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German Parliament Approves Deal for Greek Bailout Talks

Photo Chancellor Angela Merkel and her finance minister, Wolfgang Schäuble, on Friday. Both urged the German Parliament to back the Greek bailout. Credit Tobias Schwarz/Agence France-Presse — Getty Images BERLIN — German lawmakers on Friday approved entering into detailed negotiations for a Greek bailout amid a simmering international debate over providing more debt relief to Athens and intensifying questions about whether Greece would be better off leaving the European common currency. With resistance to providing more help to Greece growing among conservatives, 439 lawmakers voted in favor of moving ahead with the bailout deal European leaders negotiated last weekend in Brussels. There were 119 votes against, and 40 legislators abstained. Chancellor Angela Merkel and her finance minister, Wolfgang Schäuble, had urged Parliament to back the bailout, which both called “a last attempt” to order Greece’s finances and build a functioning state. It would be Greece’s third bailout in five […]

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Ukraine considers Kazakh gas transit options

Ukraine is reviewing its natural gas options after tilting away from its former Soviet patrons. File Photo by UPI/Hamid Forotan KIEV, Ukraine, July 17 (UPI) — Trade agreements with Kazakhstan may include the possibility of receiving natural gas shipments sent through the country, Ukraine’s government said. The Ukrainian government said Friday it was working to develop trade and economic deals with Kazakhstan. Arrangements were drafted during bilateral economic sessions attended by deputy ministers on both sides. Kiev said the terms of the agreement call on representatives from each country to examine the potential for energy cooperation. "The participants of the meeting also agreed to study the issue of supply to Ukraine of Kazakhstan natural gas and transit through the territory of Kazakhstan of Turkmen and Uzbek natural gas," the Ukrainian government said in a statement. An April report from the International Energy Agency said a more liberalized energy sector […]

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Europe welcomes Polish gas diversity efforts

Gas transit projects slated for Polish government support will connect to the European market and eliminate internal bottlenecks. Photo by tcly/Shutterstock BRUSSELS, July 17 (UPI) — More than half of the gas projects slated for Polish government grants will connect to European markets and help diversify the sector, an EU commissioner said. The European Commission said Poland’s plans to grant nearly $830 million in grants to nine different gas projects are line with efforts to advance a "true energy union" by creating more connections to regional economies. Margrethe Vestager, the European Union’s commissioner in charge of competition policy, said the grants were an encouraging testament of sensible public spending . "Interconnections enable energy flows between countries, improve cross-border connections and allow diversification of gas supply sources," she said in a statement. Five of the nine gas projects set to receive Polish state assistance will connect to European gas networks […]

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Oil rises on weak dollar, North Sea outage but glut weighs

Pump jacks are seen in the Lost Hills Oil Field, California April 20, 2015. Brent crude oil rose slightly on Friday, underpinned by a weaker dollar and a power outage at Britain’s largest oilfield, though a supply glut kept prices pinned near $57 per barrel. Brent crude LCOc1 was up 15 cents at $57.07 by 0827 GMT. Front-month U.S. crude futures CLc1 were trading at $50.87 per barrel, down 4 cents from their last settlement. "With the Iran deal people are aware there is more supply coming so all impetus for a price correction higher has gone," said Hans van Cleef, senior energy economist at ABN Amro in Amsterdam. Iran has started to ship oil to Asia that it had been storing offshore for months after Tehran and six world powers reached a landmark nuclear deal on Tuesday, clearing the way for an easing of international sanctions on Iran. […]

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Dollar, stocks set for biggest weekly gains in months

The dollar was set for its biggest weekly rise since May on Friday as economic data reinforced expectations for a U.S. rate hike by the end of 2015, with euro zone shares steadying after strong gains as Greece looked set to secure a bailout. The dollar steadied near a seven-week high against a basket of major currencies, receiving a boost against its peers after lower U.S. jobless claims. The dollar index is up 1.5 percent this week. The euro hovered close to a seven-week low of $1.0854 hit in the previous session. The dollar touched a three-week high of 124.23 yen. Investor attention has returned to gauging the timing of the next U.S. interest rate rise, with clues sought in U.S. CPI data and Michigan sentiment data later in the session. "The focus is turning to the U.S. rate cycle, and (the market reckons) a September rate hike is […]

