Oil pares weekly decline ahead of OPEC+ meeting on production
Brent for August settlement rose 1% to $75.01 a barrel.
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Brent for August settlement rose 1% to $75.01 a barrel.
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Despite warnings a new wave of coronavirus driven by the latest XBB variants could peak at up to 65 million cases a week, China's health authorities say the situation remains under control.
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The commodity crunch unleashed by Russia’s invasion of Ukraine has taken a sharp reversal, with a Bloomberg gauge dropping more than 10% since the start of the year to the lowest since 2021.