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Oil prices edge up ahead of OPEC+ meeting to discuss supply cuts



Oil prices edge up ahead of OPEC+ meeting to discuss supply cuts

Tuesday saw a little increase in oil prices as hopes that OPEC+ may agree to a significant reduction in petroleum output when it meets on Wednesday helped to allay concerns about the state of the world economy.

By 0629 GMT, Brent crude futures had increased by more than 4% from the previous day, up 46 cents, or 0.5%, to US$89.32 per barrel.

The price of US crude futures increased by 30 cents, or 0.4%, to US$83.93 per barrel. The benchmark experienced its greatest daily increase since May last session, rising more than 5%.

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On Monday, oil prices increased as supply fears resurfaced. Investors anticipate that OPEC and its partners, collectively known as OPEC+, will reduce output by more than 1 million barrels per day (bpd) on Wednesday at their first in-person meeting since 2020.

According to OPEC sources, this could be followed by more voluntary cutbacks made by individual members, making it the biggest reduction since the COVID-19 outbreak began.

OPEC+ has never been this strong and will do all it takes to ensure that prices are supported in this market, according to Edward Moya, a senior analyst with OANDA, in a note.

Following unprecedented production cuts implemented in 2020 as a result of demand damage brought on by the COVID-19 pandemic, OPEC+ has increased output this year.

But the organization has recently fallen short of its targets for output growth, missing in August by 3.6 million bpd. “While OPEC+ may declare a significant cut (over 1 million bpd), the actual cut may be substantially smaller. This is because most OPEC+ members produce far less than their desired levels of output, “In a note, analysts at ING stated.

According to Goldman Sachs, the sudden drop in oil prices from recent highs justified the production cut that was being discussed, reinforcing its optimistic oil outlook.

According to Tina Teng, an analyst at CMC Markets, worries over the global economy could limit the upside as investors try to cash in on gains from the previous session.

Teng stated that there are still “uncertainties in the world markets, such as the volatility in the bond market, the sell-off in risk assets, and a surging U.S. currency.”

Oil prices have fallen for four months in a row as COVID-19 lockdowns in the world’s biggest oil consumer China restrained consumption and pressure from rising interest rates and a strong currency on international financial markets. The most aggressive wave of rate increases by major central banks in decades has begun, raising concerns about a slowdown in the world economy.

According to a preliminary Reuters poll released on Monday, the amount of U.S. crude oil stocks rose by almost 2 million barrels in the week leading up to September 30.

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Glitz Galleria Launches Maiden Edition Of “Entrepreneurship Made Easy” Successfully




Glitz Galleria a beauty brand which offers services in makeup, hair and nails but has a vision to be a brand that impacts beyond beauty has set its light on startups and young entrepreneurs. The summit “Enterprenuership Made Easy” is a program that seeks to inspire, motivate and encourage every aspiring /rising entrepreneur to take that bold step to achieving his/her dreams. It also seeks to create a network where there’ll be opportunities for the startups to excel in what they do.

The maiden edition of “entrepreneurship made easy” took place on the 7th November,2022 at the UDS guesthouse, it was well attended with entrepreneurs from different fields ( trades and services), young and old, people traveled as far as Kumasi to attend. It was a very insightful, inspiring session as speakers spoke on the theme “ dare to dream,dare to achieve “ and share their success stories as well.

The event hosted by Albertha Bossman felt the honorable presence of special guest speakers such as Media Personality; Maxbel Coleman of Kantanka TV, Maxbel modeling agency, Fashion Fusion Ghana , Madam Afua Asantewaa Aduonum; CEO of Askof Productions, Dr Charity Twumasi Ankrah; CEO of Chartma Herbal Center.

Attendees were very happy and are looking forward to the next edition next year

Connect with Glitz Galleria and “Enterprenuership Made Easy” across all social media platforms.

Facebook: Glitz Galleria

Instagram: glitzgalleria/entrepreneurship made easy

Email:[email protected]

Call/Watsapp : 0208663509.

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Twitter to charge $20 per month for verification badge




Twitter to charge $20 per month for verification badge

Only a few days after taking over as Twitter’s CEO, Elon Musk is apparently working on some significant improvements.

The Twitter Blue membership and even the verification procedure, which awards verified accounts with a “Blue tick,” are expected to undergo modifications.

According to reports, the Twitter Blue subscription will be connected to it, and Musk also has big price increases planned for the subscriptions.

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The new Twitter Blue subscription will cost customers $19.99, according to a report by The Verge. Additionally, Twitter accounts that already have the blue tick will need to abide by this new system and pay for it.

According to the article, verified users will have a total of 90 days to switch to Twitter Blue before they lose their checkmark.

Employees of Twitter have also been told to resign or move quickly with this new membership plan. According to the article, a deadline of November 7 has been set for the staff.

Blue Twitter Subscription

Twitter Blue, a paid monthly opt-in subscription that grants exclusive access to premium services, was introduced last year.

This, according to Twitter, will allow you to personalize your Twitter experience. In the US, Canada, Australia, and New Zealand, the subscription service is now available.

It will be interesting to see how Musk implements both a global rollout and a complete overhaul of the payment system. Twitter Blue can be bought in-app on iOS and Android in the regions that are eligible.

Elon Musk recently revealed screenshots from internal Twitter communications that proved the board of directors had misled to him before the transaction was finalized.

The security chief mentions “fraudulent metrics” being shown in the screen grab. Bots, however, were not mentioned. According to Musk, he will share additional details in the coming days.

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