Exports dropped 8.7% in November as global economy slows Imports fell more than 10%, the worst result since May 2020 China’s trade plummeted in November to the lowest levels since the early days of the COVID-19 pandemic, according to official figures, underscoring the heavy economic toll of Beijing’s “zero COVID” policies. Imports fell 10.6 percent …
Chinese authorities appeared to bend to the will of the people on Wednesday by easing some of the harshest COVID-19 restrictions, but a new study showed the high price the country will pay if it tries to reopen too fast. Asian macroeconomic advisory firm, Wigram Capital Advisors, is warning of a “winter wave” of COVID …
Brent Oil Erases All 2022 Gains As It Dips Below $80 Brent lost nearly all of the gains it made in 2022, settling below $80 on Tuesday for the first time since early January. The difference between the highest and lowest price at which Brent has traded is $62, the largest range since 2008. The …
LONDON, Dec 6 (Reuters) – Oil prices fell in a volatile market on Tuesday as the U.S. dollar stayed strong and economic uncertainty offset the bullish impact of a price cap placed on Russian oil and the prospects of a demand boost in China. Brent crude futures were down almost $4.00. West Texas …
China’s zero-covid policy has had a very negative impact on oil demand in 2022. Whether Chinese authorities relax covid measures or not, both steps carry huge political risk for China’s President Xi. Softer economic growth in China and an evaporating Ukraine war premium could result in further downside for crude. Since the late 1990s, China …
Continue reading “Lower Oil Prices… China Enters Next Phase Of Covid Crisis”
U.S. service sector activity picks up in November Tesla cuts output plan for Shanghai plant for December-sources All S&P 500 sectors decline, with energy stocks hit hard Indexes down: Dow 1.4%, S&P 1.79%, Nasdaq 1.93% Major United States stock markets closed in the red territory on Monday as Fitch Ratings cut the 2023 world growth …
Continue reading “US closes deep in red amid recession concerns”
Saudi OSPs to Asia hit 10-month low amid slowing physical demand. Saudi Aramco cut on Monday the price of its flagship Arab Light crude for sale in January in Asia by $2.20 per barrel, to a premium of $3.25 a barrel. The Saudi oil giant also cut by $1.80 per barrel the price of Arab …
At its meeting on Sunday, the OPEC+ group decided to leave its production quotas unchanged. The group also announced that its next meeting will be in February and the one after that in June, marking the end of monthly meetings. With the EU embargo on Russian crude and the G7 price cap coming into effect, …
The Saudi-led OPEC oil cartel and allied producers including Russia did not change their targets for shipping oil to the global economy amid uncertainty about the impact of new Western sanctions against Russia that could take significant amounts of oil off the market. The decision at a meeting of oil ministers Sunday comes a day ahead of the …
Continue reading “Oil Prices Advance as OPEC Decides to Gauge Impact of Russia Price Cap”
LONDON/DUBAI (Reuters) -OPEC+ agreed to stick to its oil output targets at a meeting on Sunday as the oil markets struggle to assess the impact of a slowing Chinese economy on demand and a G7 price cap on Russian oil on supply. The decision comes two days after the Group of Seven (G7) nations agreed …
Continue reading “OPEC+ keeps steady policy amid weakening economy, Russian oil cap”