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The Dow Jones Industrial Average fluctuated between losses and gains in the market on Thursday, but eventually closed lower. The composite Nasdaq led lower and traded much lower, while the S&P 500 traded slightly lower. The main indices stabilized after an unstable trading week, but remain below key moving averages.

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Additional comments from central banking authorities on Thursday continued to affect markets. Cleveland Fed President Loretta Mester said the war in Ukraine has pushed inflation even higher and has heightened the need to raise interest rates. This came after Jerome Powell cited support for a quarter-rate increase in interest rates this month in testimony released Wednesday.

Dow Jones on the stock market today

In today’s market, most major indexes traded lower in late afternoon trading, after being mixed earlier in the session. The indices also remained below important moving averages and diverged to key areas of resistance on Thursday.

At the close, the Dow Jones index fell 0.3%. The Nasdaq fell more than 1.6% and is now negative for the week, while the S&P 5oo lost 0.5%. Russell 2000 traded 1.3% less.

Early data showed that the volume of the Nasdaq and the NYSE decreased compared to the same period on Wednesday. Meanwhile, the indices are selling more in recent sessions, indicating institutional sales rather than institutional accumulation.

Yields on 10-year government securities fell slightly to 1.84% after rising from 1.72% on Tuesday.

Meanwhile, the price of US crude oil futures finally fell below $ 109 a barrel after moving above $ 111 a barrel on Wednesday, an 11-year high.

In economic news, weekly unemployment claims for the last week fell to 215,000 from 233,000 the previous week. The PMI index in the IHS Markit services sector jumped to 56.5 in February from 51.2 in January and fell slightly from an initial estimate of 56.7. The output index of PMI rose to 55.9 from January 51.1.

Shares of IBD 50 are rising

IBD’s market outlook remains an “adjustment” and shows that the market is not currently on an upward trend or reflects optimal buying conditions. But investors may still want to watch stocks trade near buying points because the indices are trying to rally.

Innovator IBD 50 ETF (FFTY) lost 0.1% on Thursday after successfully regaining its 21-day exponential moving average on Wednesday.

Profits in shipping stocks, steelmakers and chemical companies are on the rise.

Cleveland Cliffs (CLF) rose more than 7.5% and exploded from 24.77 to double bottom. The breakout of the shares happened along the RS line, which marked new peaks, a bullish sign.

Cleveland-Cliffs is part of the steel group, which currently ranks 27th out of 197 groups of IBD measures.

This miner surpasses early entry

Southern honey (SCCO), another biggest winner in the IBD 50, rose more than 3% as shares approached a first-stage buy point of 83.39. The extraction of metal ores is still 10% of the entrance.

The trend line drawn from the high level near 80 during the SCCO week, which ended on May 21, 2021, really offers an early buying point close to 69.50.

Shares of a warehousing company Public storage (PSA) rose 2.1% as shares approached 377.46 on an equal footing. The RS stock line also marked a new peak on its weekly chart.

In the meantime, stock up at the grocery store Kroger (KR) rose and rose more than 11% and left the cup base after gains exceeded forecasts and the company gave a positive outlook.

Shares of Kroger have moved above 50.25 buying points and are now expanded from the buying zone by 5%. The line of relative strength was at new highs even before the breakthrough, a bullish sign. Retail and other food chains received some coverage on IBD Live on Thursday.

Here are the stocks that are making remarkable moves in expanded trading.

Broadcom – Shares of the chips rose more than 3% in long-term trading on Thursday, after Broadcom surpassed the estimates for the top and bottom line for its first fiscal quarter. The company reported $ 8.39 adjusted earnings per share, while analysts surveyed by Refinitiv were looking for $ 8.08 per share. The company’s revenue guidelines for the second quarter were also above expectations.

