Oil slides 1% on fears over higher OPEC supply, slower China demand

The chimneys of the Total Grandpuits oil refinery, southeast of Paris, France. (Reuters)
Updated 02 March 2021
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Oil slides 1% on fears over higher OPEC supply, slower China demand

Oil prices slid more than 1 percent on Tuesday as expectations that OPEC would agree to raise oil supply in a meeting this week weighed on sentiment, already hit by concerns over slowing Chinese demand.
Brent crude dropped 80 cents, or 1.3 percent, to $62.89 a barrel in early London trading, after losing 1.1 percent the previous day. US West Texas Intermediate (WTI) crude fell 69 cents, or 1.1 percent, to $59.95 a barrel, having lost 1.4 percent on Monday.
They both touched the lowest in more than 6 days, extending losses that started late last week.
Expectations that the Organization of the Petroleum Exporting Countries and its allies, a group known as OPEC+, would boost oil output from April are pushing prices lower, said Satoru Yoshida, a commodity analyst with Rakuten Securities.
“Concerns over an increase in OPEC+ supply and an end of Saudi Arabia’s voluntary cut of 1 million barrels per day (bpd) this month weighed on oil prices,” he said.
The group meets on Thursday and could discuss allowing as much as 1.5 million barrels per day (bpd) of crude back into the market.
OPEC oil output fell in February as a voluntary cut by Saudi Arabia added to reductions agreed to under the previous OPEC+ pact, a Reuters survey found, ending a run of seven consecutive monthly increases.
Russian oil and gas condensate output fell to 10.1 million bpd in February from 10.16 million bpd in the previous month, despite plans to boost it, according to Reuters calculations based on an Interfax report citing official data.
OPEC+ is monitoring global inventories and the rate of drawdowns will be a factor discussed on Thursday.
“Oil prices may stay under pressure as investors are making position adjustments ahead of the OPEC meeting,” said Hiroyuki Kikukawa, general manager of research at Nissan Securities.
Market sentiment was also dampened by weak manufacturing data out of China, Kikukawa said.
China’s factory activity growth slipped to a nine-month low in February, which may curtail Chinese crude demand and pressure oil prices.


Trump calls for deal on Gaza war as signs of progress emerge

Updated 3 min 4 sec ago
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Trump calls for deal on Gaza war as signs of progress emerge

  • ‘MAKE THE DEAL IN GAZA. GET THE HOSTAGES BACK!!!’ Trump wrote on his social media platform
  • The Israeli military on Sunday ordered a mass evacuation of Palestinians in large swathes of northern Gaza
TEL AVIV: US President Donald Trump on Sunday pleaded for progress in ceasefire talks in the war in Gaza, calling for a deal that would halt the fighting in the 20-monthlong conflict as the sides appeared to be inching closer to an agreement.
An Israeli official said plans were being made for Prime Minister Benjamin Netanyahu to travel to Washington, D.C., in the coming weeks, a sign there may be movement on a new deal. The official declined to discuss the focus of the visit and spoke on condition of anonymity to discuss plans that had not yet been finalized.
“MAKE THE DEAL IN GAZA. GET THE HOSTAGES BACK!!!” Trump wrote on his social media platform Truth Social early Sunday between posts about a Senate vote on his tax and spending cuts bill.
Trump raised expectations Friday for a deal, saying there could be a ceasefire agreement within the next week. Taking questions from reporters, he said, “We’re working on Gaza and trying to get it taken care of.”
Trump has repeatedly called for Israel and Hamas to end the war in Gaza. Despite an eight-week ceasefire reached just as Trump was taking office earlier this year, attempts since then to bring the sides toward a new agreement have failed.
A top adviser to Netanyahu, Israeli Minister for Strategic Affairs Ron Dermer, was set to travel to Washington this week for talks on a ceasefire.
Trump post slams Netanyahu corruption trial
The Gaza message wasn’t the only Middle East-related post by Trump. On Saturday evening, he doubled down on his criticism of the legal proceedings against Netanyahu, who is on trial for alleged corruption, calling it “a POLITICAL WITCH HUNT, very similar to the Witch Hunt that I was forced to endure.”
In the post on Truth Social, he said the trial interfered with talks on a Gaza ceasefire.
“(Netanyahu) is right now in the process of negotiating a Deal with Hamas, which will include getting the Hostages back. How is it possible that the Prime Minister of Israel can be forced to sit in a Courtroom all day long, over NOTHING,” Trump wrote.
The post echoed similar remarks Trump made last week when he called for the trial to be canceled. It was a dramatic interference by an international ally in the domestic affairs of a sovereign state. And it unnerved many in Israel, despite Trump’s popularity in the country.
Israeli military orders new evacuations in northern Gaza
The Israeli military on Sunday ordered a mass evacuation of Palestinians in large swathes of northern Gaza, an early target of the war that has been severely damaged by multiple rounds of fighting.
Col. Avichay Adraee, a military spokesperson, posted the order on social media. It includes multiple neighborhoods in eastern and northern Gaza City, as well as Jabaliya refugee camp.
The military will expand its escalating attacks to the city’s northern section, calling for people to move southward to the Muwasi area in southern Gaza, Adraee said.
After being all but emptied earlier in the war, hundreds of thousands of people are in northern Gaza following their return during a ceasefire earlier this year.
An Israeli military offensive currently underway aims to move Palestinians to southern Gaza so forces can more freely operate to combat militants. Rights groups say their movement would amount to forcible transfer.
A sticking point over how the war ends
The war in Gaza began with Oct. 7, 2023, attacks by Hamas in which militants killed 1,200 people and took roughly 250 hostages, about 50 of whom remain captive with less than half believed to be alive.
Israel’s retaliatory response has killed more than 56,000 people, according to local health authorities, who do not distinguish between militants and civilians in their count but say more than half of the dead are women and children.
The war has set off a humanitarian catastrophe, displaced most of Gaza’s population, often multiple times, and obliterated much of the territory’s urban landscape.
Talks between Israel and Hamas have repeatedly faltered over one major sticking point, whether the war should end as part of any ceasefire agreement.
Hamas says it is willing to free all the hostages in exchange for a full withdrawal of Israeli troops and an end to the war. Israel rejects that offer, saying it will agree to end the war if Hamas disarms and goes into exile, something the group refuses.

