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James and Cavaliers Win Thrilling NBA Finals Game 7, 93-89

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LeBron James

Oakland, Calif. (AP) — LeBron James cradled the shiny gold trophy and struggled to sum up what might be his sweetest championship yet, the one he is so proudly bringing home to his native northeast Ohio just as he promised to do when he returned to the Cavaliers two summers ago.

Later, flanked by his three children on Father’s Day, a cigar between his lips and winning net as a necklace with the lingering stench of champagne, James began to understand the magnitude of his accomplishment for Cleveland after a half-century wait.

“I’m coming home with what I said I was going to do,” he said, adding, “I can’t wait to get off that plane, hold that trophy up and see all our fans at the terminal.”

James and his relentless, never-count-them-out Cavs pulled off an improbable NBA Finals comeback, and Cleveland is title town again at long last.

James delivered on a vow to his home state and brought the Cavs back from the brink as they became the first team to rally from a 3-1 finals deficit, beating the defending champion Golden State Warriors 93-89 on Sunday night to end a 52-year major sports championship drought in Cleveland.

“I’ve never seen a man in my life tell an entire state: ‘Get on my back, I got you. Get on my back and I’m going to carry you. I don’t care if we fail, I’m going to wake up the next morning and I’m going to start working out and prepare for the next year,'” Richard Jefferson said. “… He was like, ‘I’m going to come back home because I promised them that I would do something.’ And he carried us the whole way.”

In a testy series of blowouts — and a few blowups — the winner-take-all Game 7 provided the thrilling finale with James as the finals MVP disarming two-time reigning MVP Stephen Curry and his record-setting Warriors.

The native of Akron rattled off moments from the lengthy list of Cleveland sports heartbreak and said what it meant for him to personally bring the Cavaliers their first championship.

Playing his sixth straight finals, James almost single-handedly carried the Cavs back into this series and finished with 27 points, 11 assists and 11 rebounds as the Cavs gave their city its first major sports winner since the Browns won the NFL title in 1964. He also had three blocked shots, including a key one of Andre Iguodala on a fast break in the final minutes.

An emotional James fell to the floor when this one ended with a second win in a week on Golden State’s imposing home floor, surrounded by his teammates. Only moments earlier, he went down in pain with 10.6 seconds left after being fouled by Draymond Green while going for a dunk, then came back out to make the second of two free throws.

After four successful seasons in Miami and two titles with the Heat, James came back to the Cavs in hopes of winning the title this franchise and championship-starved city so coveted. It took a second try against Golden State after Cleveland lost to the Warriors in six games last year.

“I was calm. I was focused. I was locked in,” James said.
Cleveland did it after a coaching change, with Tyronn Lue taking over in January for the fired David Blatt.

“We made history tonight,” Lue said. “Cleveland, Ohio, we’re coming back, baby!”
Kyrie Irving scored 26 points to cap his brilliant finals, including a 3-pointer over Curry with 53 seconds left.

Curry sat briefly on the bench to take in the scene after the Warriors made their last basket with 4:39 left.

“It hurts, man,” Curry said. “Just proud of every single guy that stepped foot on the floor for our team this year. … Hopefully we’ll have many more opportunities to fight for championships and be on this stage because this is what it’s all about.”

Green had 32 points, 15 rebounds and nine assists, but the Warriors’ record-setting season ended without the only prize this close-knit “Strength In Numbers” crew cared about from way back in the beginning — through the record 24-0 start as Coach of the Year Steve Kerr was out, Curry’s second consecutive MVP campaign, and the 73 regular-season wins to break the 1995-96 Chicago Bulls’ mark.

As Cleveland celebrated in the trophy ceremony, Green returned to the floor to congratulate the Cavs. He stopped by the winning locker room, too, and Warriors general manager Bob Myers brought in the freshly cut nets.

Golden State might always be remembered as one of the best teams ever that couldn’t close it out, and Green is taking at least a good share of the blame after he sat out Game 5 on Monday night suspended for flagrant fouls.