Gap Store in New York, August 2, 2020

Scott Mill CNBC

Gap – Gap shares rose more than 8% in long-term trading after the retailer reported less-than-expected fourth-quarter loss and issued strong earnings guidelines. Gap reported losses of 2 cents per share, compared to the forecast of 14 cents by analysts at Refinitiv. Revenue was $ 4.53 billion, compared to approximately $ 4.49 billion. For the full year, Gap expects to earn between $ 1.85 and $ 2.05 per share. Analysts had expected adjusted earnings of $ 1.86 per share.

Smith & Wesson Brands – Shares of the firearms manufacturer fell 14.7% in expanded trading after the company’s results for the third quarter of the fiscal year did not meet analysts’ expectations. The company reported 69 cents adjusted earnings per share for $ 177.7 million in revenue. Analysts polled by Refinitiv were looking for 83 cents and $ 198.3 million in revenue, according to FactSet’s StreetAccount. CEO Mark Smith said in a statement that the firearms market had “cooled significantly” from where it had been during the pandemic.

Sweetgreen – Shares of Sweetgreen rose nearly 20% hours later after the salad chain saw stellar sales growth in the fourth quarter. This is the first time the restaurant has published a quarterly report since its public debut. Net sales rose 63 percent to $ 96.4 million, beating analysts’ expectations of $ 84.7 million, according to Refinitiv. The company reported a net loss for the quarter.

Technology giants in Silicon Valley are joining the rest of the business world in withdrawing their products and services from Russia. Companies such as Apple (AAPL) have severed ties with the Russian market altogether to protest the Ukrainian invasion, while companies such as YouTube (GOOG, GOOGL), Meta (FB) and Microsoft (MSFT) are restricting Russian propaganda networks such as RT and Sputnik in Europe.

And while Big Tech’s moves have put at least some pressure on Russian President Vladimir Putin and provided assistance to Ukrainian citizens, they can also be a boon to the companies’ end results. And for companies embroiled in controversy, taking action against Russia could improve their reputation among consumers.

“We want to think it’s altruistic and companies take a stand, but sometimes it’s a wash of value,” Forrester senior analyst Alla Valente told Yahoo Finance. “In other words, if a brand has had bad media or publicity, they could do so to try to repair their brand reputation.”

More benefit than harm

Among the major technology brands, Apple has the strongest position against Russia. The company stopped all sales of products in the country, restricted services such as Apple Pay, removed the RT and Sputnik applications from the App Store everywhere except Russia, and deactivated live traffic and incidents on Apple Maps to prevent Russia from seeing where it could Ukrainian citizens gather.

MOSCOW, RUSSIA – MARCH 2, 2022: Re: Store in the GUM department store. As of March 2, all re: Store stores in Moscow have been closed as Apple suspends all product sales in Russia. Artyom Geodakyan / TASS (Photo by Artyom Geodakyan \ TASS via Getty Images)

Apple has no physical stores in Russia, which means that its products are sold through third-party retailers. And according to Wedbush analyst Dan Ives, Russia’s suspension of hardware sales will not affect Apple’s end result much.

“Russia as a whole is a breadwinner in terms of its financial impact on American technology giants,” Ives told Yahoo Finance. “If the FAANG names pulled the plug from doing business in Russia, that’s a maximum of 1% -2% of total revenue exposure.”

Apple has long turned human rights into one of the cornerstones of its appeal, even if it is sometimes detrimental. He was notoriously opposed to the Department of Justice when investigators asked Apple to create an iOS backdoor to gain access to an iPhone used by one of the killers in the 2015 San Bernardino terrorist attack.

The story continues

Apple protested the request, saying that building a backdoor would create a vulnerability in any iPhone on Earth that hackers could quickly find and exploit.

“They are a brand that has drawn a line in the sand about what they stand for and what they don’t,” Valente said. “And when you’re guided by these types of outlines, it makes … you see more clearly the path you have to take.”

Of course, Apple, along with other technology giants, does not have a perfect experience. The company sells and manufactures its products in China, which has been accused of human rights abuses, including the closure of Uighurs in Xinjiang concentration camps.

