Crude advanced as a weaker dollar made commodities priced in the U.S. currency more attractive to investors.
Futures climbed 1.9% in New York and 1.1% in London. The dollar dropped against all but one of its 16 major counterparts, extending last week’s fall, which was the biggest in three years, as the Federal Reserve damped the outlook for higher rates. Oil slipped as much as 2.7% in New York earlier on speculation that a global supply glut will persist.
Saudi Arabia is producing almost 10 million barrels a day, Oil Minister Ali al-Naimi said on Sunday, which would be close to a record if sustained for a month.
A government report on Wednesday is projected to show that U.S. crude supplies climbed from the highest level in more than three decades, according to analysts surveyed by Bloomberg.
“As the dollar dropped, crude moved into positive territory,” Gene McGillian, a senior analyst at Tradition Energy in Stamford, Conn., said by phone. “The trend is still lower. Inventories should rise further in coming weeks which will cause crude to grind lower.”
West Texas intermediate for May delivery rose 88 cents to settle at $47.45 a barrel on the New York Mercantile Exchange. The April contract expired on Friday after advancing $1.76 to $45.72. Total volume was 37% below the 100-day average at 2:46 p.m.
Brentfor May settlement increased 60 cents to end the session at $55.92 a barrel on the London-based ICE Futures Europe exchange.
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Turkey Demands Arrest, Extradition of Former PYD Co-Chair Müslim from Germany
Click to read the article in Turkish/Kurdish
Turkey has requested Germany that former Democratic Union Party (PYD) Co-chair Salih Müslim be temporary arrested and extradited to Turkey.
According to state-run Anadolu Agency, in court order conveyed to Germany on March 2, 2018, Turkey asks Germany to arrest Müslim and extradite him to Turkey.
Salih Müslim was detained in Czechia’a capital Prague upon Turkey’s demand on February 25 and he was released by the court he was taken to on February 27. Müslim moved to Germany after he was released, and he delivered a speech in a meeting in Berlin on March 3, Saturday.
Justification: “He is a suspect in trial of Güvenpark explosion”
Müslim is a suspect in trial of attack launched in Güvenpark in Kızılay, Ankara with a bomb-laden vehicle, killing 36 people and wounding 349 others on March 13, 2016. Müslim’s extradition is demanded by Turkey within the scope of this trial held at Ankara 4th Heavy Penal Court.
The same justification for the request of extradition was conveyed to Czechia as well. (HK/TK)
Government Doesn’t Comply with State Council Decisions About Daylight Saving Time
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Attending the Energy Efficiency Prize Ceremony, Minister of Energy and Natural Resources Berat Albayrak has made a statement concerning the ruling to stop the execution of daylight saving time regulation brought by the Council of Ministers.
“We will continue the daylight saving along the same line, there is no problem about that. We provide energy saving.
“The State Council’s verdict is merely about the validity period of the article in the law. It is a technical issue. [The government] will make the necessary regulations and continue within a few days”.
While the Chamber of Electric Engineers said that the new daylight saving time regulation has caused economic loss, minister Albayrak claimed that the new regulation has provided energy saving. (HK/TK)
Public Officials Imposed Ban on Leaving Country
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According to the report of NTV, a new regulation has been introduced on those leaving the country after the coup attempt.
All relevant units have been informed about the new regulation and all international travel has been banned.
All Turkish citizens have been imposed an obligation to make a declaration to the Social Security Institution (SGK). Citizens possessing green or gray passports are permitted to travel abroad, yet they have to receive documents from the institutions they work for.
Since the early hours this morning (July 18) no proceedings have been carried out in Atatürk Airport for those in possession of green and grey passports or departing for Turkish Republic of Northern Cyprus with their identity cards.
In a center established after the coup attempt, those aiming to travel abroad whose names are not registered in the General Information Gathering System (GBT) are being questioned.
Public officials, consulate employees, academics and athletes had to wait for hours in the line and missed their flights. (NV/DG)