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Oil prices remain stable as markets wait for Fed rate decision
Early trading on Wednesday saw oil prices remain unchanged after they had risen more than 1% the previous day due to drone attacks on Russian refineries and ports. Traders were also awaiting a rate cut by the U.S. Federal Reserve. Brent crude futures fell by 1 cent, to $68.46 per barrel at 0114 GMT. U.S. West Texas intermediate crude futures fell also by 1 cent, to $64.51 per barrel. Three industry sources told Reuters on Tuesday that Russia's oil pipeline monopoly Transneft, (TRNF_p.MM), has warned its producers to reduce production following Ukraine's drone strikes on key export ports and refineries. The last trading session saw oil prices rise by more than 1% due to fears that Russian supplies could be disrupted. The European Commission's President Ursula von der Leyen announced on Tuesday that the commission would propose a faster phase-out for Russian fossil fuel imports, and urged a stronger effort to increase economic pressure against Russia. Investors also await the outcome of Federal Reserve's meeting on September 16-17. A new governor, Stephen Miran who is currently on leave from Trump administration will be joining the discussions, while a second policymaker Lisa Cook faces the threat by Donald Trump to remove her. On Wednesday, the central bank is expected to reduce interest rates by up to 25 basis points. This should boost the economy and fuel demand. According to Tony Sycamore, IG's market analyst, the market will focus on "how many of its members agree with Stephen Miran and support a rate cut of 50 basis points", if the outlook shows two or three cuts of 25 basis points and "the tone used by Fed Chair Powell at the press conference". Sycamore stated that any "buy the rumour, then sell the fact" reaction to risk assets such as crude oil will be short lived, due to possible follow-up rate cuts of 25 basis points in October and in December. Market sources cited American Petroleum Institute data to show that crude and gasoline inventories in the United States fell last week while distillate stock rose. This could be a bullish sign. Sources said that crude stocks dropped by 3.42 millions barrels and gasoline inventories by 691,000 barrels during the week ending on September 12. Distillate inventories, however, rose by 1.91million barrels compared to the previous week. The market will be looking to see if the data released by the U.S. Energy Information Administration Wednesday is consistent with that. According to a poll, analysts estimate that crude inventories dropped by 900,000 barrels in the past week. Distillate stocks rose by 1 million barrels, and gasoline stockpiles increased by 100,000 barrels.
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Peru protests strand hundreds of tourists near Machu Picchu
The country's Tourism Minister said that at least 900 tourists had been stranded in the vicinity of Peru's ancient Inca citadel, Machu Picchu, on Tuesday after a passenger rail service was suspended because of a protest. The train operator PeruRail announced that service was suspended Monday due to "rocks of different sizes" blocking the route through Peru's Cusco region, which is a mountainous region. Local residents and bus companies clashed over this issue. Protesters claim that there is a lack in transparency and fairness when it comes to replacing Consettur, the tourist bus operator, after their concession has expired. This will allow other local businesses to profit from this vital industry. Tourism Minister Desilu Leon said on local radio that 1400 tourists were evacuated Monday, but 900 still remained in Aguas Caientes. This is the nearest town to the most visited cultural site of the country. The protest started last week, after Consettur lost its concession to ferry tourists from Aguas Caientes up to the entrance of 15th century Inca citadel. Aguas Caientes protesters prevented the bus company from operating. PeruRail’s local unit also said that "third parties" excavated a part of the rail route. This affected the track’s stability, and slowed the evacuation of tourists. New7Wonders is a group that promotes global cultural sites. In a statement released over the weekend, the group said it had written to the Peruvian government, warning that the credibility of Machu Picchu as one of the New Wonders of the World may be compromised if the conflict escalates. In 2007, a global poll conducted by the group selected Machu Picchu alongside the Great Wall of China and Mexico's Chichen Itza.
