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Extra crude production cuts announced by Saudi Arabia and Russia have removed some downside risk and stemmed the erosion of the spot prices and calendar spreads evident since early in the second quarter.
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Inflation in Russia accelerated in June, data from the state statistics service Rosstat showed on Wednesday, a little over a week before the central bank is expected to hike interest rates for the first time in more than a year.
The German government has finalised a 700-million-euro ($770.28 million) military aid package for Ukraine, the defence ministry said on Tuesday, the first day of a NATO summit in Vilnius.
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NATO allies said on Tuesday they were seriously concerned by Iran's "malicious activities" within allied territory and called Tehran to stop its military support to Russia, including the supply of drones.
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A deal allowing Ukraine to export grain via the Black Sea expires on July 17 and with Moscow saying it sees no grounds for an extension there are fears it may collapse.