Oil Posts Longest Run of Weekly Gains Since April on Crude Draw - Bloomberg

Oil Posts Longest Run of Weekly Gains Since April on Crude Draw - Bloomberg:

Oil posted the longest run of weekly gains since April as prices followed equities higher and a government report showed U.S. crude inventories falling to the lowest in two months.

Futures in New York were little changed, clinging to a three-month high Friday. The Energy Information Administration reported that oil inventories fell 5.47 million barrels while supplies at the key Cushing, Oklahoma, storage hub declined to the lowest in more than a year. Crude also tracked the S&P 500, which hovered near an all-time high.

“Oil will likely correlate to equities” through the remainder of the year and even see multimonth highs “but the situation is not sustainable for much longer,” said Robert Yawger, futures director at Mizuho Securities USA LLC in New York. “The market is overbought.”

Oil is up about 12% this month after the U.S. and China made a breakthrough in their prolonged trade dispute and as the Organization of Petroleum Exporting Countries and its allies agreed to deepen output cuts.

Ukraine Approves Settlement With Gazprom Over Antitrust Claim - Bloomberg

Ukraine Approves Settlement With Gazprom Over Antitrust Claim - Bloomberg:

Ukraine’s cabinet approved an agreement with Russian state-run energy company Gazprom PJSC to settle a longstanding antitrust dispute as the countries negotiate a new natural gas contract.

The terms of the settlement weren’t disclosed in the Ukrainian decree, which was published on the cabinet’s website.

In 2016, the Ukrainian antitrust committee fined Gazprom for abuse of its monopoly position in gas transit from Russia to Europe through Ukrainian territory. A court in Kyiv allowed the competition authority to seize some of Gazprom’s assets and accounts in 2017 and the total fine imposed on Gazprom then amounted to $7.2 billion.

Gazprom argued at the time that the fine was in breach of the 1998 bilateral accord between Russia and Ukraine on mutual investment protection. Ukraine and Russia are in discussions in Vienna on a new gas transit contract to take the countries forward after their current agreement expires on Jan. 1.

Riyadh signs deal with Raytheon #SaudiArabia to localize Patriot maintenance - Reuters

Riyadh signs deal with Raytheon Saudi Arabia to localize Patriot maintenance - Reuters:

Saudi Arabia signed a deal with the local unit of U.S. weapons maker Raytheon on Saturday to localize maintenance of its Patriot missile defense system, as part of efforts to boost Saudi’s defense industries and its broader economy.

Crown Prince

Mohammed bin Salman plans to diversify the kingdom away from its reliance on oil exports and wants Riyadh to produce or assemble half its defense equipment locally, aiming to create 40,000 jobs for Saudis by 2030.

Saudi Arabia is among the top five defense spenders in the world. It is one of several U.S. allies to use Patriot, a ground to air missile system giving defense against ballistic missiles and other threats.

Ahmed al-Ohali, governor of Saudi Arabia’s General Authority for Military Industries (GAMI), said the agreement with Raytheon reflected the authority’s efforts to develop Saudi’s military industries and its research and technology capabilities, state news agency SPA reported.