The Cavs staved off elimination twice to force Game 7 back at Oracle Arena, where the Warriors went up 2-0 with a pair of lopsided wins to start this series.

Cleveland became just the fourth team to win an NBA Finals Game 7 on the road.

Curry — who said beforehand he needed the best game of his career — scored 17 points on 6-for-19 shooting, while Splash Brother Klay Thompson added 14 points while making 6 of 17 shots.

“I didn’t do enough to help my team win,” Curry said. “It will haunt me for a while.”
President Barack Obama, an avid basketball fan, returned to Washington aboard Air Force One late Sunday as the game entered its final, tense minutes. He watched until the end and did not come down the stairs until moments after the Cavs won.

This time, it will be Cleveland hosting the victory parade on Wednesday. A year ago at home, the Cavs had to watch Golden State win its first title in 40 years.

“Now we have our own parade,” Irving said, “and we’ll celebrate it the way it’s supposed to be celebrated in Cleveland.”

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade experience in the global financial markets.

Crude Oil

Brent Crude Rises to $69 on IEA Report

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Crude Oil - Investors King

Oil prices rose after the release of the International Energy Agency’s (IEA)  closely-watched Oil Market Report, with WTI Crude trading at above $66 a barrel and Brent Crude surpassing the $69 per barrel mark.

Prices jumped even though the agency revised down its full-year 2021 oil demand growth forecast by 270,000 barrels per day (bpd) from last month’s assessment, expecting now demand to rise by 5.4 million bpd. The downward revision was due to weaker consumption in Europe and North America in the first quarter and expectations of 630,000 bpd lower demand in the second quarter due to India’s COVID crisis.

The excess oil inventories of the past year have been all but depleted, and a strong demand rebound in the second half this year could lead to even steeper stock draws, the IEA said yesterday, keeping an upbeat forecast of global oil demand despite the weaker-than-expected first half of 2021.

However, the upbeat outlook for the second half of the year remains unchanged, as vaccination campaigns expand and the pandemic largely comes under control, the IEA said.

Moreover, the global oil glut that was hanging over the market for more than a year is now gone, the agency said.

“After nearly a year of robust supply restraint from OPEC+, bloated world oil inventories that built up during last year’s COVID-19 demand shock have returned to more normal levels,” the IEA said in its report.

In March, industry stocks in the developed economies fell by 25 million barrels to 2.951 billion barrels, reducing the overhang versus the five-year average to only 1.7 million barrels, and stocks continued to fall in April.

“Draws had been almost inevitable as easing mobility restrictions in the United States and Europe, robust industrial activity and coronavirus vaccinations set the stage for a steady rebound in fuel demand while OPEC+ pumped far below the call on its crude,” the IEA said.

The market looks oversupplied in May, but stock draws are set to resume as early as June and accelerate later this year. Under the current OPEC+ policy, oil supply will not catch up fast enough, with a jump in demand expected in the second half, according to the IEA. As vaccination rates rise and mobility restrictions ease, global oil demand is set to soar from 93.1 million bpd in the first quarter of 2021 to 99.6 million bpd by the end of the year.

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OPEC Expects Increase In Global Oil Demand Raises Members’ Forecast on Crude Supply

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The Organisation of Petroleum Exporting Countries (OPEC) yesterday lifted its forecast on its members’ crude this year by over 200,000 bpd and now expects demand for its own crude to average 27.65mn bpd in 2021.

This is almost 5.2mn bpd higher than last year and around 2.7mn b/d higher than an earlier estimate of the group’s April production.

According to the highlights of the organisation’s latest Monthly Oil Market Report (MOMR), OPEC crude is projected to rise from 26.48 million bpd in the second quarter to 28.7 million bpd in the third and 29.54 million bpd in the fourth quarter of the year.

The report also indicated a fall in Nigeria’s crude production from 1.477 bpd in February to 1.473, a difference of just about 4,000 bpd before rising again in April to 1.548 million bpd, to add 75,000 bpd last month.

