برچسب: economic

According to webangah News Agency, citing Reuters, oil ⁢prices climbed in early Asian trading⁢ on Monday. Former​ U.S. president Donald⁢ Trump’s decision to extend trade negotiation deadlines with⁢ the⁢ European Union has​ eased concerns about the impact of U.S.tariffs on global economic ⁣growth and fuel demand.

North Sea Brent crude rose by ​3 ⁣cents (0.05%) to $64.81 per barrel, while U.S. West Texas Intermediate (WTI) crude gained 5 cents (0.08%) to $61.58.

Trump⁣ stated his‍ support for delaying⁤ EU ⁢trade talks until July 9 after European Commission President Ursula von der Leyen ⁤said the bloc ⁣needed more time‌ to finalize an agreement.

Analysts note that trade tensions, tariffs, and financial concerns remain key factors influencing investor risk appetite and oil prices this week.

The ⁢upward trend in Brent⁢ and⁣ WTI ⁤prices continues amid limited progress in nuclear negotiations between Iran ⁤and the U.S.,temporarily calming fears about Iranian oil re-entering global markets.

Energy service firm Baker Hughes reported⁢ a decline in active U.S. oil⁢ rigs—down‌ by eight last week to⁣ 465—marking ⁣the lowest count as ⁣November 2021,which has supported prices amid lower production pressure.

However,expectations of increased output from OPEC+ are capping further price⁢ gains. The alliance—comprising OPEC members and allies—is expected ⁢to approve a 411,000-barrel-per-day production hike at⁣ its⁣ July ⁤meeting.

Reuters ⁣recently⁤ reported that OPEC+ ⁣will fully phase out⁤ its current 2.2 million-barrel production cut by October’s end, having already raised output targets by ~1 million barrels daily during April-June.

The⁤ signing of two controversial‌ oil ​and gas contracts between Iraq’s Kurdistan Regional ⁢Government (KRG) and U.S. energy firms has rekindled tensions‌ with Baghdad,according to a ⁣report by webangah News Agency.

Iraq’s Oil Ministry has‍ declared the agreements “null and void,” while the‌ United ⁢States has explicitly endorsed them,urging rapid gas production ‍to commence.

U.S. ⁢Energy Secretary Chris Wright stated on Thursday‌ there are “significant opportunities” for American collaboration with Iraqi Kurdistan in oil and gas ⁢development.

KRG Prime Minister Masrour Barzani traveled to Washington to finalize two deals with U.S. companies HKN Energy‌ and Western Zagros, collectively valued at $110 billion over their lifespan.

The agreements drew immediate condemnation from Iraq’s ⁢federal⁤ government, with the Oil Ministry ‍labeling them “invalid.” ​Control over hydrocarbon⁢ resources remains​ a⁢ persistent flashpoint between Baghdad⁣ and ⁣Erbil.

“We‍ see tremendous potential for U.S. partnership in this sector,” Wright said at a Washington conference, ‍citing the​ contracts as evidence. “We’re ​eager to see these commercial relationships grow.”

State ⁢Department spokesperson Tommy Bruce told reporters: “We ‌support these agreements and encourage both parties to cooperate for swift gas ⁤production.” ⁢He​ acknowledged Baghdad’s rejection of⁣ the deals coudl create complications.

A senior​ Iraqi Oil Ministry official told Reuters ‌the⁢ contracts were signed without federal approval, potentially impacting efforts to resume Kurdish oil exports through national pipelines.

According to preliminary data‍ from S&P Global, declining demand⁢ and renewed​ pessimism have pressured⁣ the eurozone’s service sector, ⁤dragging overall economic momentum to a six-month low.‌ The Composite Purchasing Managers’ Index (PMI) for the ⁤eurozone fell‌ to 49.5 in May—below economists’ forecast of 50.7—marking the first contraction since‍ November 2024. A PMI reading below 50 indicates economic contraction.

The services sector drove this decline,with business activity shrinking at its fastest pace since January 2024 and for the first time in six months. The Services‍ PMI dropped to 48.9 (from April’s⁢ 50.1), underperforming expectations of 50.3.

