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  • Aug 28, 2024

Oil retreats as demand concerns offset Libya supply risks

(Reuters) -Oil prices fell more than 1% on Wednesday on persistent concern over Chinese demand and elevated risks of a broader slowdown, though the decline was capped by potential supply losses from the Middle East and Libya. Brent crude futures were down $1.15, or 1.45%, at $78.40 a barrel by 1200 GMT. U.S. West Texas Intermediate crude futures fell $1.20, or 1.6%, to $74.33.

  • Aug 28, 2024

Russian Steel Bucks Global Downturn as War Economy Drives Demand

(Bloomberg) -- Weak Chinese demand is depressing the global steel market, but Vladimir Putin’s war economy has made Russia a striking exception.Most Read from BloombergNazi Bunker’s Leafy Makeover Turns Ugly Past Into Urban EyecatcherChicago Overcomes DNC Skeptics With Calm, Parties and SunThe Kremlin’s invasion of Ukraine has stimulated the Russian economy, driving up residential construction and spurring infrastructure spending. That’s buoying the country’s steel industry, while markets in Eur

  • Aug 28, 2024

Red Sea Oil Disaster Risk as US Says Houthi-Hit Tanker Leaks

(Bloomberg) -- An abandoned oil tanker attacked in the Red Sea by Iran-backed Houthi rebels a week ago appears to be burning and leaking, raising the specter of environmental disaster, a Pentagon spokesman said on Tuesday.Most Read from BloombergNazi Bunker’s Leafy Makeover Turns Ugly Past Into Urban EyecatcherChicago Overcomes DNC Skeptics With Calm, Parties and SunThe comments are the latest to underscore what the European Union’s navy in the region described as an imminent environmental hazar

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