Oil Falls on Larger-Than-Expected Output Increase by OPEC+
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Oil prices up; strong demand outweighs surprisingly big OPEC+ output hike
By Arathy Somasekhar HOUSTON (Reuters) -Oil prices rose nearly 2% on Monday as signs of strong demand more than offset the impact of a higher-than-expected OPEC+ output hike for August and fresh concerns about the potential impact of U.S. tariffs. Brent crude futures settled up $1.28, or 1.9%, at $69.58. U.S. West Texas Intermediate crude settled up 93 cents or 1.4%, at $67.93. Early in the session, Brent had fallen as low as $67.22 and WTI's session low was $65.40. "The supply picture definitely looks to be elevating, however, the stronger demand is remaining above expectations as well," said Dennis Kissler, senior vice president of trading at BOK Financial. Travel industry statistics released last week showed that a record number of Americans had been set to travel for the Fourth of July holiday by road and air. On Saturday, the Organization of the Petroleum Exporting Countries and allies in OPEC+ agreed to raise production by 548,000 barrels per day in August, exceeding the 411,000-bpd hikes they made for the prior three months. The OPEC+ decision will bring nearly 80% of the 2.2 million-bpd voluntary cuts from eight OPEC producers back into the market, RBC Capital analysts, led by Helima Croft, said in a note. However, the actual output increase has been smaller than planned so far and most of the supply has been from Saudi Arabia, analysts said. In a show of confidence about oil demand, Saudi Arabia on Sunday raised the August price for its flagship Arab Light crude to a four-month high for Asia. Goldman analysts expect OPEC+ to announce a final 550,000-bpd increase for September at the next meeting on August 3. Oil had also come under pressure as U.S. officials flagged a delay regarding when tariffs would begin, but failed to provide details on changes to the rates that will be imposed. Investors are worried that higher tariffs could slow economic activity and oil demand. The U.S. will make several trade announcements in the next 48 hours, Treasury Secretary Scott Bessent said on Monday, adding his inbox was full of last-ditch offers from countries to clinch a tariff deal before a July 9 deadline. "Although U.S. trade policy is still unfolding, the U.S. is extending deadlines and backing away from punitive tariffs, helping to lift some of the demand gloom in place since April," said Jeffrey McGee, managing director of advisory firm Makai Marine Advisors. Meanwhile, Yemen's Iran-aligned Houthis said on Monday a cargo ship they struck with gunfire, rockets and explosive-laden remote-controlled boats had sunk in the Red Sea, after their first known attack on the high seas this year. Israeli Prime Minister Benjamin Netanyahu was due to meet with Trump at the White House on Monday, while Israeli officials hold indirect talks with Hamas aimed at reaching a U.S.-brokered Gaza ceasefire and hostage-release deal. Iranian President Masoud Pezeshkian said he believes Iran can resolve its differences with the U.S. through dialogue, but trust would be an issue after U.S. and Israeli attacks on his country, according to an interview released on Monday. (Additional reporting by Florence Tan and Ahmad Ghaddar; Editing by Marguerita Choy, Nick Zieminski, Cynthia Osterman and David Gregorio) Sign in to access your portfolio
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10 minutes ago
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LG ANNOUNCES AMBITION TO BECOME TOP-TIER GLOBAL HVAC SOLUTION PROVIDER
Accelerating B2B HVAC Leadership Through Industrial Solutions, Strategic Acquisitions and Localized Value Chains SEOUL, South Korea, July 8, 2025 /PRNewswire/ -- LG Electronics (LG), at a press conference held on July 8 at LG Sciencepark in South Korea, presented a strategic roadmap aimed at transforming its ES Company into a top-tier global provider of heating, ventilation and air conditioning (HVAC) solutions by 2030. To achieve this goal, the company plans to drive growth by expanding its industrial and commercial B2B revenue – including from AI data center cooling – and by providing regionally tailored heating and cooling solutions. In line with its "3B strategy" (Build, Borrow, Buy), LG will also pursue serial acquisitions to enhance core capabilities and diversify its business portfolio. By strengthening its competitiveness in both high-efficiency HVAC hardware and non-hardware solutions, LG aims to achieve KRW 20 trillion in HVAC revenue by 2030 as part of its mid- to long-term growth strategy. Boosting Industrial B2B Sales as Demand Surges in the AI EraLG continues to scale its presence in the B2B sector, supplying advanced chiller systems for data centers and large-scale commercial buildings. With the global chiller market expected to reach USD 12 billion by 2027, the company aims to reach USD 720 million (KRW 1 trillion) in sales within two years, establishing the business as a core future growth driver. LG's portfolio includes diverse data center-specific cooling technologies – such as liquid cooling systems using coolant distribution units to directly cool server chips, chiller-based air cooling systems and HVAC solutions compatible with direct current power environments. In 2025, LG expects to more than triple orders for its data center cooling solutions compared to the previous year, marking it as a key growth engine. To develop optimized solutions for AI data centers, LG established a dedicated testbed – the LG AI Data Center HVAC Solution Lab – at its Pyeongtaek chiller plant earlier this year. The facility simulates a wide range of AI server environments to conduct systematic performance testing of LG's advanced cooling solutions. Most recently, the company began pilot testing its liquid cooling technology in collaboration with LG U+, a leading South Korean telecommunications and digital services provider, to further validate and refine its thermal management capabilities. Strategic Acquisitions Fueling HVAC Capabilities and Portfolio ExpansionAs part of its growth strategy, LG is actively pursuing strategic acquisitions to reinforce its HVAC expertise and broaden its portfolio. Most recently, the company acquired a 100 percent stake in OSO, a leading Norway-based water heating solutions provider, to solidify its position in the European heating market. Guided by its 3B strategy, LG