Meanwhile, manufacturing remains‍ weak despite a marginal PMI improvement from 48.0 to 48.4—still below growth ⁣thresholds. Business sentiment has also deteriorated:​ Eurozone economic confidence fell ​for a second consecutive month, hitting its lowest level since October 2023.

The confidence⁤ decline was sharpest in services, ⁢where optimism plunged to levels unseen since September 2022.

“These figures confirm the eurozone economy ⁣continues struggling to gain forward momentum,” said Dr Cyrus de ⁤la Rubia, Chief Economist at Hamburg Commercial Bank.

The webangah News Agency, citing bloomberg, revealed that the EU is evaluating measures too further restrict Russia’s financial⁢ and energy sectors.The⁤ proposed⁣ sanctions include removing additional Russian banks from SWIFT,⁢ reducing the⁢ G7-imposed ⁢price cap on Russian crude oil to approximately $45 per barrel, and prohibiting transactions linked to the Nord ⁤Stream ⁣pipelines.

The European Commission—the EU’s executive arm—plans⁤ to propose‍ these measures as part of its latest sanctions package. ⁢The bloc ‌is also reviewing ​fresh trade restrictions targeting over 20 banks and new commercial bans worth around $2.84⁣ billion.

According ​to ‌Bloomberg, these steps aim to further diminish Russia’s revenue streams⁤ and limit its access to technologies critical for weapons ‌production. However, no ⁣final decision has ⁤been made regarding implementation timelines. EU sanctions⁤ require unanimous approval ​from member ​states and may undergo revisions ⁢before formal adoption.

The EU first imposed a ban on seaborne Russian oil imports in ‌2022. Later, the G7 nations, alongside the EU and Australia, set a $60-per-barrel price cap on ​maritime shipments of Russian crude for vessels under their jurisdiction. Similar restrictions where extended in 2023 to cover petroleum products imported from Russia.

The outage appears to have been resolved,as Downdetector reports ⁤dropped to 690 incidents by 11:30 AM Eastern Time (ET).

U.S. users began ⁣reporting issues on Downdetector around 8:00 AM ET Saturday. ⁤By 8:26 AM,over 25,000 American users reported ‌problems ⁢accessing X’s mobile app and web version,with connectivity failures to servers.

More than 11,000 users in​ the UK and hundreds across other ​countries also ⁣reported disruptions.

Since Downdetector‌ relies solely on user reports, these‌ figures may ​not reflect the full scale of X’s service issues.

X’s technical team stated at 8:03 PM ET Friday that access problems stemmed from a data center outage. Wired magazine reported a fire Thursday morning⁤ at an‌ X-leased data center ‍in Hillsboro, Oregon.

Downdetector noted users faced login difficulties starting around 2:00 PM ET Thursday.

X’s ⁢Developer Platform acknowledged system-wide ​disruptions from Thursday ⁣through Friday ⁢that were “now resolved,” though Friday‍ logins experienced “degraded⁤ performance” that‌ “persists.”

The platform stated: “Our team is working around the clock ‌to ⁢resolve this.‍ We appreciate your patience and will share updates soon.”

Elon Musk, who ‌acquired ​X in 2022 webangah‍ News ‌Agency, responded saturday to an X post‌ linking the outages to the data center fire by writing:‍ “Back to round-the-clock shifts⁢ sleeping in conference ⁤rooms/servers/factories. Must focus entirely on X/XAI/Tesla (plus Starship launch⁣ next week) as critical technologies are ramping.”

He ‍added: “Recent accessibility issues demonstrate essential operational improvements ⁤are needed. the failover system should’ve worked but didn’t.”

A CNN ⁤request for comment went unanswered by X’s spokesperson.

the platform suffered major outages in late March that​ Musk attributed to a “large-scale​ cyberattack.”

Averaging ⁣ 250 million daily active​ users‌ ()in ()2024( )), ()Musk announced on March28 he had transferredX’s ownershiptohisnewAIcompany,XAI.( ))