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US traffic fatalities fell by 8.2% in the first half of 2025 - lowest number since 2020
Officials announced on Tuesday that the number of traffic fatalities in the United States has fallen by 8.2% since the beginning of 2020. According to the National Highway Traffic Safety Administration, 17,140 people died in car crashes between June 30 and July 31, down from 18,680 during the same period last year. The number of road deaths in the United States increased dramatically during the COVID pandemic 2020 and continued to rise for many years, prompting calls for action. The first half of this year saw the lowest fatality rate since 2014. NHTSA Chief Counsel Peter Simshauser stated that the preliminary numbers are encouraging. These numbers, even though we are seeing progress, are still too high. We remain committed to reducing traffic deaths even further. In 2024, traffic deaths dropped by 3.8% to below 40,000, the lowest level since 2020. Experts said that as the roads in the United States became less congested during this pandemic, some drivers perceived police to be less likely than usual to issue tickets. This led them into more risky driving. Experts said that some drivers also drove more dangerously when they were impaired by alcohol and drugs taken at home. The U.S. death rate was much higher during the pandemic than other developed countries. The Congress has approved $5 billion in five-year installments as part of the $1 trillion infrastructure law for 2021 to address road safety. U.S. traffic fatalities Jumped 10.8% in 2021 The number of pedestrians and cyclists killed on American roads has risen to the highest level in more than four decades. The number of pedestrians and cyclists who were killed on American roadways has risen to its highest level in over four decades. In 2023, a NHTSA report found that crashes cost the taxpayers directly $30 billion and society in general $340 billion. The total cost of crashes to society was $1.37 trillion, or 1.6% of the U.S. economy. (Reporting and editing by Chris Reese, Richard Chang, and David Shepardson)
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Trump names board to mediate New York rail dispute
On Tuesday, President Donald Trump signed an executive directive to create an emergency board that will conduct mediation in order to prevent a strike at the Long Island Rail Road. The rail road serves more than 300,000 passengers each day. Five unions claimed to have asked Trump for intervention on Monday. The unions threatened to strike the New York commuter railroad this week. A spokesperson for the White House said that Trump had acted on the unions' requests "to bring both parties back to the negotiation table and prevent an strike which could have crippled New York City and disrupted upcoming Ryder Cup in Long Island." The union leaders stated that the White House Board would be appointed and a 120-day period would begin during which it would make its recommendation. During this time, no work stoppages could take place. The White House can name a second panel with a cooling off period up to May 2026 if no agreement is reached. The White House stated that the National Mediation Board, which consists of two Democrats and one Republican, voted in August to release MTA and LIRR workers unions from negotiation. This opened the door for a possible strike. This action does not mean that a strike will never happen. Gil Lang, the general chairman of BLET's LIRR Engineers, said that it is unlikely to happen in the near future. The LIRR is the largest commuter rail system in the U.S. The New York Metropolitan Transportation Authority (MTA) criticized unions on Monday. If these unions really wanted to protect riders, they would settle or agree to binding arbitral... This cynical delaying serves no one." New York Governor Kathy Hochul says both sides need to resume talks. She said, "There's a fair deal on the table and I have instructed the MTA that they are ready to negotiate anywhere, anytime." Both sides must continue to negotiate and work around the clock until it is resolved. (Reporting and editing by David Shepardson)
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Drone attacks on Russia could lead to a reduction in oil production, as Russia's output is expected to remain stable.
Industry sources say that the differential between Urals crude and Brent crude dated Tuesday remained unchanged, but Russia is on its way to cutting oil production due to drone strikes. Transneft, the monopoly Russian oil pipeline company, has warned that oil producers may be forced to reduce oil production following Ukraine's drone strikes on key export ports and refineries. Oil prices rose by over $1 a barrel Tuesday as traders assessed the risk that Russian oil supplies could be disrupted if Ukrainian drones attack its ports and refineries. They also awaited Federal Reserve's interest rate decision. PLATTS WINDOW On Tuesday, there were no bids or offers made on Urals, Azeri BTC Blend or CPC blend in the Platts Window. Ship tracking data from LSEG/Kpler revealed that the sanctioned tanker Spartan discharged Russian crude at India's Mundra Port despite a restriction by Adani Group to the entry of ships on the blacklist at the terminal. Data released on Tuesday showed that Kazakhstan's condensate production rose 13.6% from January to August 2025. Richard Chang (Reporting)
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Administrator says construction of the LPG pipeline under the Panama Canal could begin in 2027.