is simultaneously building internal capabilities through initiatives like the Air Solution Lab and HVAC Academy (Build), forming R&D partnerships with academic institutions (Borrow), and continuing to identify high-impact M&A opportunities (Buy). Expanding B2B Reach via Deep Localization and Non-Hardware Revenue GrowthLG is rapidly expanding its presence in the commercial HVAC market, delivering solutions to logistics centers, retail complexes and other large infrastructure projects. Recent highlights include the installation of its high-efficiency Multi V i™ system at a major logistics hub in Tuas, Singapore, and the supply of 28,000 RT of chillers to The Avenues-Riyadh, a major mixed-use complex in Saudi Arabia. These projects showcase LG's ability to meet local regulations and customer requirements through tailored, region-specific solutions. The company is also accelerating growth in non-hardware revenue, aiming to increase its share from 10 percent to 20 percent. This includes offerings such as Building Energy Control (BECON), an AI-based integrated building management platform that provides real-time energy analytics. LG is also nearing commercialization of a digital twin system for data centers that can accurately predict server heat generation and optimize HVAC efficiency using AI-powered control systems. Strengthening Global South Presence to Achieve Global LeadershipWith strong localization at its core, LG is strengthening its presence in the rapidly expanding markets of the Global South through end-to-end localized operations that encompass R&D, manufacturing, sales and maintenance. While maintaining a strong presence in North America and Europe, the company is now accelerating its B2B expansion in emerging regions by delivering tailored solutions and strengthening its on-the-ground capabilities. In India, LG is launching a new product development organization this year and establishing a new production line at its Sri City plant, scheduled to open in 2026. This new line will support regional demand with an annual capacity of up to 1.5 million air conditioning units. Globally, LG is leveraging its HVAC Academy training centers to cultivate top-tier service, sales and engineering talent, while also using these facilities as strategic hubs to support regional expansion. The company currently operates HVAC Academies in 65 locations across 43 countries and plans to expand the network to 70 locations by the end of 2025. "HVAC demand is rising in tandem with the growing number of data centers being built worldwide," said James Lee, president of the LG ES Company. "Leveraging decades of experience and core technological excellence, LG is committed to becoming a leading HVAC solution provider in the AI era." About LG Electronics Eco Solution CompanyThe LG Eco Solution Company (ES) offers advanced air conditioning solutions, including chillers, for diverse sectors and climates. Committed to exceptional HVAC performance, the ES Company aims to enhance indoor comfort and well-being with innovative air care products. Leveraging deep industry expertise, it offers digitalized HVAC solutions designed for better life. As a trusted partner, the company integrates cutting-edge technology into daily operations while offering ongoing support. For more information, please visit View original content to download multimedia: SOURCE LG Electronics Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
15 minutes ago
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Valuable Capital Group Celebrates Tickrs Financial Singapore's Admission as SGX Derivatives Trading Member
SINGAPORE, July 8, 2025 /PRNewswire/ -- Valuable Capital Group Ltd., a leading fintech-driven global financial services provider, proudly announces that its wholly owned subsidiary, Tickrs Financial Singapore Pte Ltd, has been officially admitted as a Derivatives Trading Member of Singapore Exchange (SGX Group). This significant milestone marks another step forward in Valuable Capital Group's global expansion strategy, reinforcing its commitment to delivering robust investment infrastructure and diversified trading solutions to clients worldwide. Headquartered in Singapore and licensed by the Monetary Authority of Singapore (MAS) since 2022, Tickrs Financial Singapore has rapidly established itself as a trusted financial services provider for institutional, accredited, and high-net-worth investors across Asia and beyond. With its new membership, Tickrs gains direct access to SGX's dynamic derivatives marketplace—further enhancing the group's ability to offer clients deep liquidity, efficient execution, and seamless cross-border trading across asset classes. "We are honoured to be admitted as a derivatives trading member of SGX Group, a globally respected exchange that plays a vital role in Asia's financial markets." said Samuel Ho, CEO of Tickrs Financial Singapore. "This milestone marks a significant step in our strategic growth, enabling us to expand our access to global derivatives markets and better serve our clients with more comprehensive trading solutions. With SGX firmly anchored as one of the leading financial hubs in Asia, we look forward to providing global reach and connectivity for our clients and contributing to the continued vibrancy of the SGX derivatives ecosystem." With clients spanning Singapore, Hong Kong SAR, Malaysia, Indonesia, Australia, and Saudi Arabia, Tickrs Financial Singapore exemplifies Valuable Capital Group's commitment to global scalability, local expertise, and forward-thinking financial innovation. About Valuable Capital Group Valuable Capital Group Ltd (VCGL) is a comprehensive financial services company that provides integrated, cross-market, and multi-asset global investment services to individuals and corporations. VCGL has set up licensed entities in Hong Kong SAR, the United States, Saudi Arabia, and Singapore, gaining worldwide recognition from millions of users. About Tickrs Financial Singapore Tickrs Financial Singapore Pte Ltd serves a growing international client base across markets including Hong Kong SAR, Malaysia, Indonesia, Australia, and Saudi Arabia. Leveraging a deep understanding of diverse regulatory environments and investor profiles, the firm delivers tailored investment solutions with a strong emphasis on cross-border efficiency and client-centric service. View original content: SOURCE Valuable Capital Group Ltd. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
