
Bowser scores 16, Furman takes down South Carolina State 68-64Oil prices rose slightly on Wednesday, with traders expecting OPEC+ to announce an extension to supply cuts this week while heightened geopolitical tensions continue to dominate market sentiment. Brent crude futures rose 38 cents, or 0.5%, to $74.00 a barrel by 1428 GMT, while U.S. West Texas Intermediate crude futures were up 32 cents, also 0.5%, to $70.26. On Tuesday, Brent posted its biggest gain in two weeks, rising by 2.5%. A shaky ceasefire between Israel and Hezbollah, South Korea’s curtailed declaration of martial law and a rebel offensive in Syria that threatens to draw in forces from several oil-producing countries all lent support to oil prices, said Priyanka Sachdeva, senior market analyst at Phillip Nova. In the Middle East, Israel said on Tuesday it would return to war with Hezbollah if their truce collapses and that its attacks would go deeper into Lebanon and target the state itself. In South Korea, meanwhile, lawmakers have submitted a bill to impeach President Yoon Suk Yeol after his declaration of martial law on Tuesday, which was reversed within hours, sparking a political crisis in Asia’s fourth-largest economy. However, the bullish momentum hasn’t pushed crude past the $75 resistance, indicating market sensitivity to geopolitical and economic developments may be waning, said Dilin Wu, research strategist at Pepperstone. “With OPEC+ widely expected to extend its 2.2 million barrels per day voluntary production cut into the first quarter of 2025, prices are likely to stay range-bound unless a new catalyst emerges,” Wu said. The Organization of the Petroleum Exporting Countries and its allies, together known as OPEC+, are likely extend output cuts until the end of the first quarter next year when members meet on Thursday, industry sources told Reuters. OPEC+ has been looking to phase out supply cuts through next year. “Neither geopolitics and OPEC+ action nor sanguine financial data will alter the underlying fundamental outlook. Protracted attempts to push oil towards $80 a barrel will be reined in by supply checks and loose oil balances,” said PVM oil analyst Tamas Varga. U.S. crude oil inventories rose 1.2 million barrels last week, market sources said, citing data from the American Petroleum Institute. Gasoline stocks also rose, by 4.6 million barrels, even though the week included Thanksgiving, when demand typically rises. Official data on oil stocks from the U.S. Energy Information Administration is due on Wednesday at 10:30 a.m. ET (1530 GMT). Analysts polled by Reuters expect crude stocks to decline by 700,000 barrels and gasoline stocks to rise by 639,000 barrels. Source: Reuters (Reporting by Arunima Kumar in Bengaluru and Emily Chow in Singapore Additional reporting by Paul Carsten Editing by David Goodman and David Evans)
LeRoy Zimmerman, a graduate of Wilkinson High School and South Carolina State University was recently honored at the U.S. Army War College as of the 2024 Outstanding Alumni of the War College. He was commissioned through the SC State ROTC program. Zimmerman served 27 years of active duty as a field artillery officer, including a combat tour in Vietnam. His education includes a master's from the Georgia Institute of Technology and a doctorate from George Washington University. Local news has never been this personal. Free to download. Subscribers enjoy unlimited access. According to the citation, "Col. (Ret) LeRoy Zimmerman, Class of 1986, has continued to serve selflessly since his retirement in 1993 after 27 years of active duty as a combat arms officer and Operations Research Analyst. Immediately upon retirement, he was recruited by a public school system in Virginia to redesign the district's high school math curriculum....in 1996 he was selected to be a high school administrator, and then a nationally certified staff developer for the Advancement Via Individual Determination Program, instructing and mentoring high school principals, superintendents and assistant superintendents in 16 states." He founded a program to prepare young men in high schools and prisons for fatherhood as well as designing and implementing in-school mentoring programs. Additionally, Zimmerman and his wife have adopted 25 children over the last 26 years. Subscribe to our Daily Headlines newsletter.
Oil prices edge up ahead of imminent OPEC+ decision; geopolitical turmoil in focus
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