In general, brands with Ukraine need to benefit from the positive attention they receive, and they could attract new customers who choose which companies to do business with based on their morale.

Big Tech’s moves will keep employees, attract talent

In addition to keeping customers satisfied, the actions of technology companies against Russia can also raise the morale of their employees and serve as a powerful tool for recruiting for future employees.

Employee activism is a major force in Silicon Valley, forcing companies like Google to distance themselves from certain military contracts. Companies certainly recognize this and want to ensure that they keep their employees happy by supporting Ukraine.

“Think about whether you have senior people, important people, or certain talents who say, ‘You know, we as employees are no longer in line with the brand we work for, and we’re going to leave.'” I mean, it could be a huge problem for technology companies, “Valente said.

It’s not just about current employees. Technology companies need to ensure that they are on the right side of the conflict if they want to continue to attract the best talent, especially at a time when there are more jobs than workers available.

Technology companies are almost certainly taking a stand against Russia because their leaders believe it is the right thing to do in the face of an unprovoked invasion. However, they probably realize that this has tangible benefits for themselves.

However, it will be more interesting to see which companies continue to hold their ground if the war drags on for months or years, and whether they will feel the same then as they do now.

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Do you have any advice? Email Daniel Howley at [email protected]. Follow him on Twitter at @DanielHowley.

TOKYO – Just over two years after former Nissan boss Carlos Gon fled Japan to avoid criminal charges, a Japanese court on Thursday convicted his former U.S. deputy of helping him hide some of his compensation from regulators.

A judge sentenced Deputy Greg Kelly to six months in prison for his role in evading Mr. Gonn’s pay in one fiscal year, but released him from participating in similar efforts in other periods spanning nearly a decade. The sentence will be suspended for three years, which will effectively allow Mr Kelly to walk free. Prosecutors demanded two years.

The verdict – in fact, rejecting much of the government’s case – is likely to be the last in Japan’s long-running battle with Mr Gon, a titanic clash that many critics say illustrates serious shortcomings in Japan’s legal system.

Mr Weirham, Mr Kelly’s US lawyer, called the verdict an attempt by the Japanese government to save the person in light of the lack of evidence against his client.

In December 2019, Mr Gon fled Japan to Lebanon to avoid what he called the unjust Japanese legal system, leaving Mr Kelly behind to face what many saw as a proxy for the senior former boss of Nissan.

Mr Gon has long argued that his arrest was part of a coup by Nissan executives and top Japanese officials to prevent the carmaker from merging with French partner Renault.

Following Mr Gon’s escape, Japanese prosecutors came under strong pressure to win a conviction against Mr Kelly and to justify their decision to make arrests in one of the most notorious white-collar criminal cases in Japanese history.

The decision to detain Mr Gon and Mr Kelly at the end of 2018 was severely criticized both at home and abroad, with critics saying Japan relied on so-called hostage justice, with prosecutors try to extract confessions from detainees by holding them for long periods in inhospitable conditions without bail.

The case shocked the international business community, tarnishing Japan’s reputation among foreign leaders. This has had serious consequences for Nissan, one of Japan’s largest carmakers, struggling to recover from reputational damage and chaos among its executive ranks created by the sudden arrest of its former leader.

Updated

March 3, 2022, 4:04 p.m. ET

Prosecutors have accused Mr Kelly of helping to conceal agreements that would effectively increase Mr Gon’s already substantial compensation without sharing this information with shareholders or regulators.

In their defense, Mr Kelly’s lawyers claim that the agreements were never final and that, since Mr Gon never received the compensation in question, he was not obliged to report it.

Apart from Mr Kelly, Mr Gon has faced three additional charges, including one allegation of misappropriation of corporate funds. He denies any wrongdoing.

He fled Japan in 2019, sneaking into a private plane in a box and then flying first to Turkey and then to Lebanon. This country does not have an extradition treaty with Japan, which means that as long as he stays there, he is actually outside the scope of Japanese law.

