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HONG KONG, China (AFP) — Asian markets were flat on Wednesday as oil began clawing its way back up from a big drop after the International Monetary Fund downgraded its global growth forecast for 2022. The IMF lowered its outlook to 3.6 percent — a 0.8 percentage point slash from its previous estimate released in January — prompting a five-percent dive in oil prices on Tuesday. The Fund pointed to surging energy prices, rising […]
(Eagle News) – Because of retreating oil prices in the world market, Philippine oil companies are expected to also lower their oil prices next week. An oil price rollback looms with gasoline prices forecast to go down by P2.50 to P2.70 per liter, while diesel prices would decrease by around P2 per liter, based on industry estimates. Kerosene prices are also expected to go down. But the decrease in prices could be higher […]
NEW YORK, United States (AFP) — Wall Street stocks finished modestly higher Friday as solid US jobs data boosted expectations for more Federal Reserve interest rate hikes, while oil prices retreated after US allies agreed to tap their emergency stockpiles. The government jobs report for March showed US employers adding 431,000 positions and the unemployment rate falling to 3.6 percent, a hair above where it was before the pandemic. The data showed progress in […]
HONG KONG, China (AFP) — Equities fell Friday after their worst quarter since the early days of the pandemic as traders assess the impact of the war in Ukraine and the Federal Reserve’s plans to fight surging inflation by ramping up interest rates. Oil fell further following a plunge Thursday in response to news that the United States would release a million barrels a day from its reserves as it looks to rein in […]
HONG KONG, China (AFP) — Oil prices tumbled Thursday on reports that the United States is considering tapping its reserves to combat a supply crisis sparked by the Ukraine war. However, equities struggled to build on the week’s rally after Russia poured cold water on hopes that ceasefire talks were progressing, leaving the prospect of a protracted war in eastern Europe. The conflict has already sent shockwaves through the world economy, with growth forecasts […]
Price hike follows major rollback last week (Eagle News) – Oil companies are set to implement another price hike on Tuesday, March 28, with diesel prices increasing by P8.65 per liter, and gasoline by P3.40 per liter. Kerosene prices are also set to increase by P9.40 per liter. The price hike, the 12th this year, follows a rollback that happened last week due to the movement of world crude prices affected by Covid lockdowns […]
Brent crude back to above $120 a barrel HONG KONG, China (AFP) — Oil prices extended their gains Thursday on growing fears of further Russia sanctions that could hit already thin supplies, while most equity markets retreated owing to surging inflation and central bank plans to sharply hike interest rates. The recent rally across equities over the past week appears to have run its course for now as investors nervously track developments in the […]
LONDON, United Kingdom (AFP) — Oil prices soared Thursday on tensions surrounding key producer Russia, as equities diverged with traders tracking interest rate decisions, the Ukraine conflict and China’s pledge to support volatile markets. The price of benchmark oil contract, Brent North Sea crude, jumped more than five percent to return above $100 per barrel after Russia rejected a ruling from the UN’s top court to suspend its Ukraine offensive. “Russia’s invasion is still […]
BRASILIA, Brazil (AFP) — The Brazilian government on Monday assured the United States it will increase its oil production, a decision that could help ease concerns over global crude supply after Russia’s invasion of Ukraine. Bento Albuquerque, Brazil’s minister of Mines and Energy, said he had spoken with his US counterpart, Secretary of Energy Jennifer Granholm, and confirmed that Brazil would seek to increase its oil output. “She asked me if Brazil could be […]
NEW YORK, United States (AFP) — US equities suffered in Monday’s trading despite hopes for progress in peace talks between Ukraine and Russia as well as a drop in oil prices fueled by new Covid-19 lockdowns in China. Europe shrugged off earlier losses in Asia after Moscow said it made headway Monday in peace talks with Kyiv ahead of the latest round of negotiations. But Wall Street was generally gloomy, with indices starting positively […]
by Dmitry ZAKS and Dave CLARK, with Frankie TAGGART in Washington Agence France Presse KYIV, Ukraine (AFP) — The United States led a Western assault on Moscow’s economic lifeline Tuesday, banning imports of Russian oil as civilians fled besieged Ukrainian cities in a desperate evacuation push blighted by Russian shelling. President Joe Biden heralded the US embargo as a hit on “the main artery of Russia’s economy” targeting President Vladimir Putin’s most crucial source […]
Energy giant Shell said Tuesday it would withdraw from its involvement in Russian gas and oil, including an immediate stop to purchases of crude from the country. The UK-based company also issued an apology for buying a cargo of Russian crude oil last week and said it would shut its service stations, aviation fuels and lubricants operations in the country. Shell said it would withdraw from its involvement in all Russian hydrocarbons “in a […]
