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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, […]
(Eagle News) – Another oil price hike is set next week where gasoline and diesel prices are set to increase between P3 to P4 per liter. Some oil companies have already issued advisories about the price hike that is scheduled on Tuesday, April 26. Unioil said that their diesel process would increase by P3.90 to P4.10 per liter, while gasoline prices would go up by P3 to 3.20 per liter. This is the second […]
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 […]
WASHINGTON, D.C., United States (AFP) – The United States and Iran are near to reaching an agreement over reviving the 2015 deal on limiting Tehran’s nuclear program, the State Department said Wednesday. “We are close to a possible deal, but we’re not there yet,” said State Department spokesman Ned Price. “We do think the remaining issues can be bridged.” Speaking to reporters, Price declined to confirm Tehran’s claim that there were just two final issues […]
HONG KONG, China (AFP) — WTI crude dived more than five percent Tuesday to fall back below $100 a barrel as concerns about a possible slowdown in China’s economy lead investors to rethink their expectations for demand. The contract shed 5.7 percent to $97.13, while Brent was off six percent at $100.54. The steep losses come just over a week after they both soared to near 14-year highs as Vladimir Putin’s war in Ukraine fanned […]
New York’s West Texas Intermediate crude contract rose more than three percent on Tuesday as Russian President Vladimir Putin ordered troops to deploy in separatist areas of Ukraine. WTI Crude rose 3.14 percent to $93.93 per barrel in early Asian trade, while Europe’s benchmark Brent North Sea crude was up 1.98 percent at $95.39 per barrel. kaf/ssy © Agence France-Presse
LONDON, United Kingdom (AFP) — World oil prices vaulted Monday to fresh multi-year pinnacles on strong demand and tight supplies, sparking inflation woes and weighing on most European stock markets. London Brent oil jumped to a three-year high at $84.38 per barrel, while New York’s WTI crude leapt to a seven-year peak $81.72. The recent decision by OPEC and other major producers not to ramp up output has further strained global supplies. “Nerves are still […]
by Roland JACKSON Agence France-Presse LONDON, United Kingdom (AFP) – European and UK gas prices surged Wednesday to record peaks, energised by fears of runaway demand in the upcoming northern hemisphere winter. Europe’s reference Dutch TTF gas price hit 162.12 euros per megawatt hour and UK prices leapt to 407.82 pence per therm in morning deals. However, prices later reversed as supply concerns eased somewhat. “It’s panic and fear with winter just around the corner,” […]
by Benoît PELEGRIN Agence France-Presse LONDON, United Kingdom (AFP) – Oil prices jumped above $80 this week for the first time in almost three years, handing a major boost to producers — but fuelling more inflationary pain for consumers, analysts say. The price of European benchmark Brent North Sea crude for delivery in November hit $80.75 per barrel on Tuesday, attaining the highest level since October 2018, but edged lower on Wednesday. The market has […]
by Benoît PELEGRIN LONDON, United Kingdom (AFP) — Fears of an economic slowdown, fuelled by the coronavirus slashing output in China, has shone the spotlight on OPEC, whose oil is heavily bought by the world’s second-biggest economy. “China has become increasingly important for OPEC countries in recent years,” research group JBC Energy told AFP. In total, more than two-thirds of China’s crude imports come from the Organization of Petroleum Exporting Countries and Russia. Following a […]
by Amir HAVASI Agence France Presse TEHRAN, Iran (AFP) — Suspected missile strikes hit an Iranian oil tanker off the Saudi coast on Friday, its owner said, the first Iranian vessel targeted since a spate of attacks in the Gulf Washington blamed on Tehran. The National Iranian Tanker Company, which owns the ship, said the hull of the Sabiti was hit by two separate explosions off the Saudi port of Jeddah, saying they were […]
DUBAI, United Arab Emirates (AFP) — Oil producers who agreed last week to trim production to boost prices will meet in April to review the impact and sign a long-term pact, the UAE minister said Wednesday. OPEC and some non-OPEC producers decided to cut output by 1.2 million barrels per day for six months from January after world prices shed a quarter of their value in just a few weeks. Prices currently hover around […]
