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Oil Has Worst Week in Months; UAE's OPEC Deal Could Open 'Can of Worms' By Investing.com – Investing.com

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Oil Has Worst Week in Months; UAE’s OPEC Deal Could Open ‘Can of Worms’
© Reuters.

By Barani Krishnan

Investing.com – Oil prices had their worst week in months even after crude prices edged higher Friday, as the market absorbed news that the United Arab Emirates had a deal with OPEC+ that at least one hedge fund said could open “a can of worms” on the cartel’s output.

New York-traded , the benchmark for U.S. oil, settled up 35 cents, or 0.5%, at $72 per barrel. For the week though, WTI lost $2.56, or 3.4%. It was the largest weekly loss for U.S. crude since the week ended April 2.

London-traded , the global benchmark for oil, rose 12 cents, or 0.2%, to finish the session at $75.55. For the week, Brent lost $1.96, or 2.6%, for its sharpest weekly decline since the week to May 14. 

OPEC+ – which groups the 13 member Saudi-led Organization of the Petroleum Exporting Countries with 10 other oil producers led by Russia – had initially failed to agree on August production levels after the UAE sought a higher baseline for measuring its output cuts.

News reports from the past couple of days, however, suggested that Saudi Arabia and the UAE have reached a compromise, paving the way for OPEC+ producers to end an uncertainty that had bogged down the market and prices for weeks.

“All signs indicate that OPEC+ is heading for a potential compromise agreement that will allow the UAE to secure a baseline adjustment,” RBC Capital analysts said in a note. “Other producers will undoubtedly seek similar treatment and potentially prolong the deliberations heading into the August ministerial meeting.”

John Kilduff, founding partner at New York energy hedge fund Again Capital, concurred with that view.

“This certainly opens a can of worms where OPEC production is concerned,” said Kilduff. “The Iraqis were already talking about wanting their baseline for production increased too.” 

“Unless the Saudis can point at the new Covid outbreaks from the Delta variant and say ‘hey, we should all keep our production down in order not to lose what we have gained’, I think oil prices will remain under pressure.”

On the Covid front, vaccination rates are down and cases are on the rise, exacerbated by the more transmissible Delta variant — and an expert said earlier this week that the key to winning the race against the spread is getting more Americans vaccinated.

“We’re losing time here. The Delta variant is spreading, people are dying, we can’t actually just wait for things to get more rational,” Dr. Francis Collins, director of the National Institutes of Health, said Wednesday.

Vaccines have been available to most Americans for months, but still only 48.2% of the country is fully vaccinated, according to the U.S. Centers for Disease Control and Prevention — and the rate of new vaccinations is on the decline.

Meanwhile, case rates have been going up dramatically. In 47 states, the rate of new cases in the past week are at least 10% higher than the previous week, according to data from Johns Hopkins University. Of those, 35 have seen increases of over 50%.

 

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Several brands of frozen mangoes recalled due to the possible Hepatitis A contamination – CTV News Montreal

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MONTREAL —
The Canadian Food Inspection Agency (CFIA) announced Friday that Montreal-based Nature’s Touch Frozen Food is recalling various brands of frozen mangoes because they may be contaminated with the hepatitis A virus.

The following products should not be consumed according to the CFIA:

  • Nature’s Touch Frozen Mangoes (2 kg)
  • Compliments Frozen Mangoes (600 g)
  • Irresistible Frozen Mangoes (600 g)
  • President’s Choice Frozen Mangoes (600 g)

All products have the words “best before November 2022” written on the package.

The products were sold in Quebec, Ontario, Saskatchewan, Manitoba, New Brunswick, and Nova Scotia and may have been sold in other provinces and territories.

Hepatitis A virus infection usually manifests itself as fever, general malaise, loss of appetite, nausea, vomiting and abdominal discomfort.

The infection can also cause jaundice.

Symptoms may appear up to 50 days after consumption.

The CFIA advises people who believe they have become ill after consuming a recalled product to contact a physician.

Recalled products should be discarded or returned to the store where they were purchased.

— this report by The Canadian Press was first published in French on July 30, 2021 

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Select frozen mango products recalled due to possible Hepatitis A contamination – CP24 Toronto's Breaking News

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The Canadian Food Inspection Agency (CFIA) says select frozen mango products distributed in Ontario and several other provinces are being recalled due to possible Hepatitis A contamination.

Consumers are being warned not to eat various Nature’s Touch Frozen Food frozen mangoes, which were distributed in Manitoba, New Brunswick, Nova Scotia, Ontario, Possibly National, Quebec, Saskatchewan.

CFIA says there have been some reported illnesses associated with consumption of the products.

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Frozen mangoes recalled over Hepatitis A risk – CBC.ca

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Four types of frozen mangoes are being recalled due to the risk of possible Hepatitis A contamination, according to the Canadian Food Inspection Agency (CFIA).

The products being recalled include:

  • Frozen mangoes from Nature’s Touch
  • Mango Mania from Compliments
  • Mango chunks from Irresistibles
  • Mango chunks from President’s Choice

The affected products are all sold by Nature’s Touch Frozen Food Inc. with expiration dates of November and December 2022.

The impacted product has likely been distributed nationally, but has been sold in Manitoba, New Brunswick, Nova Scotia, Ontario, Quebec and Saskatchewan.

CFIA says the recall was sparked by a “foodborne illness outbreak” and that further recalls may be initiated.

Anyone who ate the products and is feeling ill is advised to call their doctor.

More information is available through the CFIA’s website.

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