Oil rises on renewed US-Iran hostilities and threat of Red Sea closure
LONDON, July 17 (Reuters): Oil prices rose by about 2 per cent on Friday after the US and Iran stepped up attacks across the Gulf, with shipping threatened by a potential Red Sea closure on top of the restricted traffic through the Strait of Hormuz.Brent crude futures rose by $1.53,...
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Gold heads for biggest weekly loss in six
Gold was on track for its biggest weekly loss in six on Friday, as escalating US-Iran clashes lifted oil prices, adding to inflationary pressures and strengthening the case for higher US interest rates, reports Reuters.Spot gold was up 0.6 per cent at $3,993.22 per ounce by 0758 GMT, having touched...
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China's top airlines warn of heavy losses ahead of uncertain summer
HONG KONG, July 17 (Reuters): China's biggest airlines enter the peak summer travel season facing a more challenging outlook after warning of heavy first-half losses, with weakening demand raising doubts that they can absorb higher fuel costs during the industry's busiest months.Air China, China Eastern Airlines and China Southern Airlines...
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Chevron to sign MOUs with Iraq
HOUSTON, July 17 (Reuters): Chevron is set to sign memorandums of understanding on Friday with the Iraqi government to advance the US oil major's potential entry into the West Qurna 2 and Nassiriya oilfields, according to a senior Chevron executive.The company is also continuing talks with Iraq to produce technical...
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