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Oil hits seven-year highs as rally extends to a 7th week

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Oil prices surged to seven-year highs on Friday, extending their rally into a seventh week on ongoing worries about supply disruptions fueled by frigid U.S. weather and ongoing political turmoil among major world producers.

Brent crude rose $2.16, or 2.4%, to settle at $93.27 a barrel having earlier touched its highest since October 2014 at $93.70.

U.S. West Texas Intermediate crude ended $2.04, or 2.3%, higher at $92.31 a barrel after trading as high as $93.17, its highest since September 2014.

Brent ended the week 3.6% higher, while WTI posted a 6.3% rise in their longest rally since October.

The market’s surge accelerated in the last two days as buyers piled into crude contracts due to expectations that world suppliers will continue to struggle to meet demand.

U.S. jobs figures were surprisingly strong in January, despite the presence of the Omicron variant of the coronavirus.

Crude prices, which have already rallied about 20% so far this year, are likely to surpass $100 per barrel due to strong global demand, market strategists said this week.

Reflecting that bullish view, money managers raised their net long U.S. crude futures and options positions in the week to Feb. 1 by 6,616 contracts to 304,013, the U.S. Commodity Futures Trading Commission (CFTC) said.

Some, however, see risks to the rally. Citi Research said it expects the oil market to flip into surplus as soon as the next quarter, putting the brakes on the rally.

“A spike towards $100 crude should not be ruled out in the short run, but downside risks are plentiful, including Omicron setbacks on demand, economic growth concerns and financial market corrections as the central banks fight inflation,” said Bjørnar Tonhaugen, Rystad Energy’s head of oil markets.

Winter storms bringing icy conditions in the United States, particularly in Texas, also fueled supply fears as extreme cold could cause production to shut temporarily, similar to what happened in the state a year ago.

Tight oil supplies pushed the six-month market structure for WTI into steep backwardation of $9.06 a barrel on Friday, its widest since September 2013.

Backwardation exists when contracts for near-term delivery are priced higher than those for later months – and is reflective of near-term demand that encourages traders to release oil from storage to sell it promptly.

The number of U.S. oil rigs, an early indicator of future output, rose two to 497 this week, its highest since April 2020, energy services firm Baker Hughes Co said. [RIG/U]

Even though the oil rig count has climbed for a record 17 months in a row, the weekly increases have mostly been in single digits and production is still far from pre-pandemic record highs as many companies focus more on returning money to investors rather than boosting output.

Oil markets have also gained support from geopolitical risks as major oil producer Russia has amassed thousands of troops on Ukraine’s border, and is accusing the United States and its allies of fanning tensions.

The Organization of the Petroleum Exporting Countries and allies led by Russia, together known as OPEC+, agreed this week to stick to moderate output increases, with the group already struggling to meet existing targets and despite pressure from top consumers to raise production more quickly.

Iraq, OPEC’s second-largest oil producer, pumped well below its OPEC+ quota in January, while OPEC+ member Kazakhstan wants to keep more of its oil output at home to tackle rising fuel prices.

(Reporting by Stephanie Kelly in New York and Marcy de Luna in Houston; additional reporting by Rowena Edwards in London and Roslan Khasawneh in SingaporeEditing by David Goodman and Marguerita Choy)

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Trump snaps at reporter when asked about abortion: ‘Stop talking about it’

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PALM BEACH, Fla. (AP) — Donald Trump is refusing to say how he voted on Florida’s abortion measure — and getting testy about it.

The former president was asked twice after casting his ballot in Palm Beach, Florida, on Tuesday about a question that the state’s voters are considering. If approved, it would prevent state lawmakers from passing any law that penalizes, prohibits, delays or restricts abortion until fetal viability — which doctors say is sometime after 21 weeks.

If it’s rejected, the state’s restrictive six-week abortion law would stand.

The first time he was asked, Trump avoided answering. He said instead of the issue that he did “a great job bringing it back to the states.” That was a reference to the former president having appointed three conservative justices to the U.S. Supreme Court who helped overturn the landmark Roe v. Wade decision in 2022.

Pressed a second time, Trump snapped at a reporter, saying “you should stop talking about it.”

Trump had previously indicated that he would back the measure — but then changed his mind and said he would vote against it.

In August, Trump said he thought Florida’s ban was a mistake, saying on Fox News Channel, “I think six weeks, you need more time.” But then he said, “at the same time, the Democrats are radical” while repeating false claims he has frequently made about late-term abortions.

In addition to Florida, voters in eight other states are deciding whether their state constitutions should guarantee a right to abortion, weighing ballot measures that are expected to spur turnout for a range of crucial races.

Passing certain amendments in Arizona, Missouri, Nebraska and South Dakota likely would lead to undoing bans or restrictions that currently block varying levels of abortion access to more than 7 million women of childbearing age who live in those states.

The Canadian Press. All rights reserved.



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Beyoncé channels Pamela Anderson in ‘Baywatch’ for Halloween video asking viewers to vote

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NEW YORK (AP) — In a new video posted early Election Day, Beyoncé channels Pamela Anderson in the television program “Baywatch” – red one-piece swimsuit and all – and asks viewers to vote.

In the two-and-a-half-minute clip, set to most of “Bodyguard,” a four-minute cut from her 2024 country album “Cowboy Carter,” Beyoncé cosplays as Anderson’s character before concluding with a simple message, written in white text: “Happy Beylloween,” followed by “Vote.”

At a rally for Donald Trump in Pittsburgh on Monday night, the former president spoke dismissively about Beyoncé’s appearance at a Kamala Harris rally in Houston in October, drawing boos for the megastar from his supporters.

“Beyoncé would come in. Everyone’s expecting a couple of songs. There were no songs. There was no happiness,” Trump said.

She did not perform — unlike in 2016, when she performed at a presidential campaign rally for Hillary Clinton in Cleveland – but she endorsed Harris and gave a moving speech, initially joined onstage by her Destiny’s Child bandmate Kelly Rowland.

“I’m not here as a celebrity, I’m not here as a politician. I’m here as a mother,” Beyoncé said.

“A mother who cares deeply about the world my children and all of our children live in, a world where we have the freedom to control our bodies, a world where we’re not divided,” she said at the rally in Houston, her hometown.

“Imagine our daughters growing up seeing what’s possible with no ceilings, no limitations,” she continued. “We must vote, and we need you.”

The Harris campaign has taken on Beyonce’s track “Freedom,” a cut from her landmark 2016 album “Lemonade,” as its anthem.

Harris used the song in July during her first official public appearance as a presidential candidate at her campaign headquarters in Delaware. That same month, Beyoncé’s mother, Tina Knowles, publicly endorsed Harris for president.

Beyoncé gave permission to Harris to use the song, a campaign official who was granted anonymity to discuss private campaign operations confirmed to The Associated Press.

The Canadian Press. All rights reserved.



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Party leaders pay tribute following death of retired senator Murray Sinclair |

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Prime Minister Justin Trudeau, NDP Leader Jagmeet Singh and Green Party Leader Elizabeth May pay tribute to the life of Murray Sinclair, former judge, senator and chair of the Truth and Reconciliation Commission. Sinclair died November 4, 2024 at the age of 73. (Nov. 4, 2024)



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