Source: Reuters
Security & Justice
Lebanese Army Enforces Resolution 1701, Expands Deployment in South
The Lebanese Army has begun implementing United Nations Security Council Resolution 1701 and related government-approved decisions in the region south of the Litani River, security sources told Nidaa Al-Watan.
Saturday, December 14, 2024
Lebanese University Urges Media Caution Amid Hezbollah Weapons Reports
The systemic violation of Lebanese state institutions by Hezbollah continues to come to light, raising alarms over its exploitation of public spaces for military purposes.
Friday, December 13, 2024
Opinion
What Assad’s Fall Means for Lebanon
The fall of Assad’s Baathist regime was met with widespread jubilation among Lebanon's various communities, especially its Sunni, Christian and Druze, but trepidation among many Shias, whose political leadership relied on Baathist cover and support. Baathist Syria had played a major role in Lebanon, intervening in the country's civil war, occupying the country in the post-war period, and manipulating Lebanon's political landscape to benefit its political and economic interests. Though it was ousted from the country in 2005 following a mass uprising that blamed Damascus for the assassination of former Prime Minister Rafik al-Hariri, the Syrian regime continued to maintain influence in the country through its allies and supporters.
Friday, December 13, 2024
Biggest Blow to Iranian Power Since 1979: The Fall of al-Assad and Loss of Strategic Ally
The recent collapse of the Syrian Arab Republic, culminating in the fall of Damascus and the end of the al-Assad family regime, represents a seismic shift in the geopolitics of the Middle East. For Iran, the loss of its key ally, Syria, is the most significant blow to its regional influence since the 1979 Islamic Revolution.
Friday, December 13, 2024
Sports
Eddie Jordan Reveals Cancer Battle Which F1 Legend Says Has Spread 'Aggressively'
Former Formula 1 team owner Eddie Jordan has revealed he is fighting an "aggressive" battle with cancer.
Friday, December 13, 2024
Cristiano Ronaldo Says World Cup 2034 in Saudi Arabia Will Be ‘Best’ Ever
Superstar football player Cristiano Ronaldo said the FIFA men’s World Cup that will be held in Saudi Arabia in 2034 will be “the best World Cup ever.”
Thursday, December 12, 2024
Wednesday 4 December 2024 17:58:11
Oil Prices Edge Up Ahead of Imminent OPEC+ Decision; Geopolitical Turmoil in Focus
Oil prices rose slightly on Wednesday, with traders expecting OPEC+ to announce an extension to supply cuts this week while heightened geopolitical tensions continue to dominate market sentiment.
Brent crude futures rose 38 cents, or 0.5%, to $74.00 a barrel by 1428 GMT, while U.S. West Texas Intermediate crude futures were up 32 cents, also 0.5%, to $70.26.
On Tuesday, Brent posted its biggest gain in two weeks, rising by 2.5%.
A shaky ceasefire between Israel and Hezbollah, South Korea's curtailed declaration of martial law and a rebel offensive in Syria that threatens to draw in forces from several oil-producing countries all lent support to oil prices, said Priyanka Sachdeva, senior market analyst at Phillip Nova.
In the Middle East, Israel said on Tuesday it would return to war with Hezbollah if their truce collapses and that its attacks would go deeper into Lebanon and target the state itself.
In South Korea, meanwhile, lawmakers have submitted a bill to impeach President Yoon Suk Yeol after his declaration of martial law on Tuesday, which was reversed within hours, sparking a political crisis in Asia's fourth-largest economy.
However, the bullish momentum hasn't pushed crude past the $75 resistance, indicating market sensitivity to geopolitical and economic developments may be waning, said Dilin Wu, research strategist at Pepperstone.
"With OPEC+ widely expected to extend its 2.2 million barrels per day voluntary production cut into the first quarter of 2025, prices are likely to stay range-bound unless a new catalyst emerges," Wu said.
The Organization of the Petroleum Exporting Countries and its allies, together known as OPEC+, are likely extend output cuts until the end of the first quarter next year when members meet on Thursday, industry sources told Reuters.
OPEC+ has been looking to phase out supply cuts through next year.
"Neither geopolitics and OPEC+ action nor sanguine financial data will alter the underlying fundamental outlook. Protracted attempts to push oil towards $80 a barrel will be reined in by supply checks and loose oil balances," said PVM oil analyst Tamas Varga.
U.S. crude oil inventories rose 1.2 million barrels last week, market sources said, citing data from the American Petroleum Institute.
Gasoline stocks also rose, by 4.6 million barrels, even though the week included Thanksgiving, when demand typically rises.
Official data on oil stocks from the U.S. Energy Information Administration is due on
Wednesday at 10:30 a.m. ET (1530 GMT). Analysts polled by Reuters expect crude stocks to decline by 700,000 barrels and gasoline stocks to rise by 639,000 barrels.
