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The latest OPEC meeting conclusions show that the global economy is not as strong as headlines suggest and that industries all over the world are struggling to recover. Indeed, many manufacturing PMIs (purchasing managers’ indexes) continue to signal contraction. Oil prices have weakened in recent weeks despite the war in Gaza and rising geopolitical risk. ...
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Singapore-based oil and commodities trading powerhouse Trafigura Group has posted the smallest profit since the 2020 oil crisis as volatility in energy markets hit new lows. Trafigura’s net profit dropped to $1.47 billion in the six months through March, good for a 73% decline from a record $5.5 billion posted a year earlier. The company’s revenue fell 5.4% ...