Kazakhstan, Türkiye ink 20 deals to deepen strategic partnership
A two-day official visit by Kazakh President Kassym-Jomart Tokayev to Türkiye concluded with the signing of 20 agreements aimed at expanding the stra...
Oil prices climbed on Wednesday, maintaining their highest levels since 23 June, lifted by recent attacks on shipping in the Red Sea, along with concerns over steep U.S. tariffs on copper and a forecast for lower U.S. oil production.
Brent crude futures gained 48 cents, or 0.7%, to $70.63 a barrel by 0855 GMT. U.S. West Texas Intermediate crude was up 51 cents, or 0.8%, to $68.84 a barrel.
After months of calm in the Red Sea, attacks in the major global shipping lane were renewed in the past week, which sources attribute to Yemen's Iran-allied Houthis .
A mission was under way on Wednesday to rescue the crew from a cargo ship which sank in the Red Sea following an attack that killed at least four crew members. The Houthis have not claimed responsibility for the attack.
Oil prices were also buoyed by an Energy Information Administration forecast on Tuesday that the U.S. will produce less oil in 2025 than previously expected, as declining oil prices have prompted U.S. producers to slow activity.
On Tuesday, U.S. President Donald Trump said he would announce a 50% tariff on copper, aiming to boost U.S. production of a metal critical to electric vehicles, military hardware, the power grid and many consumer goods.
The announcement came as Trump delayed a deadline for some tariffs to 1 August, providing some hope to major trade partners that deals to ease duties could still be reached, though that left many companies still uncertain on the path forward.
While there is concern that the tariffs could curb demand for oil, more immediately there was strong travel demand during the U.S. 4 July holiday weekend, while data also showed possible crude inventory builds in the U.S. of around 7.1 million barrels.
With the Red Sea strikes and higher U.S. holiday fuel consumption during summer, "the idea of ample future supply must give way to short-term considerations," said a research note from oil broker PVM.
Official inventories data from the U.S. Energy Information Administration is scheduled for release at 1430 GMT.
OPEC+ oil producers were set for another big output boost for September as they complete both the unwinding of voluntary production cuts by eight members, and the United Arab Emirates' move to a larger quota, five sources said.
This followed a Saturday announcement from the group approving a 548,000 barrels per day supply increase for August.
"Oil prices have stayed surprisingly resilient in the face of accelerated OPEC+ supply additions," said DBS Bank's energy sector team lead Suvro Sarkar.
United Arab Emirates' Energy Minister Suhail al-Mazrouei said on Wednesday oil markets were absorbing OPEC+ production increases without building inventories, which means they are thirsty for more oil.
"You can see that even with the increases for several months we haven't seen a major buildup in inventories, which means the market needed those barrels," he said.
The world’s biggest dance music festival faces an unexpected setback as a fire destroys its main stage, prompting a last-minute response from organisers determined to keep the party alive in Boom, Belgium.
Australian researchers have created a groundbreaking “biological AI” platform that could revolutionise drug discovery by rapidly evolving molecules within mammalian cells.
Australian researchers have pioneered a low-cost and scalable plasma-based method to produce ammonia gas directly from air, offering a green alternative to the traditional fossil fuel-dependent Haber-Bosch process.
A series of earthquakes have struck Guatemala on Tuesday afternoon, leading authorities to advise residents to evacuate from buildings as a precaution against possible aftershocks.
'Superman' continued to dominate the summer box office, pulling in another $57.25 million in its second weekend, as theatres welcome a wave of blockbuster competition following a challenging few years for the film industry.
Adidas saw its shares drop 7.5% in early Wednesday trading after second-quarter sales came in below expectations and the company warned of an added €200 million ($231 million) cost burden from new U.S. tariffs in the second half of 2024.
Spotify projected third-quarter profit below market expectations on Tuesday, citing increased tax expenses linked to employee compensation, despite strong demand for its premium subscription services.
Microsoft is reportedly in advanced negotiations to revise its agreement with OpenAI, aiming to maintain access to the startup’s cutting-edge AI technology even if OpenAI achieves artificial general intelligence (AGI), according to Bloomberg News, which cited sources familiar with the matter.
Türkiye is pressing Iraq to include a clause in a new energy deal that guarantees full utilization of the Kirkuk-Ceyhan oil pipeline, which has remained idle since 2023 due to legal disputes.
European automakers including BMW and Mercedes-Benz are set to gain €4 billion from a new EU-U.S. trade agreement that lowers tariffs on vehicle exports. The move offers relief in a key market but still leaves duties higher than pre-2024 levels.
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