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According to sources, members of the Irish Football Association have approved a resolution calling on UEFA to suspend Israels participation in European competitions.On November 8th, the Russian Ministry of Defense reported that Russian armed forces launched a large-scale attack on Ukrainian military-industrial enterprises and related energy facilities using high-precision weapons from the night of November 7th to the early morning of November 8th, hitting all targets. The report stated that the high-precision weapons used by Russia included the Kinzhal hypersonic ballistic missile. Russian air defense systems shot down 178 Ukrainian drones and two guided-missile bombs in the past 24 hours. According to reports from the Ukrainian Air Force and various levels of government agencies on November 8th, from the night of November 7th to the early morning of November 8th, Russian forces launched a large-scale missile and drone attack on Ukraine, damaging energy and railway facilities in Poltava, Kharkiv, Kyiv, and Dnipropetrovsk regions. Emergency power outages were implemented in multiple areas, including Kyiv, Kyiv, and Kharkiv. As of the morning of November 8th, the attacks had resulted in four deaths. The Ukrainian State Electricity Company posted on social media that day that several Ukrainian regions were experiencing emergency power outages due to the airstrikes, and industrial users continued to experience power rationing.Egypts Ministry of Petroleum: A new shipment of liquefied natural gas, amounting to 150,000 cubic meters, has been exported to Greece via a vessel chartered from Shell.On November 8, Chicago Mayor Brandon Johnson addressed the UN Human Rights Council on November 7. Johnson stated that the US federal governments refusal to accept review by the Human Rights Council was an attempt to evade scrutiny. He argued that the Human Rights Council should apply the same accountability standards to the US federal government as it does elsewhere in the world, and that no country is above international law. Johnson called on the Human Rights Council to send independent experts to Chicago to investigate the challenges facing the city; he also urged the Council to take further accountability measures, including convening a special session to investigate the worsening human rights crisis in the United States. The UN Human Rights Council was scheduled to hold its fourth round of Universal Periodic Review (UPR) on November 7, but the US representative refused to attend, preventing the review from proceeding normally. The Human Rights Council adopted a decision that day urging the United States to resume cooperation with the UPR mechanism.Russian Ministry of Defense: Russian troops have occupied the village of Vovche in the Dnipropetrovsk region of Ukraine.

Labor Strike, Political Unrest Fanning Tight Supply Concerns

Skylar Shaw

Jul 05, 2022 15:16

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Norwegian offshore workers started a walkout on Tuesday that would lower the amount of oil and gas produced, the union in charge of the industrial action told Reuters.


America West Texas Tuesday's little increase in intermediate crude oil futures is being attributed to growing supply shortage concerns. A strike by Norwegian workers and political upheaval in Libya are fueling these worries.


Norwegian offshore workers started a walkout on Tuesday that would lower the amount of oil and gas produced, the union in charge of the industrial action told Reuters.


ANZ Research analysts said in a note that Libya risks more supply interruptions as a result of rising political upheaval, making it even less likely that OPEC would reach its recently enhanced output limit.

August Comex gold futures are now trading at $110.36, up $1.93 or +1.78 percent, at 05:29 GMT. The United States Oil Fund ETF (USO) closed at $81.70 on Friday, an increase of $1.35 or 1.68 percent.


Another encouraging development is that OPEC is struggling to fulfill the agreed-upon oil production goals. According to a Reuters poll, OPEC's ten members produced 100,000 less barrels per day (bpd) in June than they had promised to boost production by approximately 275,000 bpd.

The near future

The early Tuesday direction of the August WTI crude oil market will probably be determined by trader response to the short-term 50% level at $111.21.

Positive Scenario

A consistent increase over $111.21 will signal the presence of buyers. Looking for a surge through the short-term Fibonacci level at $113.49, then the major top at $114.05. If this move provides enough upward momentum.


The uptrend will be confirmed if $114.05 is taken out, with a minor top at $116.58 being the next probable destination.

Grizzly Situation

When prices move consistently below $111.21, sellers are present. Due to a string of minor retracement levels around $109.06, $107.79, and $106.31, this might result in a laborious break. The latter is the last possible support before the bottom at $104.56.

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