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Oil prices rise on inventory drawdown, though Omicron caution lingers

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Oil prices rose on Wednesday on fears of tight supply and a drawdown in U.S. inventories, despite worries about the likely hit to economic activity from the spread of the Omicron coronavirus variant.

U.S. inventories fell more than expected, with crude stocks down by 4.7 million barrels, though that is in part due to year-end tax considerations that encourage companies not to store crude barrels.

Brent crude futures rose by 79 cents, or 1.1%, to $74.76 a barrel after gaining 3.4% in the last session.

U.S. West Texas Intermediate (WTI) crude futures were up 99 cents to $72.11 a barrel, a 1.4% rise, as of 12:23 p.m. EST (1723 GMT).

“We saw a drop in production, we saw inventories and crude fall, so that’s giving the market a supportive outlook,” said Phil Flynn, senior analyst at Price Futures Group in Chicago. “Because supplies are below average across the board, there’s not a lot of room for error.”

Gasoline storage rose sharply in the most recent week, fanning worries that U.S. travellers were abruptly changing plans, potentially hurting demand in the world’s largest gasoline consumer.

“Covid is killing demand for gasoline in just a week – people driving is just not happening,” said Bob Yawger, director of energy futures at Mizuho Securities.

Coronavirus-driven mobility curbs across the globe added to fears of a drop in fuel demand. Germany, Ireland, the Netherlands and South Korea are among countries that have reimposed partial or full lockdowns or other social distancing measures in recent days.

It is still unclear whether the Omicron variant is more deadly than Delta, the strain which has been dominant in recent months. A study from South Africa suggested the virus was less likely to send people to the hospital than Delta as governments worldwide try to contain the rapid spread of the variant.

Moderna Chief Executive Officer Stephane Bancel said on Tuesday that the vaccine manufacturer does not expect any problems in developing a booster shot to protect against the Omicron variant and could begin work in a few weeks.

Pfizer, one of the primary manufacturers of COVID-19 vaccines, said its antiviral COVID-19 pill was approved for at-home use. It targets people who have contracted the virus and is effective at reducing symptoms and hospitalizations, the company said.

On the supply side, investors are looking ahead to a meeting of the OPEC+ producers group on Jan. 4.

With the growing production issues in Russia and various others in the Atlantic Basin, it is likely that Middle Eastern producers could push for a continuation of monthly quota increases, consultancy JBC Energy said in a note.

 

(Reporting by David Gaffen; additional reporting by Dmitry Zhdannikov, Stephanie Kelly and Laura Sanicola; Editing by Paul Simao)

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Montreal’s Gabriel Diallo loses in Almaty Open final in three sets

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ALMATY, Kazakhstan – Montreal’s Gabriel Diallo lost to Russian-Armenian player Karen Khachanov in three sets at the Almaty Open men’s final on Sunday.

Khachanov won his seventh ATP Tour title 6-2, 5-7, 6-3.

The 28-year-old Khachanov has won both of his matches with the 23-year-old Diallo.

Khachanov also beat Diallo 6-4, 6-4 in the Round of 64 at this year’s National Bank Open.

Diallo had seven aces to Khachanov’s six and the Russian-Armenian had a double fault.

Khachanov converted 6 of 19 break points, while Diallo managed to convert 3 of 6.

This report by The Canadian Press was first published Oct. 20, 2024.

The Canadian Press. All rights reserved.



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New Zealand wins cricket’s Women’s T20 World Cup for 1st time with 32-run victory over South Africa

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DUBAI, United Arab Emirates (AP) — New Zealand won the Women’s T20 World Cup for the first time, beating South Africa by 32 runs on Sunday after a standout performance from Amelia Kerr with bat and ball.

South Africa’s chase was held to 126-9 in 20 overs at the Dubai International Cricket Stadium in reply to New Zealand’s 158-5 in the final of the 18-day tournament.

South Africa was also seeking to become a first-time champion.

After South Africa captain Laura Wolvaardt won the toss and opted to bowl, Kerr top scored for New Zealand with a 38-ball 43. Brooke Halliday hit 38 runs in 28 deliveries and opener Suzie Bates scored 32 in 31. Nonkululeko Mlaba took 2-31 in four overs for South Africa.

South Africa made a strong start to its chase, reaching 51-1 in 6.5 overs but never really threatened afterward, reaching the halfway stage of its innings at 64-3.

Wolvaardt top scored for South Africa with a 27-ball 33.

Kerr took 3-24 in her four overs, including Wolvaardt’s wicket.

Both teams fielded an unchanged side from their semifinal wins where South Africa stunned defending champions Australia in the first semi by eight wickets on Thursday, while New Zealand beat West Indies in the second semifinal by eight runs on Friday.

This was South Africa’s second straight final appearance in the tournament. Losing to Australia by 19 runs, it had finished runners-up in its home tournament in 2023, its best result in the tournament.

New Zealand, meanwhile, reached the tournament final for the first time since 2010. In the first two editions – 2009 and 2010 – it had lost to England by six wickets in London, and to Australia by three runs in Barbados.

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AP cricket:

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Brazil’s Lula cancels trip to Russia for BRICS summit after an accident

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SAO PAULO (AP) — Brazil’s President Luiz Inácio Lula da Silva on Sunday canceled his trip to Russia for a BRICS summit after an accident at home that left him with a cut in the neck, his office said.

The 78-year-old leader was scheduled to attend a summit of the BRICS bloc of developing economies in the city of Kazan from Tuesday to Thursday this week.

Hospital Sirio Libanês in Sao Paulo said in a statement that the leftist leader was instructed not to take long distance trips, but can keep his other activities. Doctors Roberto Kalil and Ana Heleno Germoglio said they will regularly check on Lula’s recovery.

Brazil’s presidency said in a separate statement that Lula will take part in the summit by videoconference and will continue his work in capital Brasilia this week. It did not disclose details about what caused the president’s injury.

The Canadian Press. All rights reserved.



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