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• Oil prices poised to break a string of weekly gains as demand worries linger
  Oil prices were struggling for traction on Friday, as investors juggled concerns over demand and the...
  Oil prices were struggling for traction on Friday, as investors juggled concerns over demand and the commodity was set to market its first weekly loss in several.
  
  On Friday morning at 8:22 AM ET, West Texas Intermediate crude for July delivery was down 35 cents to $117.36 a barrel.  August Brent crude was 17 cents lower to $119.64 a barrel.
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• Shell to Build Ships to Carry More CO2 Over Longer Distances for CCS Hubs
  Shell is building larger vessels that can carry more carbon dioxide over longer distances as...
  Shell is building larger vessels that can carry more carbon dioxide over longer distances as part of the company's plans to expand its carbon capture storage (CCS) business globally, the oil major said.
  
  As part of the Northern Lights project in Norway, Shell's joint venture with Equinor and TotalEnergies, the companies will build two ships capable of carrying 7,500 cubic meters of CO2.
  
  Shell is leading the design and construction of the vessels, which will be powered by liquefied natural gas, the company said. Steel-cutting will take place in the third quarter, while the ships will be ready for delivery in 2024.
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• EIA: Oil industry's upstream spending fell sharply in 2021
  An Energy Information Administration analysis of financial reports reveals that 119 publicly traded global...
  An Energy Information Administration analysis of financial reports reveals that 119 publicly traded global oil producers spent $244 billion on exploration and development in 2021, 28% below the five-year average before the pandemic. The companies, which accounted for an estimated 60% of total non-OPEC liquid fuels production, added 19.2 billion barrels of oil equivalent to proved reserves last year, with organic reserve additions replacing 77% of production, the EIA reports.
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• US Steps Up Heavy Crude Imports as Biden Blasts Profiteering
  U.S. refiners last month imported the most, heavy crude in nearly two years, customs data showed, as...
  U.S. refiners last month imported the most, heavy crude in nearly two years, customs data showed, as they cranked up motor fuel production and sought to replace sanctioned Russian oil.
  
  Heavy crudes are cheaper than lighter shale oils produced in the U.S. and typically make more diesel and less gasoline. Diesel stocks are draining, with U.S. inventories down 19% last month, and margins are soaring, boosting refiners’ profits.
  
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• What Else is Brewing Friday Morning
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  • WNBA superstar Sue Bird said that this season, her 21st, will be her last.
  
  
  • A fisherman in a remote area of the Amazon confessed to killing a British journalist and an Indigenous expert who had gone missing while on a reporting trip there.
  
  
  • Revlon filed for Chapter 11 bankruptcy protection because of too much debt and mangled supply chains.
  
  
  • Beyonce announced that her new project, “Renaissance,” will drop on July 29. It will be her first solo studio album since 2016.
  
  
  • Headline of the day: “Convicted scammer Anna Sorokin says she is now selling NFTs.”
  
  

  
  
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