Oil prices fell on Tuesday after notching their highest gains in more than a month in the previous session, as global inflation worries overshadowed the prospect of possible OPEC+ output cuts.Brent crude futures fell 39 cents, or 0.3 per cent, to $104.70 a barrel by 0012 GMT after climbing 4.1 per cent o
Oil prices fell on Tuesday after notching their highest gains in more than a month in the previous session, as global inflation worries overshadowed the prospect of possible OPEC+ output cuts.
Inflation is near double-digit territory in many of the world's biggest economies, a level not seen in close to a half century, and investors are concerned that more aggressive interest rate hikes will follow from the United States and Europe. IEA members nations could release more oil from strategic petroleum reserves if they find it necessary when the current scheme expires, the head of the agency also said.
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 climbs on OPEC supply cut prospect, demand growthMELBOURNE: Oil prices rose 1 per cent on Monday (Aug 29), as expectations OPEC will cut output if needed to support prices, conflict in Libya, and rising demand amid soaring natural gas prices in Europe helped offset a dire outlook for growth in the United States. US West Texas Intermediate (WTI) crude fut
Read more »
Oil mixed as OPEC supply cut prospect offsets demand fearsMELBOURNE : Oil prices were mixed on Monday as investors balanced expectations the OPEC will cut output to support prices against concerns sparked by Federal Reserve Chairman Jerome Powell saying the United States will face slow growth 'for some time'.U.S. West Texas Intermediate (WTI) crude futures rose
Read more »
Shell Bukom heist: 2 more surveyors jailed for accepting bribes to conceal gas oil theftSINGAPORE - Two surveyors who had accepted bribes to misreport the theft of gas oil as part of a massive heist to steal oil from Shell's manufacturing site at Pulau Bukom have been jailed. Read more at straitstimes.com.
Read more »
Shell Bukom heist: 2 more jailed for accepting bribes to conceal gas oil theftTwo surveyors who accepted bribes to misreport the theft of gas oil as part of a massive heist to steal oil from Shell's manufacturing site on Pulau Bukom have been jailed. With their help, multiple incidents of gas oil theft worth up to $2.5 million went...
Read more »
Sinopec's interim profit soars on stronger oil, gas pricesChina Petroleum and Chemical Corp, or Sinopec Corp, reported interim net income surged 10.4 per cent to a record 43.53 billion yuan ($6.33 billion), thanks to strong oil and gas prices despite weakened domestic fuel sales. Sinopec, the world's largest refiner by capacity, reported revenues of 1.61 trillio
Read more »
US to name ambassador-at-large for the ArcticWASHINGTON (REUTERS) - The United States plans to name an ambassador at large for the Arctic, reflecting the region's growing strategic and commercial importance as its shrinking opens up new sea lanes and vast oil and mineral resources. Read more at straitstimes.com.
Read more »