NEW YORK: Oil prices rose modestly in a see-saw session on Tuesday, as concerns about the global consumption outlook counterbalanced the struggle by big OPEC producers to pump enough supply to meet growing demand.
Both benchmarks were at one point up by $1 per barrel, but Brent crude pared gains and settled just up 44 cents at $74.36 a barrel, after falling by almost 2% on Monday.
The October West Texas Intermediate (WTI) contract, which expired on Tuesday, rose 27 cents to settle at $70.56 a barrel, after dropping 2.3% in the previous session. The more active November contract rose 35 cents a barrel to $70.49.
Brent and the November WTI contract earlier reached session highs of $75.18 a barrel and $71.48 per barrel, respectively.
"It seemsRead More »
NEW YORK: Oil prices fell 2% on Monday as investors grew more risk averse, which hurt stock markets and boosted the U.S. dollar, making oil more expensive for holders of other currencies
Brent crude fell US$1.42, or 1.9%, to settle at $73.92 a barrel after sinking to a session low of $73.52. U.S. West Texas Intermediate (WTI) declined $1.68, or 2.3%, to end at $70.29 after falling to as low as $69.86.
The dollar, seen as a safe haven, rose as worries about Chinese property developer Evergrande's solvency spooked equity markets and investors braced for the Federal Reserve to take another step toward tapering this week.
"As the U.S. dollar is usually a safe haven, its exchange rate against other currencies strengthens, a development that supplements tRead More »
KUALA LUMPUR: Despite the haj pilgrimage being postponed twice due to the Covid-19 pandemic, the Lembaga Tabung Haji (TH) is continuing with its preparations, taking into account the pandemic situation and developments in Saudi Arabia.
TH Haj executive director Datuk Seri Syed Saleh Syed Abdul Rahman said the planning and preparations had been continuously implemented since the 2020 haj season in an effort to ensure that the Malaysian haj pilgrims would be able to perform the fifth pillar of Islam smoothly.
He said one of the steps implemented was conducting 14 series of haj courses for prospective pilgrims online, including an additional series emphasising the new standard operating procedure (SOP) in Saudi Arabia as well as the haj rules and regulations aRead More »
Friday, 12 May 2017 IF THE United States were suddenly facing a potential avian influenza pandemic, just one U.S. manufacturer could be counted on to make human pandemic flu vaccine here. And although the chickens that lay the eggs used in the process are themselves susceptible to the virus, until …Read More »