Two Americans who helped him escape were subsequently arrested in the United States and extradited to Japan, where they were sentenced to prison for their caper roles.

Mr Gon said he had fled Japan after he was convinced the country would not give him a fair trial. He spent his time after his escape, campaigning to rehabilitate his shattered image and drawing attention to the shortcomings of the Japanese judiciary.

While Mr Kelly’s sentence determines the likely end of Japan’s criminal case against Mr Gon, the civil cases resulting from his arrest are likely to last for years.

Sweetgreen banner of the NYSE, November 18, 2021

Source: NYSE

Sweetgreen on Thursday reported growing losses, but strong sales growth in the fourth quarter and a promising performance in its restaurants in its first quarterly report since its initial public offering.

The salad chain has also issued strong sales forecasts for 2022, although it still does not expect a profit.

The company’s shares jumped 20% in expanded trading. After a strong debut in public markets in mid-November, stocks are struggling as investors question the company’s lack of profitability, which is rare for publicly traded restaurants.

Shares of Sweetgreen fell more than 50 percent since its debut in the public market, moving to a market value of approximately $ 2.2 billion. Shares closed about 11% on Thursday before jumping into extended trading amid results.

The chain reported a net loss for the fourth quarter of $ 66.2 million, or $ 1.14 per share, compared to a loss of $ 41.1 million, or $ 2.49 per share, a year earlier. The company registered an increase of $ 21.5 million in share-based compensation. Sweetgreen also said that raising prices and abolishing the loyalty program have helped restaurant-level margins, although higher salaries and employee bonuses outweigh the end result.

Net sales rose 63% to $ 96.4 million, exceeding expectations of $ 84.7 million, according to a study by Refinitiv analysts.

The chain reported sales growth in the same store of 36% for the quarter. In the period a year ago, the company noted that its sales in the same store shrank by 28% as the pandemic affected demand for hot bowls and salads.

Most of the credit for the quarterly jump in sales at the same store comes from an increase in orders, although the chain also reported a 4% benefit from price increases.

Sweetgreen said 65% of its sales come from digital orders. Although impressive compared to the wider restaurant industry, this has declined for the company, as more than three-quarters of its transactions come from online orders from a year ago.

During this quarter, more customers chose to order through third parties such as DoorDash and Grubhub, which charge higher fees for pick-up and delivery orders and can dig into Sweetgreen’s margins.

Looking ahead to the first quarter, Sweetgreen said it expects revenue of between $ 100 million and $ 102 million and sales growth in the same store from 30% to 33%. He also expects adjusted losses before interest, taxes, depreciation and amortization between $ 18 million and $ 20 million.

For the full year, Sweetgreen expects revenue from $ 515 million to $ 535 million and sales growth in the same store from 20% to 26%. Wall Street expects the chain to report net sales of $ 513.1 million in 2022, although analysts’ coverage of the stock is weak.

The company expects to see adjusted losses before interest, taxes, depreciation and amortization from $ 33 million to $ 40 million by 2022. In addition, it plans to open at least 35 new locations during the year.

Read the full revenue statement here.

This is breaking news. Please check again for updates.

ISSAQUAH, Washington, March 3, 2022 (GLOBE NEWSWIRE) – Costco Wholesale Corporation (Nasdaq: COST) today announced its operational results for the second quarter (twelve weeks) and the first 24 weeks of fiscal 2022, ended February 13, 2022

Net sales for the quarter rose 16.1 percent to $ 50.94 billion from $ 43.89 billion last year. Net sales for the first 24 weeks rose 16.4 percent to $ 100.35 billion from $ 86.23 billion last year.

Comparable sales for the second quarter and the first 24 weeks of fiscal 2022 were as follows:

* Excluding the effects of changes in gasoline and currency prices.

