Bloomberg reporting that Moscow has for the first time ever used Egypt’s El Hamra oil terminal on its Mediterranean coast.

• 700k bbls of oil offloaded on July 24
• Another vessel collected a consignment from the port just a few hours later
• Experts say the highly unusual move makes the cargo’s ultimate destination much harder to track, adding to a trend whereby Russian oil shipments are becoming increasingly obscured since European and western buyers began to shun them following the nation’s invasion of Ukraine.

Link here for more info.

Banco Central do Brasil with the as-expected interest rate rise.

• Unanimous vote
• will evaluate the need for another hike of a smaller magnitude at the next meeting
• future policy steps could be adjusted to ensure inflation converges toward its target