KTFA News, Rumors & Opinions Saturday Morning

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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

 

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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.

 

LINK

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