Oil Futures Settle Higher

Crude oil prices climbed higher on Tuesday after the Organization of the Petroleum Exporting Countries and its allies announced they would stick to their plan to raise monthly crude production by 400,000 barrels per day in February.

Oil’s uptick was also due to easing concerns about the outlook for energy demand after studies showed the new Omicron variant causes milder symptoms.

West Texas Intermediate crude oil futures for February ended higher by $0.91 or about 1.2% at $76.99 a barrel.

Brent crude futures settled at $80 a barrel today, recording a near six-week closing high.

Despite risks to the oil demand due to the spread of the Omicron variant of the coronavirus, OPEC+ said they would stick to their plan to gradually increase output next month.

The OPEC and its allies took the expected decision following a meeting via videoconference today. The group’s next meeting will take place on February 2nd.

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‘India spent record $55.7 bn on gold imports in 2021’

‘Deferred weddings conducted last year spurred demand’

India splurged a record $55.7 billion on gold imports in 2021, buying more than double the previous year’s tonnage as a price drop favoured retail buyers and pent-up demand emerged for weddings that were delayed when the pandemic first hit.

Details of the world’s second-biggest consuming nation’s soaring imports were disclosed to Reuters by a senior government official who requested anonymity. The 2021 gold import bill easily doubled the $22 billion spent in 2020, and surpassed the previous high, set in 2011, of $53.9 billion, according to the official, who tracks broad import trends. In volume, India imported 1,050 tonnes in 2021, the most in a decade, and far more than the 430 tonnes imported in 2020, the official said.

“Last year, demand was robust as lots of weddings were postponed to 2021 from 2020 because of the coronavirus outbreak,” said Harshad Ajmera, a gold wholesaler in Kolkata.

Mr. Ajmera noted a price correction had made gold more affordable for retail consumers in India early last year. Local gold prices hit a record of ₹56,191 per 10 gm in August 2020, but fell back to ₹43,320 in March 2021, when monthly imports spiked to a record 177 tonnes.

Imports could moderate in January as rising coronavirus cases have prompted local authorities to impose curbs, said a Mumbai-based bullion dealer. “Jewellers are afraid of lockdown. They have scaled down purchases,” the dealer said.

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‘Foxconn plant unlikely to reopen until Jan. 7’

Unit was shut after workers’ protest

Apple Inc. supplier Foxconn is unlikely to reopen its shuttered iPhone manufacturing facility in southern India until January 7, a senior government official familiar with the matter told Reuters.

The Foxconn plant, located in Tamil Nadu, was closed on December 18, following protests after 250 of its workers being treated for food poisoning. Apple has since placed the factory on probation after discovering that some dormitories and dining rooms did not meet required standards.

The company, officially known as Hon Hai Precision, had told the Tamil Nadu State government it was working to address Apple’s concerns over workers’ living conditions, the official said.

“Foxconn is still working with Apple to ensure compliance,which they expect to take up to two days. Bringing back workers could also more than a day,” the official said, adding that the State government had cleared restarting the plant for production.

Foxconn and Apple officials did not immediately respond to requests for comment.

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ALDI Recalls Pure Being Pet Advent Calendars

Retailer ALDI U.S., along with Pet Brands Products, LLC, is recalling certain Pure Being Pet Advent Calendars citing potential choking hazard, the U.S. Food and Drug Administration said.

The recall involves Pure Being Cat Advent Calendars with UPC 4099100267754 and Pure Being Dog Advent Calendars with UPC 4099100267747. The products come in 5.15 oz boxes. No other ALDI products are affected by the recall.

The recall was initiated after receiving a small number of customer complaints. ALDI, which operates more than 2,100 stores across 37 states, immediately removed the affected products from stores after discussing with the supplier.

Customers are urged to discard the products immediately or return it to their local store for a full refund.

In recent recalls involving pet products, Livia Global, Inc., a health and wellness company, in early December called back BioLifePet Probiotics for cats and BioLifePet Probiotics for dogs citing the possibility of contamination by Pseudomonas aeruginosa.

PetSmart Home Office Inc. in early September recalled about 100,300 units of Top Paw Double Diner Dog Bowls for laceration concerns.