Tag: Oil Prices
Malaysia’s palm oil stocks slide 6.56% in Feb
The Malaysian Palm Oil Board revealed a 6.56% decrease in palm oil stocks in February 2023, with crude palm oil stockpiles falling 7.69% to 1.16 million tonnes. Production also declined, with CPO output dropping 9.35% and palm kernel production reducing 7.10% compared to January's figures.
Crude oil prices stay muted in 1H amid altered oil flows tracking Ukraine war
Brent crude prices expected to remain flat around $80/barrel in first half of 2023, with potential recovery to $85-$90 in second half. Increased demand from India and China may offset Western restrictions on Russian oil supply, driven by shifting global energy landscapes.
Europe bans Russian diesel, other oil products over Ukraine
The European Union and G7 allies have banned Russian diesel and refined oil products, aiming to reduce Moscow's energy income without disrupting global markets. The move targets Russia's military funding while preserving diesel supplies for critical economic sectors like transportation and agriculture.
Boustead Plantations expects continued volatility in palm oil prices
Boustead Plantations Bhd expects continued volatility in palm oil prices for the remainder of the year. High production costs from increased minimum wages, fertilizer, and diesel prices will impact profitability. The company remains optimistic about cost management and crop enhancement strategies for 2022.
Oil prices ease on symbolic OPEC+ output cut
OPEC and allied producers, including Russia, slightly reduced oil output for October, trimming supplies by 100,000 barrels per day. The move comes amid recession fears and falling crude prices, which have dropped from June's $120 per barrel peak, providing relief at gas pumps.- EXCERPT: Summarizes key points, highlights impact, and uses relevant keywords
Biden waiving the ethanol rule in a bid to lower gasoline prices
- President Biden visits Iowa to announce waiving ethanol blending restrictions, aiming to reduce gasoline prices by around 10 cents per gallon. This move is part of his strategy to combat inflation, which reached 8.5% in March, the highest rate since 1981.- EXCERPT: Condensed 100-word summary providing context and key information
UK inflation hits a 30-year high of 6.2% as Sunak readies response.
British inflation surged to 6.2% in February, the highest since 1992, with household energy bills rising almost 25% and food prices increasing across the board. The Office for National Statistics reports the unexpected spike, putting pressure on Finance Minister Rishi Sunak to address the economic squeeze.
High energy costs trigger unrest in parts of Europe.
High energy costs are triggering widespread unrest across Europe. Spain has deployed over 23,000 police to manage protests, while farmers in France and Greece block highways. Russia's war in Ukraine has exacerbated the situation, driving record inflation and making fuel and essential supplies significantly more expensive.
High energy costs trigger unrest in parts of Europe.
Amid Russia's war in Ukraine, European countries face mounting energy costs, triggering widespread protests. Spain deployed over 23,000 police to manage trucker strikes, while French and Greek farmers block highways, highlighting the economic strain of high fuel prices and inflation.
Asia stocks extend losses as Ukraine war, China’s Covid-19 surge hit sentiment
Asian stocks fell on Tuesday as COVID-19 cases in China and ongoing Ukraine war concerns weighed on markets. MSCI's Asia-Pacific index dropped 1.97%, with Chinese stocks leading losses, reflecting broader economic uncertainties and potential demand disruptions.