Germany backs Israel after Iran war in first high-level visit

Updated 1 min 12 sec ago
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Germany backs Israel after Iran war in first high-level visit

BAT YAM: German Interior Minister Alexander Dobrindt expressed support for Israel on Sunday during a visit to the site of an Iranian missile strike near Tel Aviv, part of the destruction left by this month’s 12-day war.
It was the first visit by a senior foreign official since the war between Iran and Israel, which ended on Tuesday after a ceasefire was announced.
“We must deepen our support for Israel,” Dobrindt said, speaking amid the rubble in Bat Yam, south of the coastal hub of Tel Aviv, where an Iranian strike killed nine people including three children.
Israel launched a bombing campaign against Iran on June 13, saying it was aimed at keeping the Islamic republic from developing a nuclear weapon — an ambition Tehran has consistently denied.
Israeli Foreign Minister Gideon Saar called the German visit a gesture of “solidarity” and urged the international community to reimpose sanctions on Iran.
German Chancellor Friedrich Merz on June 17, on the sidelines of a G7 summit in Canada, said Israel was doing the “dirty work... for all of us” by targeting Iran’s nuclear infrastructure.
Israel has acknowledged being hit by more than 50 missiles during the 12-day war with Iran, resulting in 28 deaths, but the true extent of the damage may never be known due to stringent media restrictions.
In Iran, Israeli strikes killed at least 627 civilians and injured nearly 4,900, according to official figures.


At least 31 killed, 43 injured in rain-related incidents across Pakistan since June 27

Updated 3 min 35 sec ago
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At least 31 killed, 43 injured in rain-related incidents across Pakistan since June 27

  • Eighteen people killed in Khyber Pakhtunkhwa, seven in Sindh and six in Punjab, says NDMA report
  •  Disaster management authority forecasts rain with wind/thunderstorms over next 24 to 48 hours

ISLAMABAD: At least 31 people have been killed and 43 injured in total since June 27 in Pakistan’s Khyber Pakhtunkhwa (KP), Punjab and Sindh provinces, a report by the National Disaster Management Authority (NDMA) said this week. 

Heavy rains have lashed Sindh, Punjab and KP provinces this week, raising water levels in rivers to alarming levels and triggering urban floods in some cities. 

As per the NDMA’s report on Saturday, six people were killed in Punjab, 18 in KP and seven in Sindh from June 27 to 28. Punjab reported the largest number of injuries in the same period, 21, followed by Sindh with 16 and KP with six. 

The NDMA has issued a series of impact-based weather alerts across the country, forecasting ongoing and intensified rain-wind/thunderstorms over the next 24 to 48 hours.

“Persistent heavy downpours are expected to overwhelm drainage systems in urban centers, leading to significant urban flooding, especially in low-lying areas,” the state-run Pakistan Television (PTV) said in a report, quoting the NDMA. 

“Rapid and intense rainfall can trigger flash floods in local and seasonal streams, particularly in mountainous and hilly regions.”

SWAT RIVER DEATH TOLL SURGES TO 12

Separately, the death toll from drowning in the wake of flash flooding in Pakistan’s northwestern Swat River has climbed to 12, a leading emergency rescue service said on Sunday. 

Flash flooding due to heavy rain caused the Swat River water to rise to dangerous levels at several locations across the mountainous valley on Friday, according to Khyber Pakhtunkhwa’s Rescue 1122 emergency service. 

Rescue 1122 KP spokesperson Bilal Faizi said on Friday a total of 16 people had been trapped in the floods, adding that three had been rescued.

“The body of Danial, who was from Mardan and lost his life in the Swat incident, has been recovered from the Charsadda,” Rescue 1122 said in a statement.

“With this recovery, the total number of confirmed deaths has risen to 12.”

