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Oil prices drop on OPEC’s output deal, but markets to stay tight

Oil prices fell on Monday as traders factored in an expected 1 million barrels per day (bpd) output increase in the wake of an Organization of the Petroleum Exporting Countries (OPEC) meeting in Vienna last week. Brent crude futures (LCOc1) were at $74.25 per barrel at 0636 GMT, down 1.7 percent from their last close. U.S. West Texas Intermediate (WTI) crude futures (CLc1) were at $68.42 a barrel, down 0.2 percent, supported more than Brent by a slight drop in U.S. drilling activity and a Canadian supply outage. …read more […]

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Business News

Malaysia arrests Najib ex-aide in 1MDB probe-media

KUALA LUMPUR (Reuters) – Malaysian authorities have made the first arrest in a renewed probe into the multi-billion dollar scandal at state fund 1MDB, remanding a former aide of ousted prime minister Najib Razak to assist in investigations, Bernama news reported on Monday.

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SCO Summit a Success Amid G7 Chaos

Jun.25 — As last month’s G-7 summit wrapped up in turmoil, Xi Jinping and Vladimir Putin were putting on a very different show for global leaders. The Shanghai Cooperation Organization summit in Qingdao went off without a hitch as the bloc welcomed new members India and Pakistan… Bloomberg’s Tom Mackenzie asked Shanghai Cooperation Organization Secretary General Rashid Alimov how the group has managed to maintain harmony. …read more […]