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(Repeats March 5 story with no change to text. John Kemp is a Reuters market analyst. The views expressed are his own.) OPEC in its own words: tmsnrt.rs/3kLLhYD
LONDON, March 5 (Reuters) - By deciding to leave production unchanged for another month at its meeting on Thursday, OPEC+ risks causing the oil market to overheat and creating conditions for more instability in future.
The expanded group of oil exporters defied expectations of a majority of analysts and traders that it would respond to escalating prices and an intensifying backwardation in the futures market by raising output.
But the decision should not have come as a complete surprise. It is consistent with the group’s behaviour over the last decade, and with OPEC-only behaviour for the decade before.
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EXTRA SAUCE. Deliveroo’s stock market offering is half-cooked. The British food delivery company on Monday formally announced its plans for a London listing, with figures showing that new customers and higher order frequency during the lockdown lifted revenue by 54% to 1.2 billion pounds last year. This helped operating losses shrink to 223 million pounds. On its own adjusted measure of EBITDA, Deliveroo was profitable for two quarters of 2020.
The biggest question is whether sales subside as customers flock back to restaurants, especially in the United Kingdom and Ireland, which brought in half of Deliveroo’s revenue last year. Founder Will Shu’s supervoting shares, intense competition and the European crackdown on gig workers’ employment model may also affect investor appetite. Deliveroo’s last private funding round in January valued it at over $7 billion.
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NEW YORK (Reuters) - Oil prices settled lower on Monday, retreating from a session peak above $70 a barrel after attacks on oil facilities in Saudi Arabia lifted prices that high for the first time since the COVID-19 pandemic began.
FILE PHOTO: A pump jack operates in the Permian Basin oil and natural gas production area near Odessa, Texas, U.S., February 10, 2019. REUTERS/Nick Oxford/
Yemen’s Houthi forces fired drones and missiles at the heart of the Saudi oil industry on Sunday, including a Saudi Aramco facility at Ras Tanura vital to petroleum exports. Riyadh said there were no casualties or loss of property.
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NEW YORK (Reuters) - A gauge of global stocks dipped in choppy trading on Monday as investors eyed the yield on U.S. Treasuries for signs of inflation pressures in the wake of the U.S. Senate’s passage of a $1.9 trillion stimulus bill.
FILE PHOTO: Workers clear snow from a sidewalk outside the New York Stock Exchange (NYSE) during a snow storm in the Manhattan borough of New York City, U.S., February 18, 2021. REUTERS/Brendan McDermid
After climbing as high as 1.613% on the session, the third time above 1.6% in the past year, the U.S. 10-year Treasury yield held near a more than one-year high.
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HOUSTON (Reuters) - Travis Cains looks over to the spot where he and George Floyd watched the world go by when they were young.
All that’s left of the clubhouse across the street from the Cuney Homes projects where they debated sports and hip hop are two battered concrete steps now leading to nowhere. The clubhouse is long gone.
It was on those steps that Cains who considers himself Floyd’s older brother and stuck with him through the highs of sports stardom at school to the lows of addiction and incarceration became convinced that Floyd was destined to make his mark on the world.