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Bloomberg Oil declined as investors assessed signs of lackluster US gasoline demand and the return of supplies from Libya. West Texas Intermediate futures fall towards $95 a barrel. The slump came after a US report showed gasoline inventories rose more than expected last week, while stalling demand sent the motor fuel’s premium over crude plummeting. Further bearish signs emerged from …

  Bloomberg A lack of progress by the world’s largest economies to reduce the debt burden of the poorest nations as borrowing costs increase will cause worsening poverty rates and instability, World Bank Group President David Malpass said. “Debt relief is of major importance for the world because the interest rates are going up,” Malpass said in an interview on …

  Bloomberg The International Monetary Fund (IMF) will cut its global economic growth outlook “substantially” in its next update, as finance chiefs grapple with a shrinking list of options to address the worsening risks. Surging food and energy prices, slowing capital flows to emerging markets, the ongoing pandemic and a slowdown in China make it ‘much more challenging’ for policymakers, …

Bloomberg India’s gasoline and diesel sales during the first half of July dropped from last month as seasonal rains curtailed demand in world’s third-biggest energy consumer that could help keep a lid on oil prices. The three biggest retailers sold 1.28 million tons of gasoline during July 1-15, down about 8% from the corresponding period in June, according to refinery …

Bloomberg Europe’s oil and gas giants, flush with cash from soaring prices, are considering whether to turbo-charge their transition to clean energy with multibillion-dollar acquisitions of major renewable energy producers. Shell Plc, TotalEnergies SE and Equinor ASA are among the companies that have evaluated the suitability of European utilities for takeovers. Potential targets include some of the region’s largest wind …

  Bloomberg Relieving poor countries of their debt burdens and creating innovative financial instruments could help free up more than $400 billion to help people suffering the most from warming temperatures, according to a new study. Immediate debt relief would unlock about $105 billion that could be directed toward mitigating climate change and preparing developing nations for its effects, the …

  Bloomberg A global squeeze on energy supply that’s triggered crippling shortages and sent power and fuel prices surging may get worse, according to the head of the International Energy Agency (IEA). “The world has never witnessed such a major energy crisis in terms of its depth and its complexity,” IEA Executive Director Fatih Birol said on Tuesday at a …

Bloomberg Oil declined as a renewed increase in China’s virus cases fed into weakness across global markets. West Texas Intermediate dropped near $102 a barrel. Covid-19 cases continued to climb in Shanghai and other regions, with new sub-variants posing a challenge to the country’s Covid Zero strategy. Oil also fell on a stronger dollar, and on the cancellation of a …

  MAKKAH / WAM Roboting, a newly-introduced state-of-the-art service, has been launched at the Grand Mosque this year to distribute Islam’s holy book of Quran to worshippers as they finish their Hajj journey in Makkah, SPA reported. Giving an account on the device, the Under-Secretary of the General President for the Two Holy Mosques Affairs for the Guiding Affairs of …

  MINA / WAM The Saudi government departments and authorities responsible for Hajj season 2022 completed their preparations to receive one million pilgrims in Mina to spend Tarwiyah (watering) Day. According to the Saudi Press Agency (SPA), the Ministry of Hajj has completed its operational plan for this year’s Hajj season. Meanwhile, the Commands of the Hajj Security Forces have …