Net income for the quarter was $ 1,299 million, $ 2.92 per discounted share. Net income for the second quarter of last year was $ 951 million, $ 2.14 per share at a reduced value, which includes $ 246 million before tax, $ 0.41 per share at a reduced value, at expenses incurred primarily from premium salaries of COVID-19. Net income for the first 24 weeks was $ 2.62 billion, or $ 5.90 per discounted share, compared to $ 2.12 billion, $ 4.76 per discounted share, last year.

For the four-week reporting month of February, ending February 27, 2022, the company reported net sales of $ 16.29 billion, an increase of 15.9 percent from $ 14.05 billion last year. Lunar New Year / Chinese New Year occurred on February 1, 11 days earlier this year. The change had a negative impact on sales of other international and Total Company in February by approximately 4% and 0.5%, respectively. For the twenty-six-week period ended February 27, 2022, net sales were $ 108.39 billion, an increase of 16.3 percent from $ 93.16 billion last year.

The comparable sales for February and the periods from year to date ended on 27 February 2022 are as follows:

* Excluding the effects of changes in gasoline and currency prices.

The story continues

Costco currently operates 828 warehouses, including 572 in the United States and Puerto Rico, 105 in Canada, 40 in Mexico, 30 in Japan, 29 in the United Kingdom, 16 in Korea, 14 in Taiwan, 13 in Australia, four in Spain. two each in France and China and one each in Iceland. Costco also operates e-commerce sites in the United States, Canada, the United Kingdom, Mexico, Korea, Taiwan, Japan and Australia.

A conference call to discuss these results is scheduled for 14:00 (PT) today, March 3, 2022, and is available through a webcast at www.costco.com (click Investor Relations and “Play Webcast”).

Some of the statements contained in this document are forward-looking statements within the meaning of the Private Securities Litigation Reform Act 1995. For these purposes, forward-looking statements are statements relating to activities, events, conditions or developments, which the Company expects or expects may occur in the future. In some cases, forward-looking statements can be identified because they contain words such as “anticipate”, “believe”, “continue”, “may”, “judge”, “expect”, “intend”, “probably”, “may”, “May”, “plan”, “potential”, “predict”, “project”, “seek”, “must”, “goal”, “will”, “would” or similar expressions and negatives of these terms. Such forward-looking statements include risks and uncertainties that may give rise to material differences in actual events, results or performance from those stated in such statements. These risks and uncertainties include, but are not limited to, domestic and international economic conditions, including exchange rates, inflation or deflation, the effects of competition and regulation, financial market uncertainty, patterns of consumer and small business costs and debt levels, the security or confidentiality of information about members or businesses, conditions affecting the acquisition, development, ownership or use of real estate, capital expenditures, sellers’ actions, rising staff costs (usually including healthcare costs), energy and certain goods, geopolitical conditions (including tariffs and the conflict in Ukraine), the ability to maintain effective internal control over financial reporting, regulatory and other impacts related to climate change, and COVID-19-related factors and challenges, including (inter alia) the duration of the pandemic, the unknown debt acute economic impact, reduced shopping due to illness, travel restrictions or financial difficulties, changes in product demand, reduced workforce due to illness, quarantine or government mandates, temporary closure of shops or operational restrictions due to government mandates or supply chain disruptions , capacity limitations of third party logistics service providers and other risks identified from time to time in the Company ‘s public statements and reports submitted to the Securities and Exchange Commission. The forward-looking statements relate only to the date on which they are made, and the Company does not undertake to update these forward-looking statements unless required to do so by law.

COSTCO WHOLESALE CORPORATION
CONSOLIDATED INCOME STATEMENT
(dollars in millions, excluding share data)
(unaudited)

COSTCO WHOLESALE CORPORATION
CONSOLIDATED BALANCE SHEET
(amounts in millions, excluding face value and share data)
(unaudited)

Subject to reclassification

The sale signs are displayed in the windows of a Gap store.

