KTFA: Samson: Brent prices fell 11% in a week, near $ 95 a barrel
6th August, 2022
Oil prices rose slightly on Friday’s session, to offset some of this week’s losses, due to data on strong US job growth, but ended the week at its lowest level since February due to concerns that the recession could affect demand for fuel
Brent crude futures rose 80 cents to $94.92 a barrel, down 11% from last Friday’s settlement. West Texas Intermediate crude futures also rose 47 cents to $89.01, down 8% in a week
The US Department of Labor said that job growth in the United States unexpectedly rose in July, with non-farm payrolls increasing by 528,000, the largest increase since February, according to Reuters
“This is strong economic data that supports the rise of the oil market,” said Bob Yoger, director of the Energy Futures Department at Mizuho
Fears of a recession intensified after the Bank of England warned on Thursday of a prolonged recession after it made its largest interest rate hike since 1995
The OPEC + group agreed this week to increase its target oil production by 100,000 barrels per day in September, but according to OPEC data, this is one of the smallest increases since the introduction of such quotas in 1982
Supply concerns are expected to escalate as winter approaches, as European Union sanctions banning Russian seaborne imports of crude and oil products are set to take effect on December 5 LINK
Samson: Kurdistan suspends official working hours on Monday
6th August, 2022
The Kurdistan Regional Government announced the suspension of official working hours next Monday, on the occasion of the tenth of Muharram.
According to a statement issued today, about it and received by Shafak News Agency, the ministry has excluded health departments from this decision.
The regional government suspends the official working hours on the tenth of Muharram every year.