The Panama Canal's head said that construction of a pipeline for moving liquefied gas (LPG), across Panama, could begin in 2027. The Canal Chief Ricaurte Vasquez stated that initial bidder interest could be received as early as the first quarter next year. The process will continue until 2026. He said that the canal was looking at the pipeline for moving U.S. LPG bound to Asia from one end of the canal the other. Vasquez estimated that the total investment for completing a "corridor" of energy, which would include pipeline segments for moving different types gas, ranges between $4 billion to $8 billion. After the expansion of its territory in a Supreme Court ruling The waterway offers different projects to companies so that it can provide more services to its clients. Vasquez's presentation showed that the pipeline would, once operational, represent a boost to Panama's GDP of 3.6%. (Reporting and writing by Elida Moreno; Editing and proofreading by Marguerita Chy)
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United Airlines CEO rejects bid for Spirit Airlines
Scott Kirby, CEO of United Airlines, said that his company will not bid on the assets of bankrupt Spirit Airlines if those assets become available. Spirit Airlines filed for bankruptcy last month, for the second consecutive year. A previous restructuring failed to improve its financial standing. Discount carrier will be restructuring its fleet and network, which could lead to a number of assets being offered for sale by competitors. Kirby said that Spirit's aircraft, slots, and routes just "don't work" with the Chicago-based carrier. United Airlines would be "unpractical" if it took two to three year to reconfigure Spirit's fleet. He added that there were not enough gates in key Spirit markets, such as Fort Lauderdale, Florida. Kirby stated in an interview that "it's not our wheelhouse." "We're not going try to do this." Reporting by Doyinsola Oladipo, writing by Rajesh Kumar Singh and editing by Chizu Nomiyama.
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India's Dreamfolks stop domestic airport lounge service
Dreamfolks Services announced on Tuesday that it has discontinued its airport lounge service in India. However, the company's other domestic services, as well as global lounge business, will continue to operate as normal. The company did not provide any further details, but said that the move would have an impact. Dreamfolks began to face challenges when airport operators decided to directly offer lounge access. In August, three of the company's customers -- Encalm Hospitality Adani Digital, and Semolina Kitchens - had been notified that they were going to be unable to continue their business. They would terminate their contracts It is also expanding its focus on the global lounge business. Dreamfolks announced earlier in July that it would be discontinuing some programs for Axis Bank clients and ICICI Bank customers. Dreamfolks said on Tuesday that its contracts with customers are active, and that there are ongoing discussions to explore alternatives services for clients. In 2025, its shares will be down by 65%.
Promising teenager skaters, ex-world champions amongst victims of Washington air crash
All 64 individuals aboard a flight from Wichita, Kansas, and three soldiers on a U.S. Army helicopter were believed dead on Thursday after the two airplane collided in a fiery surge near Washington, D.C.
. The victims consist of figure skaters, family members and coaches who had been going to a national training camp for top young professional athletes in Kansas. Among the flight's 60 travelers and four team members were Yevgenia Shishkova and Vadim Naumov, former world champions in sets figure skating who coached young skaters in the Boston area.
At least 5 members of a Washington plumbing professionals and pipefitters union were amongst the dead, the union said in a. declaration, without determining the victims.
Here is what we know about a few of the victims:
ASRA HUSSAIN RAZA
Raza, 26, sent out a text to her partner, Hamaad, from the. doomed flight as they approached Washington, saying she would. land in about 20 minutes.
