- Geoffrey Hinton, soft-spoken godfather of AI
- Duo wins Physics Nobel for 'foundational' AI breakthroughs
- German 'Maddie' suspect could be free in 2025 after cleared of separate sex crimes
- China slaps provisional tariffs on EU brandy imports
- Duo wins Physics Nobel for key breakthroughs in AI
- German 'Maddie' suspect could be free soon after cleared of separate sex crimes
- China says to take anti-dumping measures against EU brandy imports
- China stocks rally fizzles on stimulus worries amid Asia retreat
- China stocks rally peters out on stimulus worries amid Asia retreat
- Taiwan's Foxconn says building world's largest 'superchip' plant
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- China holds off on fresh stimulus but 'confident' will hit growth target
- German suspect in 'Maddie' case faces verdict in sex crimes trial
- Top economic official 'confident' China will hit 2024 growth target
- COP29 fight looms over climate funds for developing world
- Shanghai stocks soar to extend stimulus rally amid Asia-wide drop
- Will Tesla's robotaxi reveal live up to hype?
- 'Invisibility' and quantum computing tipped for physics Nobel
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- 'Dark day': Victims mourned around the globe on Oct. 7 anniversary
- Mission to probe smashed asteroid launches despite hurricane
- Oil prices extend gains on Mideast tensions, Wall Street slips
- Europe's asteroid mission Hera launches despite hurricane
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- What is microRNA? Nobel-winning discovery explained
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- China to flesh out economic stimulus plans after bumper rally
- Asian markets track Wall St rally on US jobs data
- World marks anniversary of Oct. 7 attack on Israel
- Asian markets track Wall St rally on jobs data
- Cancer, cardiovascular drugs tipped for Nobel as prize week opens
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- 'Difficult day': Oct 7 commemorations begin with festival memorial
- Commemorations begin for anniversary of attack on Israel
- Tunisia voting ends as Saied eyes re-election with critics behind bars
- Drowned by hurricane, remote N.Carolina towns now struggle for water
- Two elephants die in flash flooding in northern Thailand
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- Too hot by day, Dubai's floodlit beaches are packed at night
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- Italy targets climate activists in 'anti-Gandhi' demo clampdown
- US trade chief defends tariff hikes when paired with investment
- EU court blocks French ban on vegetable 'steak' labelling
- Meta AI turns pictures into videos with sound
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- Oil extends gains, jobs report lifts Wall Street
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Oil jumps on China easing of Covid restrictions, Russia price cap
World oil prices rallied Monday after more easing of strict Covid containment measures in China and as a price cap on Russian crude agreed by the EU, G7 and Australia came into force.
Main contracts Brent North Sea crude and WTI advanced more than 2.5 percent, also after OPEC and its Russia-led allies decided at a weekend meeting to maintain oil output levels.
Stock markets traded mixed after Friday's forecast-busting US jobs report that dented hopes that the Federal Reserve would take a softer approach to hiking interest rates in its battle against sky-high inflation.
In currency trading, the dollar was mixed against its main rivals while China's yuan was among the best performers, breaking below the seven per dollar level for the first time in almost three months.
Higher oil demand is expected from China after businesses reopened and testing requirements were relaxed in Beijing and other cities as the country tentatively eases out of a strict zero-Covid policy that sparked nationwide protests.
It has also seen major cities including Shanghai locked down for months, a decision blamed for a sharp slowdown in economic growth this year that sent shudders through financial markets.
"Uncertainty is coming in waves in energy markets as the choppy tides of supply and demand push up the oil price but keep a lid on big gains," noted Susannah Streeter, senior investment and markets analyst at Hargreaves Lansdown.
"There are expectations that there will be less crude available to buy as the $60 cap on Russia oil takes effect."
The Kremlin on Monday insisted the cap would not affect Moscow's military campaign in Ukraine.
The $60-per-barrel price cap aims to restrict Russia's revenue while making sure Moscow keeps supplying the global market.
"From the OPEC+ perspective, it can't be easy to make reliable forecasts against that (Russia) backdrop and the constantly evolving Covid situation in China, which currently looks far more promising from a demand perspective," said Craig Erlam, senior market analyst at Oanda trading group.
Major oil-producing countries led by Saudi Arabia and Russia on Sunday agreed to maintain their current output levels in a climate of uncertainty.
The prospect of China, the world's number-two economy, kicking back into gear helped traders overcome data on Friday showing far more jobs than expected were created in the United States in November.
A big jump in wages added to concerns that the economy remained hot, meaning the Fed still had plenty of work to do to get inflation down to its two percent target.
- Key figures around 1200 GMT -
Brent North Sea crude: UP 2.6 percent at $87.83 per barrel
West Texas Intermediate: UP 2.8 percent at $82.22 per barrel
London - FTSE 100: UP 0.3 percent at 7,576.49 points
Frankfurt - DAX: DOWN 0.5 percent at 14,462.21
Paris - CAC 40: DOWN 0.3 percent at 6,719.84
EURO STOXX 50: DOWN 0.2 percent at 3,969.40
Tokyo - Nikkei 225: UP 0.2 percent at 27,820.40 (close)
Hong Kong - Hang Seng Index: UP 4.5 percent at 19,518.29 (close)
Shanghai - Composite: UP 1.8 percent at 3,211.81 (close)
New York - Dow: UP 0.1 percent at 34,429.88 (close)
Euro/dollar: UP at $1.0570 from $1.0531 on Friday
Dollar/yen: UP at 135.20 yen from 134.27 yen
Pound/dollar: DOWN at $1.2284 from $1.2296
Euro/pound: UP at 86.00 pence from 85.73 pence
burs-bcp/rl
P.Petrenko--CPN