On Tuesday morning, gold was higher in Asia as investors remained apprehensive about the implications of the Omicron COVID-19 variation on the global economic recovery. By 10:24 p.m. ET, gold futures were up 0.29 percent to $1,790.30. (3:24 AM GMT). Omicron has already caused several nations to block their borders, putting the economic recovery in …
In November, China’s factory activity quickly picked up, rising for the first time in three months as raw material prices dropped and power rationing reduced, taking some pressure off a manufacturing sector fighting with weak demand. The official manufacturing Purchasing Manager’s Index (PMI) was at 50.1 in November. It was higher from 49.2 in October, …
Oil prices were higher in Asia on Monday morning, recouping some of Friday’s losses. Investors began bargain shopping despite finding the new Omicron COVID-19 type and the restart of the Iran nuclear agreement negotiations. By 10:23 p.m. ET (3:23 a.m. GMT), Brent oil futures had risen 4.62% to $74.90, while WTI futures had gained 5.24 …
President Biden’s pledge to pressure oil producers to lower prices has already backfired. The US administration’s attempt to coordinate a strategic petroleum reserve release from key importers to enhance supply did not impress oil markets. Some experts believe an SPR release will lower oil prices. However, most analysts feel it will only be a transitory …
Biden’s Strategy Backfires, Oil in the Hand of Bulls Read More »
While the investors were waiting on the emergency release of reversed oil on Thursday, the oil prices were little changed. The release of emergency crude was intended to temper the market, despite data showing strong gasoline demand in the United States. At 0315 GMT, Brent oil futures were down 3 cents to $82.22 a barrel …
Oil prices still awaiting on OPEC+ crude release Read More »
Some of the world’s largest energy consumers are joining a US-led push. They want to unleash strategic oil reserves in an attempt to bring down high prices and keep inflation in check. Following weeks of conversations to establish a strategy to stop price spikes, the White House said Tuesday that China, Japan, India, South Korea, …
Countries are tapping their emergency oil reserves Read More »
Four government sources with knowledge of the plans announced that Japanese authorities are working on methods to get past limits on releasing national stocks of crude oil in coordination with other big nations to reduce prices. While Prime Minister Fumio Kishida indicated his preparedness over the weekend in response to a request from Washington, the world’s …
On Monday, oil prices rose from seven-week lows. However, they remained under pressure after Japan announced it was considering releasing oil stockpiles and the COVID-19 situation in Europe worsened, heightening fears about excess and poor demand. As of 0725 GMT, Brent oil prices were down 26 cents, or 0.3 percent, to $78.63 a barrel, while …
Release of reserves oil pressures the current oil prices Read More »
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