Scott Mill CNBC

Shares of Gap Inc. rose in after-hours trading on Thursday after the clothing retailer offered an optimistic forecast for its profits in 2022, despite rising inflation and logistical challenges.

The weak in the supply chain still remain a headache for the retailer, which also owns the Banana Republic and Old Navy brands. Gap CEO Sonia Singhal said in a press release that the retailer was facing short-term disruptions in its fourth quarter fiscal, which “muffled” the overall performance.

Holiday sales fell below pre-pandemic levels, and Gap sees its first-quarter revenue fall more than analysts expected on an annual basis. However, investors sent shares higher on Thursday night, as they made a long-term bet on the improvements of the clothing company and for more American consumers who want to update their wardrobe.

Gap’s comments on its first-quarter forecasts reflect shared sentiment among other clothing retailers, including American Eagle Outfitters, Abercrombie & Fitch, Urban Outfitters and Victoria’s Secret, which are facing winds from heaven. inflation to a protracted labor crisis to global unrest caused by Russia’s invasion of Ukraine.

Each of these companies spoke this week about recent problems with providing goods during the holiday season due to supply chain constraints. They also warned that pressure on shipping and rising prices would continue for at least the first half of the year. But then they expect to turn, as evidenced by Gap’s annual forecast.

In the first quarter, however, Gap’s revenue shrank by a medium to high single-digit rate from the previous year. Analysts were looking for a smaller decline of 3.8%.

Here’s how Gap did in its fourth quarter compared to what Wall Street expected, according to a study by analysts at Refinitiv:

• Loss of share: 2 cents adjusted to expected 14 cents
• Income: $ 4.53 billion against the expected $ 4.49 billion

Gap made a loss in the three-month period ended Jan. 29 of $ 16 million, or 4 cents a share, compared to a net profit of $ 234 million, or 61 cents a share, a year earlier.

Excluding fees related to strategic changes in European business, Gap lost 2 cents a share, less than the 14-cent loss analysts were looking for, according to Refinitiv.

Revenue rose about 2% to $ 4.53 billion from $ 4.42 billion a year earlier. This exceeds the forecast of 4.49 billion dollars. However, compared to 2019 levels, Gap said its sales fell 3%. This is partly due to the current and planned closure of stores.

Sales in the same store – a key indicator that tracks revenue in stores open for at least 12 months – rose 3% year on year, slightly less than the 3.7% increase analysts were looking for. On a two-year basis, sales in the same store also increased by 3%.

Gap said its gross profit fell 33.7 percent in the fourth quarter, below analysts’ estimates of 35.2 percent, according to StreetAccount. Gap said the figure was under pressure from higher air travel costs, which were partially offset by the company selling more hoods and denim at full prices.

Here is a breakdown of sales by brand:

• Gap said Old Navy had suffered in part due to supply chain complications, with sales at the same store equal to 2019.
• With the Gap banner of the same name, sales in the same store rose 3% on a two-year basis, fueled by double-digit growth in North America. The company said the brand is ready to grow in the coming months thanks to a recent relationship with Walmart for home goods, as well as its collaboration with rapper Kanye West.
• Banana Republic’s sales in the same store fell 2% from 2019 levels, in part due to the continued closure of stores, the company said.
• Sales at the same store in Athleta, Gap’s growing line of women’s athletic clothing, rose 42 percent over two years. The company said Athleta was still on track to reach $ 2 billion in annual sales by 2023.

The retailer said it expects stocks to rise by mid-20% by the end of the first quarter from a year ago because it booked commodity orders earlier than normal to try to offset -longer time frames for transportation.

For the full year, Gap expects to earn between $ 1.85 and $ 2.05 per share, on an adjusted basis, with sales growing at a low single-digit rate from 2021. Analysts forecast annual adjusted earnings per share of $ 1.86, with sales increasing by 1.6% compared to the previous year.

Gap shares have fallen about 45% in the last 12 months since the market closed on Thursday. The company has a market value of $ 5.3 billion.

