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The Latest Breaking News from Oil

Friday's CPI Print And Recent Price Action Suggest The Market Is Following A 1970's Analog. Bullish For Oil, Bearish For Tech.

That '70s Show In the wake of Friday's soaring CPI print and Bank of America strategist Michael Hartnett's latest note ("A Dire Outlook From Wall Street's Biggest Bear"), it's worth revisiting the '70s bear market analogue he sketched out last month, and how that has panned out so far.

Benzinga

SNP's Fergus Ewing joins ex-Tory ministers in call for oil and gas support

FORMER SNP minister Fergus Ewing has joined with ex-Tory minister Amber Rudd and others to call of increased support for the oil and gas sector.

The National (Scotland)

Russia's rouble is now stronger than before the war – western sanctions are partly to blame

In the days after Russia invaded Ukraine in February 2022 and the west imposed sanctions, the rouble collapsed. The number of roubles to one US dollar quickly fell from about 78 to 138 – a huge move in the world of forex (foreign exchange), and terrifying for those with their…

The Conversation

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Amber Rudd among former ministers to stress importance of oil and gas industry

The cross-party group will sign a declaration in Aberdeen today

Insider UK

For Father’s Day, try a weeknight-easy spiced steak

Thin cuts of steak, such as flat iron, are great for weeknight meals because they’re full of flavor and cook up fast

The Independent UK

UK ramps up gas and oil exports to EU amid Russia’s war in Ukraine

Britain’s goods exports to EU a record £16.4bn in April despite impact of Brexit

The Guardian - UK

All hail summertime cooking

Summer is Emily Weinstein’s favourite time of year to cook – here’s four of her recommendations

The Independent UK

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British farmers being paid to bury burnt wood as part of new carbon capture trial

Researchers in a multi-million-pound trial are placing 200 tonnes of a charcoal-like substance under woodland and farmland in an attempt to improve British soil health and turn waste carbon into a useful nutrient.

Daily Mirror

Diesel price up again on Tuesday

The board of the Oil Fuel Fund has raised the price cap on standard diesel by one baht, from 33.94 baht to 34.94 baht per litre, effective on Tuesday morning.

Bangkok Post

Petrol prices across the world at 2p a litre compared to UK rising costs

Some stations are charging over £2 a litre

Daily Record

Ireland's new social welfare payment arrives and thousands of people are eligible

The Additional Needs Payment can help households to cover one-off expenses such as €1,450 to help fix a broken boiler

Irish Mirror

Oil Falls on Beijing's COVID-19 Warning, Inflation Worries

Oil dropped more than $2 on Monday as a flare-up in COVID-19 cases in Beijing dented hopes of a pick-up in Chinese demand, while worries about more interest rate hikes to control rampant inflation added further pressure. Beijing's most populous district Chaoyang announced three rounds of mass testing to quell…

Asharq Al-Awsat

Russia ‘earned’ $98bn in fuel exports in 100 days of Ukraine war

A new report says most exports went to European countries as Kyiv urges the West to sever all trade with Moscow.

Al Jazeera

Egypt to Set Up New Area for Crude Oil Storage South of Cairo

Egypt plans to set up new area for crude oil storage in El-Tebbin, south of Cairo, the petroleum ministry said in a statement on Sunday. The project, with an estimated cost of 1.8 billion Egyptian pounds ($96.21 million), aims to receive crude from Ain Sokhna terminal on the red sea…

Asharq Al-Awsat

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The Independent UK

India, China growing markets for shunned Russian oil

India and other Asian nations are becoming an increasingly vital source of oil revenues for Moscow as the U.S. and other Western countries cut their energy imports from Russia in line with sanctions over its war on Ukraine

Bangkok Post

Cannabis delisting sparks market interest

Large companies in the beverage, entertainment and consumer product fields are making forays into cannabis-related products after the partial decriminalisation of the drug took effect last Thursday.

Reuters

Malaysia firms turn down orders as migrant labour shortage hits

Malaysian companies from palm oil plantations to semiconductor makers are refusing orders and forgoing billions in sales, hampered by a shortage of more than a million workers that threatens the country's economic recovery.

Bangkok Post

All must help save energy

The Russia-Ukraine military conflict has given rise to surging energy prices worldwide with the price of oil now at its highest level in almost 14 years.

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Bangkok Post

Bracing for the inevitable

Thailand is expected to enter a cycle of policy rate hikes in the second half of this year in response to persistently high inflation, according to research houses.

ABC News

How your spiking energy bills are making foreign investors rich

Australia's oil and gas resources are overwhelmingly exploited by global multinationals and most of these corporations pay no tax.

The Hindu

Dealers of remote fuel outlets complain of poor supply

Availability of diesel has been hit, they say

Glasgow Live

Glasgow 'cooking oil' spill at east end junctions could have been malicious fears biker

A motorcyclist has expressed fears that cooking oil could've been left at two east end junctions 'maliciously' to injure members of the public. Police were forced to close the road to deal with the substance.

Asharq Al-Awsat

Saudi Arabia Provides $10 Mln to Tackle Yemen's Safer Tanker Crisis

The King Salman Humanitarian Aid and Relief Center (KSrelief) announced on Saturday that Saudi Arabia will provide USD10 million to help address the existing threats arising from the Safer oil tanker, which is moored off Yemen's city of Hodeidah. In a statement, KSrelief said the Kingdom has always supported the…

Asharq Al-Awsat

Cost of Fuel Exceeds Minimum Wage in Lebanon

The price of a 20 liters of fuel crossed the minimum wage in Lebanon for the first time since the eruption of the country's economic crisis. The cost of fuel reached 700,000 Lebanese pounds, or 25 dollars, on Saturday, while minimum wage stands at 675,000 LL. The cost of fuel…

The Independent UK

The AP Interview: Sri Lanka PM says he's open to Russian oil

Sri Lanka’s prime minister says he may be compelled to buy more oil from Russia as he hunts desperately for fuel to keep the country running

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