MELBOURNE: Oil prices fell on Monday (Jul 11) in volatile trade, reversing some gains from the previous session as markets braced for new mass COVID-19 testing in China potentially hitting demand, a worry that outweighed ongoing concerns about tight supply. Brent crude futures fell US$1.02, or 1 per cent,
MELBOURNE: Oil prices fell on Monday in volatile trade, reversing some gains from the previous session as markets braced for new mass COVID-19 testing in China potentially hitting demand, a worry that outweighed ongoing concerns about tight supply.
Trading was thinned by a public holiday in parts of Southeast Asia, including oil trading hub Singapore. Traders were nervous that the discovery of the new subvariant and the highest number of daily new cases in Shanghai since May could lead to another round of mass testing, which would hurt fuel demand, he said.
Looking to ease tight supplies, US President Joe Biden will be holding talks this week with Saudi Arabia's leaders to mend ties with the world's largest oil producer following the 2018 murder of Washington Post journalist Jamal Khashoggi.
Singapore Latest News, Singapore Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Oil falls on recession jitters, China COVID curbsMELBOURNE :Oil prices fell around $1 on Monday in volatile trade, reversing some gains from the previous session, as worries about a recession and China's COVID-19 curbs hitting demand outweighed ongoing concerns about tight supply.Brent crude futures fell 82 cents, or 0.8 per cent, to $106.20 at 0314 GMT, af
Read more »
Shanghai braces for more mass COVID-19 testing amid fresh curbs across ChinaBEIJING: Multiple Chinese cities are adopting fresh COVID-19 curbs, from business halts to lockdowns, to rein in new infections, with the commercial hub of Shanghai bracing for another mass testing campaign after detecting the BA.5 Omicron subvariant. As China sticks to its 'dynamic zero-COVID' policy of p
Read more »
Covid-19 lockdown anguish push expats to rethink living in China
Read more »
Hong Kong mulls health code similar to China to fight Covid, says report
Read more »
Oil mixed as market weighs tight supply against recession jittersMELBOURNE : Oil prices were unsteady on Monday, with Brent trading higher on supply concerns while West Texas Intermediate (WTI) dipped, as traders balanced supply concerns against worries about a recession or China's COVID-19 curbs hitting demand.Brent crude futures were up 11 cents, or 0.1 per cent, at
Read more »
China can consider increasing its budget deficits - ex-finance ministerBEIJING : China can consider further deficit spending by the central and local governments, if needed, to finance support for small businesses, a former finance minister said on Saturday. To spur consumption, some local governments have issued consumption vouchers, but those steps remain inadequate due t
Read more »