RBC Capital analyst Mike Tran said the dismal December WTI contract expiry was due to paper market selling, not physical market weakness.


"Tight global inventories don't sustain barrel excess contango," he added.


Although North Sea and West African spot market indicators are weak, they don't imply alarm.


Europe and the U.S. fought for restricted diesel barrel markets. China's diesel exports nearly doubled year-over-year to 1.06 million tonnes in October, but were lower than September's 1.75 million tonnes.


COVID-19 restrictions continue to stifle demand in the world's leading crude importer, while expected interest rate hikes elsewhere have boosted the dollar, making dollar-denominated commodities more expensive for investors.

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