Hamaad Raza, 25, who was waiting at the airport for her. arrival, never ever got another message, his dad, Hashim. Raza, informed Reuters.
Asra was whatever to us, Hashim Raza, holding back. tears with a quavering voice, said in a telephone interview as. he traveled from Missouri to Washington to fulfill his child. And. now my child is a widower at 25. What do I say to him? They. prepared to have kids, they were a lot anticipating. that.
The couple met at Indiana University Bloomington, where she. studied corporate financing and was a straight-A college student.
Hashim Raza stated when his kid first satisfied Asra, he stated,. I'm going to wed her.
Asra Hussain Raza later on earned her master's degree in public. health from Columbia University and got a job with a consulting. group in Washington, with the ultimate objective of working for the. federal government to improve public health, her father-in-law stated.
All she wanted to do was help individuals, and DC, she. thought, was the location to accomplish her goals, Raza said. And. she was such a terrific cook - Indian, Italian, Chinese food. I. informed her to open a dining establishment.
She traveled to Wichita about once or twice a month to assist. turn around a hospital, he stated.
She was an incredibly caring individual, he stated. She 'd call. just to state, 'I love you.'
SPENCER LANE AND JINNA HAN
Spencer and Jinna, both around 16 years of ages, trained practically. every day at the Skating Club of Boston in Norwood,. Massachusetts, according to the club's executive director, Doug. Zeghibe. The Lane household resided in Rhode Island, and the Han. household resided in the Boston area.
The two young skaters had been going to U.S. Figure. Skating's National Development Camp in Wichita, an elite. training camp that followed recently's U.S. nationwide. championships for skaters viewed as the future of the sport,. Zeghibe stated.
Spencer, in the best way possible, was an insane kid-- extremely. talented, extremely skilled, Zeghibe informed reporters at the. club on Thursday early morning. Has actually not been skating that long and. just soaring to the top of the sport - very fun, really. cerebral, a very good thinker.
Spencer posted a picture of the wing of the plane before it. took off from Wichita on Instagram, according to media reports,. with a caption listing Washington as the location.
In another post, he said getting approved for the camp had been a. long time objective. He thanked Shishkova and Naumov, among others,. for an fantastic experience.
Jinna was a wonderful kid, Zeghibe said.
Wonderful parents, excellent professional athlete, fantastic competitor, enjoyed. by all, he told reporters.
Spencer's mom, Christine, and Jinna's mother, Jin, were. also on the aircraft. Both were role model parents who made a lot. of sacrifices to assist their children master the sport, Zeghibe. said.
YEVGENIA SHISHKOVA AND VADIM NAUMOV
Russian-born Shishkova and Naumov, who were wed, won the. world championship in sets figure skating in 1994 and had. coached at the Skating Club of Boston given that 2017.
They were gifted and beautiful people, said Ludmila. Velikova in St. Petersburg, where she trained both skaters when. they were children. Zhenya (Shishkova) trained with me from the. age of 11 and Vladik (Naumov) from age 14. They resembled my own. kids.
The couple's kid, Maxim, likewise a skater, completed in 4th. location in the guys's complimentary skate at the U.S. championship games. recently. He left Wichita after the competition and was not on. Wednesday's plane.
Zeghibe explained Vadim Naumov as an old-school coach who. used the stringent Russian approach to his trainees.
You could not see Genia without breaking into a smile, he. stated, utilizing a label for Shishkova.
INNA VOLYANSKAYA
Russian-born Volyanskaya, a skating coach in the Washington. location, was on board the plane, according to a X post from U.S. Agent Suhas Subramanyam and a report from the Russian. news firm TASS.
Volyanskaya contended as a sets skater for the Soviet Union. in the 1980s. She coached young skaters at the Washington Figure. Skating Club, according to the club's site.
In a statement on Thursday, the club did not verify whether. any member or coach was on the flight but said it was. ravaged by news of the crash.
More details will be published when appropriate, the club. stated.
(source: Reuters)