Tag: #OilPrice
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Oil price barrels ahead as OPEC flags meeting
New York, April 4 (AFP/APP): The price of crude oil surged again Saturday after OPEC said it would talk to non-members, notably Russia, giving investors hope for an end to a price war which has created market chaos along with crushed demand because of the coronavirus. OPEC oil producers and their allies will meet Monday…
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As prices fall, what are the threats to oil giant Iraq?
Baghdad, April 2 (AFP/APP): As crude prices plunge, Iraq’s oil sector is facing a triple threat that has slashed revenues, risks denting production and may spell trouble for future exports. So what are the challenges facing the only significant industry in Iraq, as global oil prices fall to around $25 a barrel? – How will…
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Oil down in Asian trade
Singapore, April 1 (AFP/APP): Oil fell in Asian trade Wednesday as a rally lost steam with Saudi Arabia flooding the market with crude and the escalating coronavirus pandemic sapping global demand. Prices plunged to their lowest levels in 18 years on Monday but staged a strong rebound the following day as investors took heart from…
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Oil prices rebound, but languish near 18-year lows
Singapore, March 31 (AFP/APP): Oil prices clawed back some ground in Asian trade Tuesday after falling to 18-year lows, as the coronavirus pandemic brings economies worldwide to a standstill and throttles demand. US benchmark West Texas Intermediate rose 2.9 percent to just over $20 a barrel while Brent crude, the international benchmark, was up 0.5…
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Oil prices at 17-year lows as virus ravages world
Singapore, March 30 (AFP/APP): Oil prices extended losses in Asian trade Monday and languished at 17-year lows, with the coronavirus crisis escalating around the world and no end in sight to a vicious price war. US benchmark West Texas Intermediate fell 5.3 percent to trade at $20 a barrel, while international benchmark Brent crude was…
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Oil prices slip as US stimulus vote delayed
Singapore, March 26 (AFP/APP): Oil prices slipped back in Asian trade on Thursday, as a Senate vote on a massive stimulus package to help the coronavirus-ravaged US economy was delayed. US benchmark West Texas Intermediate was down 1.5 percent, changing hands for about $24 a barrel, while international benchmark Brent crude was down 0.4 percent…
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Oil rallies after Fed moves to help virus-hit economy
Singapore, March 24 (AFP/APP): Oil prices rallied at the open in Asia Tuesday on Federal Reserve measures to boost the coronavirus-hit US economy, offsetting concerns about a failure to approve a rescue package. US benchmark West Texas Intermediate was up 4.3 percent at $24 a barrel while Brent crude, the international benchmark, rose 3.8 percent…
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Oil extends losses on price war, recession fears
Singapore, March 13 (AFP/APP): Oil prices extended losses in Asian trade Friday due to a standoff between top producers Saudi Arabia and Russia, and mounting fears the coronavirus pandemic could spark a global recession. West Texas Intermediate was down 0.5 per cent at $31 a barrel while Brent crude slipped 0.3 per cent to $33…
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Oil bounce supports Asia stocks after ‘Black Monday’
Tokyo, March 10 (AFP/APP): A sharp bounce in the price of oil Tuesday provided some support to under-pressure stocks in early Asian trade, a day after global equities suffered their biggest losses in more than a decade. World stock markets had capitulated on what has become known as “Black Monday”, with the Dow Jones Index…
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OPEC to try to stem oil price plunge amid coronavirus slowdown
London, March 3 (AFP/APP): The OPEC club of oil-producing countries meets Thursday in Vienna as they weigh how to react to a sharp drop in global oil demand due to the outbreak of the new coronavirus. The extraordinary two-day meeting will see OPEC, led by Saudi Arabia, and its allies in the so-called OPEC+ group…