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LONDON, United Kingdom (AFP) — Stock markets largely rose and oil prices retreated Monday as investors mulled the prospect of recession in the United States and elsewhere and central banks seek to tame soaring inflation with aggressive interest rate hikes. The dollar, which had surged on Friday on the prospect of further large increases in US borrowing costs, fell back on profit-taking at the start of the new week. Speculation is growing that the […]
(Eagle News) – Oil firms are set to implement another big price rollback for oil products, around P2 per liter, on Tuesday, August 9, as world crude prices continued to drop last week. Gasoline prices will be slashed by P2.10 per liter, diesel by P2.20 per liter, and kerosene by P2.55 per liter. Prices of petroleum products have been mostly decreasing since July. The price rollback will take effect either at 12 midnight Tuesday, or […]
HONG KONG, China (AFP) — Asian equities mostly rose Friday as a drop in oil prices to pre-Ukraine war levels stirred hopes of a slowdown in inflation and central bank interest rate hikes, while focus turns to key US jobs data later in the day. However, while markets have enjoyed a broadly positive week, optimism remains at a premium as traders fret over issues including the conflict in Eastern Europe, China’s military drills around […]
by Emeline Burckel Agence France-Presse LONDON, United Kingdom (AFP) — The OPEC+ group of oil exporters are set to hammer out a new strategy at their meeting Wednesday, with all eyes on how they will react to soaring crude prices. The 13 core members of OPEC, led by Saudi Arabia, and the 10 further states in OPEC+ — chief among them Russia — find themselves at a crossroads. After the drastic output cuts they agreed […]
TRIPOLI, Libya (AFP) — Libya’s oil production has returned to the volume recorded before a months-long blockade that paralysed the economy, official sources said on Sunday. “We are happy to announce that our production rates have reached the pre-force majeure levels” of 1.2 million barrels per day, Libya’s National Oil Corporation said on Twitter. Oil and Gas Minister Mohammed Aoun told AFP that he “confirms” production has returned to that level. On July 15, […]
LONDON, United Kingdom (AFP) — British energy giant Shell said Thursday that its net profit soared more than five-fold to $18 billion in the second quarter, fuelled by resurgent oil and gas prices, and rewarded shareholders with another bumper buyback. The surge in profits in the three months to June was partially attributable to a reversal of $4.3 billion in impairments after the company raised its forecasts for the gas and oil market. “We […]
WASHINGTON, United States (AFP) — Despite damaging Western sanctions imposed on Moscow in the wake of the invasion of Ukraine, Russia’s economy appears to be weathering the storm better than expected as it benefits from high energy prices, the IMF said Tuesday. The sanctions were meant to sever Russia from the global financial system and choke off funds available to Moscow to finance the war. But the International Monetary Fund’s latest World Economic Outlook upgraded […]
Second straight week of big price rollback caused by tumble in world crude prices (Eagle News) — Another big price rollback will take effect on Tuesday, July 19, with gasoline prices to go down by P5 per liter, and diesel prices by P2 per liter. In separate advisories, various oil companies announced the big-time price rollback which happens for the second straight week. Last Tuesday, July 12, gas prices were slashed by P5.70 per liter, […]
by Tony Gamal-Gabriel Agence France-Presse BAGHDAD, Iraq (AFP) — Iraq’s oil wealth is rekindling tensions between federal authorities and the autonomous Kurdish region, in a row that could compromise the lifeline industry and keep investors away, analysts say. The long-simmering dispute came to a head in February — at a time of political deadlock in Baghdad — when the federal supreme court ordered Kurdistan to hand over oil extracted from its territories to the federal […]
NEW YORK, United States (AFP) — Brent oil futures closed Tuesday under $100 a barrel for the first time in three months as recession worries cloud the near-term outlook for crude demand. The contract for the international oil benchmark for September delivery tumbled 7.1 percent to $99.49 a barrel as the market focused on worries about further China Covid-19 restrictions and the slowdown in Europe and the United States. The US benchmark, West Texas Intermediate, […]
Rollback follows drop in world crude prices last week (Eagle News) – A big-time price rollback of oil products is set on Tuesday, July 12, with gasoline prices to decrease by P5.70 per liter, and diesel prices by P6.10 per liter. Kerosene prices will also go down by P6.30 per liter, the biggest slash in prices among the oil products. Various oil companies have already issued their advisories on social media. The big rollback in […]
HONG KONG, China (AFP) — Oil prices rose Wednesday after suffering a painful drop the previous day, though the euro remained wedged at a 20-year low and equities mostly fell in Asia as recession fears continue to flow through trading floors. Both main crude contracts were pummelled Tuesday as investors grow increasingly worried that leading economies will contract this year or next owing to sharp central bank interest rate hikes aimed at fighting decades-high […]