OPEC stated that its upward revision of members’ crude was underpinned by a downgrade in the group’s forecast for non-OPEC supply, which it now expects to grow by 700,000 bpd to 63.6mn b/d against last month’s report’s projection of a 930,000 bpd rise to 63.83mn bpd.

The oil cartel projected that US crude output would drop by 280,000 bpd this year, compared with its previous forecast for a 70,000 bpd decline.

On the demand side, OPEC kept its overall forecast unchanged from last month’s MOMR, stressing that it expects global oil demand to grow by 5.95 million bpd to 96.46 million bpd this year, partly reversing last year’s 9.48mn bpd drop.

Spot crude prices fell in April for the first time in six months, with North Sea Dated and WTI easing month-on-month by 1.7 percent and 1 percent, respectively.

On the global economic projections, the cartel said stimulus measures in the US and accelerating recovery in Asian economies might continue supporting the global economic growth forecast for 2021, now revised up by 0.1 percent to reach 5.5 percent year-on-year.

This comes after a 3.5 percent year-on-year contraction estimated for the global economy in 2020.

However, global economic growth for 2021 remains clouded by uncertainties including, but not limited to the spread of COVID-19 variants and the speed of the global vaccine rollout, OPEC stated.

“World oil demand is assumed to have dropped by 9.5 mb/d in 2020, unchanged from last month’s assessment, now estimated to have reached 90.5 mb/d for the year. For 2021, world oil demand is expected to increase by 6.0 mb/d, unchanged from last month’s estimate, to average 96.5 mb/d,” it said.

The report listed the main drivers for supply growth in 2021 to be Canada, Brazil, China, and Norway, while US liquid supply is expected to decline by 0.1 mb/d year-on-year.

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Crude Oil

Oil Rises Over Concerns of Fuel Shortages

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oil - Investors King

Oil prices rose on Tuesday, as lingering fears of gasoline shortages due to the outage at the largest U.S. fuel pipeline system after a cyber attack brought futures back from an early drop of more than 1%.

Brent crude futures rose 35 cents, or 0.5%, to $68.67 a barrel. U.S. West Texas Intermediate (WTI) crude futures rose 49 cents, or 0.8%, to $65.41.

Benchmark gasoline futures prices rose 1 cent to $2.14 a gallon.

On Monday, Colonial Pipeline, which transports more than 2.5 million barrels per day (bpd) of gasoline, diesel and jet fuel, said it was working to restore much of its operations by the end of the week.

Right now there’s a generalized anxiety premium being built into prices because of Colonial and it’s keeping a floor under the market,” said John Kilduff, partner at Again Capital LLC in New York.

Fuel supply disruption has driven gasoline prices at the pump to multi-year highs and demand has spiked in some areas served by the pipeline as motorists fill their tanks.

Traders booked at least four tankers to store refined oil products off the U.S. Gulf Coast refining hub after a cyber attack that knocked out the pipeline, shipping data showed on Tuesday.

North Carolina, the U.S. Environmental Protection Agency and Department of Transportation issued waivers allowing fuel distributors and truck drivers to take steps to try to prevent gasoline shortages.

OPEC on Tuesday raised its forecast for demand for its crude by 200,000 bpd and stuck to its prediction of a strong recovery in global oil demand this year as growth in China and the United States counters the coronavirus crisis in India.

Meanwhile, the rapid spread of infections in India has increased calls to lock down the world’s second-most populous country and the third-largest oil importer and consumer.

India’s top state oil refiners have already started reducing runs and crude imports as the new coronavirus cuts fuel consumption, company officials told Reuters on Tuesday.

On the bullish side for crude, analysts are expecting data to show U.S. inventories fell by about 2.3 million barrels in the week to May 7 after a drop of 8 million barrels the previous week, a Reuters poll showed.

Gasoline stocks are expected to have fallen by about 400,000 barrels, analysts estimated ahead of reports from the American Petroleum Institute on Tuesday and the U.S. Energy Information Administration on Wednesday.

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