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Oil Set for Longest Run of Weekly Losses Since January on Glut

Brent oil headed for the longest run of weekly declines since January as ample inventories and an accord to ease sanctions on Iran suggested global markets will remain oversupplied. Futures gained 0.4 percent in London, paring their third weekly drop to 2.8 percent. U.S. crude stockpiles remain almost 100 million barrels above the five-year average for this time of the year, Energy Information Administration data show. The prospect of increasing Iranian output may still weigh on prices even if the gain is gradual, according to Barclays Plc and Australia & New Zealand Banking Group Ltd. Oil’s recovery from a six-year low has faltered amid speculation the surplus will be prolonged as U.S. drillers return rigs to fields and Iran seeks to regain market share. The full impact of higher Iranian exports won’t be felt until 2016 as the nuclear deal is implemented, banks including Goldman Sachs Group Inc. predict. […]

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Oil prices steady as stock draw balances supply

Pump jacks are seen in the Lost Hills Oil Field, California April 20, 2015. Oil prices steadied on Thursday after data showed U.S. crude inventories dropped and refinery demand was robust, although the global market remained extremely well supplied. U.S. crude inventories fell by 4.3 million barrels last week, according to the Energy Information Administration (EIA), as refineries boosted throughput to a record level. The data suggested demand in the United States, the world’s biggest oil consumer, was holding up well and still absorbing fuel at a time of ample global production. Brent crude for August was unchanged at $57.05 a barrel by 0750 GMT. U.S. light crude, also known as West Texas Intermediate or WTI, was up 10 cents at $51.51. Daniel Ang of brokerage Phillip Futures said the U.S. crude inventory figures looked bullish for both global oil benchmarks. "As a result of this, we would believe […]

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Oil Benchmarks Diverge as Supply Weighs on U.S. Prices

NEW YORK—U.S. oil futures fell to a new three-month low Thursday on fresh indications of a supply surplus, while global benchmark Brent ticked higher on production concerns. Light, sweet crude for August delivery settled down 50 cents, or 1%, at $50.91 a barrel on the New York Mercantile Exchange, the lowest settlement since April 9. Brent, the global benchmark, rose 46 cents, or 0.8%, to $57.51 a barrel on ICE Futures Europe. On Thursday, data provider Genscape Inc. reported that stockpiles in the key hub of Cushing, Okla., rose by nearly a million barrels between July 10 and 14, according to three market participants. U.S. oil prices erased early gains on the news. The U.S. benchmark slid Wednesday after inventory data showed total U.S. inventories of crude oil and petroleum products at a record high, even as refineries processed more crude than ever before into gasoline and other fuels. […]

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Natural Gas Slips on Inventory Data

By Nicole Friedman NEW YORK–Natural-gas futures fell Thursday on a weekly inventory report showing that supplies rose more than expected last week. Futures for August delivery settled down 6.4 cents, or 2.2%, at $2.854 a million British thermal units on the New York Mercantile Exchange. U.S. natural-gas inventories grew by 99 billion cubic feet in the week ended July 10, the Energy Information Administration said Thursday, more than the 95 bcf that analysts surveyed by The Wall Street Journal had expected. Stockpiles now stand at 2.767 trillion cubic feet, 2.7% above the five-year average for the week. "Rapidly growing storage levels are hard to ignore," said energy-advisory firm Gelber & Associates in a note. "At this pace, we expect jam-packed storage to be a driver of market action come this autumn." Moderate weather and robust production in the first half of the summer have kept the market well-supplied, but […]

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Muslim scholars say climate change poses dire threat

The sacred mosque at Mecca in Saudi Arabia, one of the oil-rich countries urged to refocus on the environment. Photo by XXXshatha via Wikimedia Commons LONDON, 15 July, 2015 − Human beings could cause the ending of life on the planet, says a group of Islamic scholars − and countries round the world, particularly the rich ones, must face up to their responsibilities. Climate change, they say, is induced by human beings: “As we are woven into the fabric of the natural world, its gifts are for us to savour – but we have abused these gifts to the extent that climate change is upon us.” The views of the scholars – some of the strongest yet expressed on climate from within the Muslim community – are contained in a draft declaration on climate change to be launched officially at a major Islamic symposium in Istanbul in mid-August. Allah, […]

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