Tag: Oil Price

Continuing oil price hikes likely with ongoing Ukraine-Russia conflict, DOE warns

Advisory notes “inevitability of domestic price spikes” reflecting global market movements (Eagle News) – Oil price hikes would most likely continue due to the ongoing Ukraine-Russia crisis, according to the Philippine Department of Energy. The DOE issued an advisory over the weekend warning the public against the “impending increase in the price of petroleum products” that would take effect this week, particularly on Tuesday, April 26. The ongoing Russia-Ukraine crisis translates to instability in world […]

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Thousands protest over soaring prices across Spain

  MADRID, Spain (AFP) — Thousands of demonstrators hit the streets across Spain on Saturday in protest at the soaring cost of food, light and fuel, which have been exacerbated by Russia’s invasion of Ukraine. The rallies, which took place in Spain’s main cities, were called by the far-right Vox party which sought to tap into growing social discontent over the spiralling cost of living that has left many families struggling to pay their bills. […]

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7th straight week of price hike: Petroleum prices to increase again Tuesday, March 26

  (Eagle News) — Expect another round of fuel price increase on Tuesday, March 26, starting 6 a.m., with gasoline up by 65 centavos per liter, while kerosene and diesel up by another 10 centavos per liter. This is the seventh consecutive week of price increase implemented by petroleum companies in the country, in reaction to increase in world crude prices. Shell, Eastern Petroleum, PTT Philippines. Petron, Petro Gazz, Caltex, Flying V and Jetti have […]

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DFA urges Filipinos in France to take extra precaution amid violent protests in Paris

  (Eagle News) — The Department of Foreign Affairs (DFA) has issued an advisory to Filipinos in France, including residents and those visiting the European country, to be extra cautious because of ongoing protests in the French capital over a planned fuel hike due to environmental taxes. Foreign Affairs Assistant Secretary Elmer Cato said Filipinos should avoid going to the Champs-Elysées, Arc de Triomphe, Louvre, Tuileries, Place Vendome, Avenue Friedland, Avenue Kléber, and other parts […]

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Oil firms implement 7th consecutive price rollback

(Eagle News) – Today and tomorrow, oil firms implement its seventh price rollback on petroleum products as global crude prices continued to go down. The prices of diesel were reduced by as much as P2.20 to P2.30 per liter, while that of gasoline were cut by P1.10 per liter. The price of kerosene, on the other hand, was reduced by a hefty P2.10 a liter. Phoenix Petroleum led the price cuts adjusting their prices as […]

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US stocks drop as weak oil prices drag down oil shares

NEW YORK, United States (AFP) — Wall Street stocks fell Wednesday on doubts about President Donald Trump’s tax cut proposal as weakness in oil prices dragged down petroleum-linked equities. Analysts expressed concern that an increasingly complex Capitol Hill debate on taxes could delay or derail the long-anticipated measure. The most recent idea in the Senate is to repeal the Obamacare individual mandate as part of the plan. “They are making their own progress, but at […]

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Oil prices extend losses in Asia after demand warning

SINGAPORE, Singapore (AFP) — Oil prices tumbled more than one percent on Wednesday in Asia, extending the previous day’s sharp falls after the International Energy Agency warned of weakening demand. A recent rally had sent the commodity to two-year highs, fuelled by hopes producers will extend output cuts well into 2018 as well as escalating tensions between crude giants Saudi Arabia and Iran. But the Paris-based IAE said in a monthly report that it had […]

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US oil slides below $50 as ECB ups growth forecast

NEW YORK, United States (AFP) — Oil prices took a battering on Thursday, with US prices falling below $50 a barrel for the first time this year, amid worries about increased American shale production in the wake of ramped-up capital investment. The euro meanwhile rallied against the dollar as the European Central Bank said it no longer saw a deflation threat and noted signs on a improving eurozone economy. Equity markets in Paris and Frankfurt […]

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Oil prices spike after U.S. drilling falls

The price of U.S. crude rising about three percent after U.S. drillers cut the number of rigs in operation for the third straight week. That reduction was a response to crude halving in value over the last year as global production soared and demand slowed. Oil has risen more than 20 percent since its recent low in August, but the price still remains low. Leo Kelly, CEO of Kelly Wealth Management at Hightower, says it’s […]

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