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U.S. Energy Secretary: Washington prefers diplomatic dialogue with Iran, but will destroy Tehrans nuclear facilities "if necessary".Nepalese police: Floods have killed at least 157 people.August 27th - According to sources, US allies privately assess that the Strait of Hormuz likely still contains mines. While the US has made some progress in clearing mines in international waters, it is estimated that not all of the 80 to 150 mines laid by Iran have been cleared, and some may have drifted away with the currents. Trump has recently claimed that all mines in the strait have been cleared, stating that the Strait of Hormuz is a "perfectly functioning strait." The US Central Command declined to comment on estimates of the number of mines in the Strait of Hormuz on Wednesday. Analysts believe the possibility of all mines being cleared is "extremely low." Even if the mine threat has decreased, many merchant ships remain within range of Iranian drones and short-range missiles, and many vessels are beyond the coverage of US air defense systems. The International Maritime Organization also stated that it has no definitive information on the clearing of mines and urged ships to exercise maximum caution. Iran claims that only Iran knows the location of the mines and has warned that US mine-clearing vessels could become targets. Currently, Iran and Oman have discussed establishing a "temporary joint maritime corridor" and a mine clearance project; Britain and France are also planning mine clearance and shipping support operations after the ceasefire.A spokesperson for the European Commission said the Commission is in communication with Meta Platforms (META.O) regarding the preliminary finding that its "addictive design" violates the Digital Services Act (DSA).A spokesperson for the European Commission said: The Commission will not comment on the settlement of Meta Platforms (META.O) in the United States.

U.S. Data And OPEC Uncertainty Discourage Market Bulls

Skylar Williams

Dec 02, 2022 14:09

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Oil prices remained unchanged on Thursday as disquieting U.S. manufacturing statistics and uncertainty over OPEC+'s future course of action restrained a market that had climbed roughly three times as much earlier in the day in pursuit of Wednesday's spike.


According to a Reuters story, European Union members have agreed informally to a price cap of $60 per barrel for seaborne Russian oil, which depressed oil bulls. The proposed cap, with an adjustment mechanism to keep it at 5% below the market price of oil, is still higher than many had anticipated, so lessening the probability of Russian retaliation through reduced production or exports.


West Texas Intermediate, or WTI, crude for January delivery traded on the New York Mercantile Exchange closed the day at $81.22 a barrel, an increase of 67 cents, or 0.8%. WTI soared over $2.80 to $83.33 at the session's peak as oil bulls sought to duplicate Wednesday's 3% increase. Following a 19% decrease over the previous three weeks, the benchmark for U.S. crude has increased by almost 7% in the past week.


Brent crude for February trading in London ended the day 9 cents down at $86.88 a barrel. Despite Thursday's dip, the worldwide benchmark for crude oil is up 4% for the week, following a 16% decline over the previous three weeks.


Oil and other risk assets, including Wall Street shares, were hindered by the ISM manufacturing index for the United States slipping below the 50-point level for the first time in over 212 years.


Uncertainty over OPEC+'s activities at this week's meeting lowered oil market risk.


OPEC+, which consists of the Saudi-led 13-nation Organization of the Petroleum Exporting Countries (OPEC) and 10 oil producing allies led by Russia, has already reached an agreement to cut production by 2 million barrels per day until the end of next year in an effort to boost crude prices, which have fallen by about 40% from their March highs.


On Monday, Saudi Energy Minister Abdulaziz bin Salman cautioned that when the alliance meets the following weekend, it is possible that more cuts will be enacted.


Other oil producing coalition officials have informed the media informally that OPEC+ would likely maintain output levels at its meeting on Sunday.

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