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Oil Prices Soar As Violence Deepens In Egypt

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Oil prices have jumped as spiralling violence in Egypt raised concerns that petroleum supplies could be threatened.

US benchmark West Texas Intermediate for September delivery rose 48 cents to $US107.33 a barrel on the New York Mercantile Exchange on Thursday.

European benchmark Brent crude for delivery in September increased 91 cents to $US111.11 a barrel.

Thursday’s rise in oil prices came as escalating violence in Egypt was roundly condemned by the US and other countries.

At least 578 people were killed in the attacks that swept Egypt on Wednesday, the health ministry said, including an estimated 43 police officers.

“Developments in Egypt are on centre stage again and will continue to apply upward pressure on oil prices,” said Sanjeev Gupta at EY consultants.

Consultant Stephen Schork noted that Thursday’s rise in oil came even as US equity markets retreated significantly. The two markets frequently move in tandem, he said, suggesting a political “risk premium” has reentered the oil market.

“This is more of risk getting priced in given how horrible the situation is in Egypt right now,” Schork said.

Traders are worried that the unrest could hit crude shipments through the Suez Canal and Sumed Pipeline, which provide a link between Europe and oil producers in the Gulf.

Although Egypt is not a major oil producer, the Suez canal carries about 2.5 million barrels daily, about 2.7 per cent of global supply.

“Although oil transport through the Suez Canal and the neighbouring Sumed pipeline is not expected to be hampered, given that these are under military protection, the risk premium is nonetheless likely to rise following the latest events,” Commerzbank analysts said in a note to clients.

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US Election: Trump Claims Victory Hours After Saying Biden Won

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US Election: Trump Claims Victory Hours After Saying Biden Won

Donald Trump

The President of the United States, Donald Trump, has declared himself the winner of the US Election 2020.

President Trump declared himself the winner of the US election in a tweet on Monday morning, November 16 by simply tweeting: “I won the election.”

Also Read: US election: Trump says Biden won but again refuses to concede

This came hours after he tweeted that his opponent Joe Biden “won because the election was rigged.”

The latest vote tallies project Democratic candidate, Biden a clear winner in the state-by-state Electoral College that decides the presidency, with 306 votes against Trump’s 232.

However, President Trump has remained defiant, continuously claiming he won the election free and fair.

US election: Trump claims victory hours after saying Biden won

 

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Former Ghana President, Jerry Rawlings Is Dead

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Former Ghana President, Jerry Rawlings Is Dead

Jerry Rawlings

Jerry Rawlings, a former Ghanaian president has reportedly died from suspected COVID-19 complications.

The former Ghanaian leader died at Korle-Bu Teaching Hospital in Accra, capital of Ghana on Thursday morning.

Rawlings led the country first as a military ruler and then as a democratically elected president between 1981 and 2001.

Also Read: FG Owes 3,504 Contractors, Fashola Tells National Assembly

Rawlings initially rose to power in Ghana as a flight lieutenant in the Ghana Air Force, following a coup détat in 1979.

After initially handing power over to a civilian government, he took control again in December 1981 as Head of State.

He was re-elected in 1996 for four more years.

Rawlings left office in 2000 after exhausting Ghana’s constitutional term-limit of eight years for Presidents.

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US Election Is Far From Over — Trump

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US Election Is Far From Over — Trump

Donald Trump

U.S. President Donald Trump has refused to concede after his Democratic challenger, Joe Biden, secured the required number of electoral college votes to win the presidential race.

Shortly after Biden was projected winner, Trump in a defiant statement expressed that the election was “far from over” and criticised Biden for “rushing to falsely pose as the winner.”

“Biden has not been certified as the winner of any states, let alone any of the highly contested states headed for mandatory recounts, or states where our campaign has valid and legitimate legal challenges that could determine the ultimate victor.

Also Read: Joe Biden Defeats Trump To Win US Presidential Election

“Legal votes decide who is president, not the news media.

“Beginning Monday, our campaign will start prosecuting our case in court to ensure election laws are fully upheld and the rightful winner is seated.

“The American people are entitled to an honest election, that means counting all legal ballots, and not counting any illegal ballots,” Trump said.

 

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