Rescue 1122 said its teams were searching for a missing child from Sialkot who was also among those trapped in the floods. 

State broadcaster Radio Pakistan said the deceased and missing persons belong to Pakistan’s Sialkot, Daska and Mardan cities. 

Pakistan, home to over 240 million people, is considered one of the world’s most vulnerable countries to the effects of climate change and faces extreme weather events with increasing frequency.

Prime Minister Shehbaz Sharif on Saturday directed the NDMA to enhance coordination with provinces and issue timely weather alerts to citizens via cellphone messages.


Lucky number 3? 76ers bring V.J. Edgecombe to Abu Dhabi as a new era dawns

Updated 31 min 15 sec ago
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Lucky number 3? 76ers bring V.J. Edgecombe to Abu Dhabi as a new era dawns

  • The NBA Abu Dhabi Games 2025 host the New York Knicks and the Philadelphia 76ers twice at Etihad Arena on Yas Island

DUBAI: For the Philadelphia 76ers, the No. 3 pick in the NBA Draft has proven to be a lucky number.

It was at No. 3 in 2014 that the Sixers selected Joel Embiid, a decision that reshaped the franchise. Embiid went on to become the face of the team and the NBA’s Most Valuable Player in 2023. More than a decade later, Philadelphia is again looking to strike gold at No. 3 with the selection of V.J. Edgecombe, made during last night’s NBA Draft.

The Sixers are expected to bring the new addition to the international stage in October when they head to Abu Dhabi for two preseason games.

The National Basketball Association and the Department of Culture and Tourism – Abu Dhabi have officially announced that The NBA Abu Dhabi Games 2025 presented by ADQ will feature the New York Knicks and the Philadelphia 76ers. The two teams will meet on Thursday, Oct. 2 and Saturday, Oct. 4 at Etihad Arena on Yas Island.

These games will offer Philadelphia an opportunity to test their revamped lineup and start building chemistry for the upcoming season. More importantly, it is a chance to see if Edgecombe can continue the Sixers’ No. 3 draft tradition of finding franchise-changing talent.

Edgecombe, selected third overall in the 2025 NBA Draft, arrives in Philadelphia with high expectations. Many believed the Sixers would trade out of their draft position, but when top prospects Cooper Flagg and Dylan Harper were taken early, and Ace Bailey canceled his workout, Philadelphia stayed put and took the dynamic guard from Baylor.

At just 19 years old, Edgecombe brings elite athleticism, strong defensive instincts, and plenty of long-term potential. He averaged 15 points, 5.6 rebounds, and 3.2 assists during his freshman season and is known for his explosive finishes at the rim and impact in transition. While his shot creation still needs development, his energy and defensive presence make him a key addition to the Sixers’ backcourt.

Edgecombe also carries deep Bahamian pride.

“It’s crazy because my island is only seven miles long. I don’t think anyone on that island would dream of playing in the NBA, let alone making it. It would just sound so crazy, being able to make it. I’m just truly blessed to be in that position.” he said.

Edgecombe believes he will complement the Sixers’ lineup well.

“I feel like I’ll be able to play off them,” Edgecombe said. “They’re great players. Embiid is the MVP of the league … I just feel like I fit in well with them. And even coach (Nick) Nurse. He’s a defensive-minded coach. And I feel like I play a lot of defense.”

The Abu Dhabi Games will give Philadelphia the chance to test their chemistry and rotations in a high-profile international setting, while giving Edgecombe valuable time to play off the 76ers’ stars and build his defensive presence, as they face the Knicks, who reached the Eastern Conference Finals this year but fell short against the Indiana Pacers in a tough six-game series.

With history on their side and team chemistry still taking shape, the No. 3 pick could again define Philadelphia’s future and push them closer to championship contention.


Russia launches biggest aerial attack on Ukraine since the start of the war

Updated 33 min 13 sec ago
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Russia launches biggest aerial attack on Ukraine since the start of the war

KYIV: Russia launched its biggest aerial attack against Ukraine overnight, a Ukrainian official said Sunday, part of an escalating bombing campaign that has further dashed hopes for a breakthrough in efforts to end the 3-year-old war.
Russia fired a total of 537 aerial weapons at Ukraine, including 477 drones and decoys and 60 missiles, Ukraine’s air force said. Of these, 249 were shot down and 226 were lost, likely having been electronically jammed.
Yuriy Ihnat, head of communications for Ukraine’s air force, told the Associated Press that the overnight onslaught was “the most massive air strike,” on the country, taking into account both drones and various types of missiles. The attack targeted regions across Ukraine, including western Ukraine, far from the frontline.
Poland and allied countries scrambled aircraft to ensure the safety of Polish airspace, the Polish air force said Sunday.
Kherson regional Gov. Oleksandr Prokudin said one person died in a drone strike. Six people were wounded in Cherkasy, including a child, according to regional Gov. Ihor Taburets.
The war shows no signs of abating as US-led international peace efforts have so far produced no breakthrough. Two recent rounds of talks between the Russian and Ukrainian delegations in Istanbul were brief and yielded no progress on reaching a settlement.