6/9/2021 2:39:20 PM GMT | By Eren Sengezer
Crude Oil Stocks Change in the US was -5.2 million barrels in the week ending June 4, the weekly report published by the US Energy Information Administration (EIA) revealed on Wednesday. Analysts estimate was for a decrease of 2 million barrels.
Market reaction
This report doesn t seem to be having a significant impact on crude oil prices. As of writing, the barrel of West Texas Intermediate was little changed on the day at $70.10.
Additional takeaways US crude oil refinery inputs averaged 15.9 million barrels per day during the week ending June 4, 2021, which was 327,000 barrels per day more than the previous week’s average.
WASHINGTON: US President Joe Biden departs for Britain on Wednesday on his first trip abroad since taking office, an eight-day mission to rebuild trans-Atlantic ties strained during the Trump era and to reframe relations with Russia.
The trip represents a test of the Democratic president’s ability to manage and repair relationships with major allies who grew disenchanted with then-President Donald Trump’s trade tariffs and withdrawal from international treaties.
“Will the democratic alliances and institutions that shaped so much of the last century prove their capacity against modern-day threats and adversaries? I believe the answer is yes. And this week in Europe, we have the chance to prove it,” Biden said in an opinion article published in the Washington Post.
RIYADH: The Red Sea Development Company (TRSDC), the tourism developer wholly owned by Saudi Arabia’s Public Investment Fund, has appointed a contractor to build the main 1.2 km bridge linking its flagship island project to the mainland.
“Shurayrah Bridge will become one of the main access points for guests onto the island, and its completion will mark a major undertaking in the development of the destination. Its construction is truly monumental as not only will the bridge be the very first connection to the islands, its construction will demonstrate our ability to accomplish huge feats of engineering whilst also protecting and enhancing the natural habitat,” said John Pagano, CEO of TRSDC, said in a press statement.
SAMARRA/BAGHDAD: Five rockets Wednesday evening targeted Iraq’s Balad air base, with two of the projectiles falling near an area used by US contractors without causing casualties, a security official told AFP. “There were no victims or damage,” the official said. Balad air base, north of Baghdad, is used by US company Sallyport to service F-16 fighter jets flown by Iraq’s air
by Michael London | 06/09/2021 2:44 PM
In the wake of Wednesday s infrastructure package breakdown, the Bipartisan Senator group removes tax increases from infrastructure discussions to keep negations active.
President Joe Biden offered Senate Republicans an alternative to the tax hikes he initially proposed to pay for a sweeping infrastructure plan. Part of his attempt to find a bipartisan agreement was based on two sources briefed on the proposal.
In a meeting Wednesday with Sen. Shelley Moore Capito, the lead Republican negotiator, Biden insisted that tax increases pay for most of the plan but signaled he was willing to back a smaller increase than he had initially requested.