Brent oil extended its 45% rise of the first six months of the year to boil over $77 for the first time since 2018, stoking the possibility of $100 a barrel.
The latest spark comes from a breakdown of talks between OPEC and other key crude nations, leaving the oil market in limbo. Bloomberg reports the immediate consequence is that an expected increase in output in August now likely won’t happen, leaving the world short of barrels as the economic recovery gathers pace. But the lack of unity within the alliance has also raised the spectre of a repeat of last year’s price war when members pumped at will and sent oil prices crashing.
But while that war rages consumers are feeling the pain in higher prices at the pump. Tonight at midnight South African motorists must fork out another 29c for a litre of 93 and 26c/l for 95 ULP ad LRP. Another coal on the inflation fire could inflict more pain in the form of higher borrowing costs.
Here’s a roundup of the world’s top and most interesting headlines:
SA Business
Iconic South African mines are ravaged economy’s unlikely saviour – Bloomberg
No ‘peanuts’, thanks – local government wage dispute hits bump as talks with labour breaks down – Fin24
Yet another D-day for Jacob Zuma in high court – TimesLive
Markets
Asia opens higher, but China tech worries weigh on Hong Kong – Reuters
Oil price spike risks wider markets swings amid inflation fears – Investing.com
Creditors crisis: High court deals a severe blow to Steinhoff, worsening its debt headache – Daily Maverick
US Business
Tesla’s new Cybertruck will be able to move like a crab – Entrepreneur
The Fed is underestimating the risk of inflation – WSJ
When will China rule the world? Maybe never – Bloomberg
In-depth
Ernst & Young and the scam that cost Mozambique $2.2bn – Daily Maverick
EDITORIAL: Groundhog Day at the corporate trough – Business Live
Explainer: UAE and Saudi Arabia’s spat over OPEC oil production – Al Jazeera
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