Ghana, one of West Africa's largest economies, will hold formal talks with the International Monetary Fund on a support package, the government said on Friday, after hundreds took to the streets to protest against mounting hardship.
Ecuador's state oil company Petroecuador hopes to be able to lift a declaration of force majeure over its Oriente crude exports by July 7, following an agreement between the government and indigenous leaders that put an end to over two weeks of protests, a company executive said on Thursday.
Ecuador's state oil company Petroecuador hopes to be able to lift a declaration of force majeure over crude exports by July 7, following an agreement between the government and indigenous leaders that put an end to over two weeks of protests, a company executive said on Thursday.
* OPEC+ sticks to oil output policy, avoids debate on September. * Recession fears weigh on oil prices, Wall Street. * Some Norway oil workers to strike from July 5. By Stephanie Kelly. Oil prices sank around 3% on Thursday as OPEC+ confirmed it would only increase output in August as much as previously announced despite tight global supplies, but left the market wondering about future output.
The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, posted its first monthly drop since January on Thursday due to weakness across vessel segments. * The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, rose 54 points, or nearly 2.5%, to 2,240 points.
Oil prices sank around 3% on Thursday as OPEC+ confirmed it would only increase output in August as much as previously announced despite tight global supplies, but left the market wondering about future output. Brent crude futures for September delivery fell $3.42, or 3%, to settle at $109.03 per barrel. U.S. West Texas Intermediate crude futures fell $4.02, or 3.7%, to settle at $105.76 a barrel.
Buy and hold, maximum long. That has basically been the strategy for commodity hedge funds for the last couple of years, but it is fast losing its luster. Crude oil, industrial metals and a range of agricultural commodities are down significantly from their peaks earlier this year - in some cases by up to 50% - as rising interest rates increase the likelihood of U.S. and global recession.
Brazil cenbank
* Ecuador could stop pumping oil within 48 hours due to
protests
* Petrobras shares surge, elects new CEO
* Argentina tightens FX access to protect forex ...
Prices for spot crude in much of the world are rising on strong demand and a supply crunch, but in the oil futures market, worries of a recession have kept a lid on values. Oil futures could be oversold and ripe for a reversal if global demand keeps running at the current rate of about 100 million barrels per day, closing in on pre-pandemic levels.
* Brent, U.S. crude head for second weekly decline. * Fed's inflation fight is 'unconditional,' Powell says. * US consumer sentiment at record low, inflation outlook improves. * OPEC+ seen sticking to plan at June 30 meeting. By Laura Sanicola.
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