Find the full Gap financial press release here.

A 3D printed oil pump jack can be seen in front of the graphic shown in this illustration, April 14, 2020. REUTERS / Dado Ruvic / Illustration

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• Brent rises to its highest level since 2012, WTI the highest since 2008
• Exports of Russian oil and gas have so far been exempt from sanctions
• The nuclear deal with Iran is nearing completion – analysts say
• The analyst says the deal with Iran cannot replace the unrest in Russia

Houston, March 3 – Oil fell 2% on Thursday after reaching unprecedented prices as sellers jumped in hopes that the United States and Iran would soon agree on a nuclear deal that could added barrels to the tight world market.

Trade was volatile, with crude oil prices jumping early to multi-year highs over concerns about Russia, which exports 4 to 5 million barrels a day (bpd) of crude oil, the world’s second-largest after Saudi Arabia. Following Russia’s invasion of Ukraine, companies are now avoiding Russian supplies and fighting for barrels elsewhere.

Oil markets are in an “explosive mood” due to growing outrage against Russia, said Phil Flynn, an analyst at Price Futures Group. “People around the world do not want to deal with a country that commits these atrocities in Ukraine.”

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Brent futures fell $ 2.47, or 2.2 percent, to $ 110.46 a barrel, while West Texas Intermediate (WTI) crude fell $ 2.93, or 2.6 percent, to $ 107. $ 67.

Both benchmarks rose to multi-year highs during the session, with Brent rising to $ 119.84, the highest level since May 2012, and WTI reaching its highest level since September 2008 at 116, $ 57.

Washington and its Western allies have imposed sanctions on Russia, but measures have so far not targeted Russia’s oil and gas exports. A new round of sanctions announced by the White House on Wednesday banned the export of specific refining technologies, making it difficult for Russia to modernize oil refineries. Read more

Traders remain wary of Russian oil. At least 10 tankers failed to find buyers on Wednesday, market sources said. Read more

Canada has said it will remove Russia and Belarus’ most-favored-nation status as trading partners and provide additional military assistance to Ukraine. Read more

Brent’s global benchmark jumped nearly 25 percent after Russia’s invasion of Ukraine on February 24, an action Moscow calls a “special operation.” Brent’s six-month spread peaked at a record high of over $ 21 a barrel, indicating very limited deliveries.

Media reports suggest that the United States and Iran have almost completed a deal that could return more than a million barrels a day of oil or about 1% of global supplies back to market.

Negotiations to renew the pact have been under way in Vienna for 10 months. Diplomats are believed to be in the final stages of negotiations. Read more

But a report Thursday by the International Atomic Energy Agency (IAEA), the UN’s nuclear supervisory body, found that enriched uranium reserves accumulated by Iran violate its 2015 nuclear deal, with the country close to its ability to Make a Nuclear Bomb | Read more

IAEA chief Rafael Grossi will visit Tehran on Saturday in a bid to resolve outstanding issues. Read more

“Grossi’s trip increases the chances of resuming the (nuclear deal) to 70% from 60%,” said Eurasia Group, a consultant, noting that “the deal is likely this month and immediately in the next few days.”

This easing of supplies can fill only part of the gap left by buyers restricting purchases of Russian oil, which accounts for about 8% of world oil exports.

“We expect Russian oil exports to fall by 1 million barrels per day from the indirect impact of sanctions and voluntary actions by companies,” said Rystad Energy CEO Jarand Ristad. “Oil prices are likely to continue to rise – potentially over $ 130 a barrel.”

The Organization of the Petroleum Exporting Countries, Russia, and their allies, a group known as OPEC +, on Wednesday stuck to an existing plan to gradually increase production by 400,000 barrels a day, ignoring consumer calls for more. Read more

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Additional reports by Scott DiSavino in New York, Shadia Nasrallah in London and Florence Tan and Sonali Paul in Singapore; Edited by Margerita Choi, Kirsten Donovan and David Gregorio

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