TOKYO : Oil prices plunged on Friday, after rising to seven-year highs this week, as an increase in U.S. crude and fuel stockpiles prompted investors to take profits from the rally.
U.S. West Texas Intermediate crude futures slid $2.61, or 3.1per cent, to $82.94 a barrel. The contract earlier fell as much as 3.2per cent, also the most since Dec. 20, after rising to its highest since October 2014 on Wednesday. "Investors made short-term adjustments in their positions after an increase in U.S. inventory and ahead of the weekend," said Hiroyuki Kikukawa, general manager of research at Nissan Securities.
"Slumping stock markets amid concerns that the Federal Reserve may aggressively move to raise rates this year also weighed on sentiment", said Chiyoki Chen, chief analyst at Sunward Trading.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
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.
Asian markets fall after weak showing on Wall St, oil tumblesSINGAPORE : Asian share markets and U.S. futures fell on Friday, after U.S. stocks took a knock overnight, hurt by lingering concerns over the Federal Reserve's tightening and weaker-than-expected economic and earnings data. MSCI's broadest index of Asia-Pacific shares outside Japan was down 0.8per cent, The quality of CNA journalists: « Oil dropped as OPEC+ struggled to meet its scheduled increases » So oil dropped today because Opec cannot produce enough 🤣😂😅 Seriously.. stick to forwarding us Reuters or NYT articles and do not write urself.
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »
Indonesia biggest palm oil group shrugs off new export permit policyJAKARTA : Indonesia's biggest palm oil association GAPKI on Wednesday shrugged off a new government policy requiring exporters of the vegetable oil to gain approval for their shipments and declare their domestic sales. The world's top producer and exporter of palm oil has been trying to tame domestic c
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »
Saudi Arabia expands share in China oil market, Russia lagsSINGAPORE : Saudi Arabia retained its top ranking in Chinese oil supplies in 2021, with supplies up 3.1per cent over 2020, and increased its share to 17per cent of total Chinese imports, customs data showed.China brought in 87.58 million tonnes of crude oil from the kingdom, or an equivalence of 1.75 mill
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »
Indonesia trade ministry drafts plan to limit palm oil exports - GAPKI officialJAKARTA : Indonesia Trade Ministry is drafting a plan to limit palm oil exports amid efforts to control domestic cooking oil prices, Togar Sitanggang, an official of the palm oil association GAPKI told a parliamentary hearing on Wednesday.Trade Ministry official Indrasari Wisnu Wardhana, responding to the
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »
US imposes sanctions on four in Ukraine it says spread disinformation for RussiaWASHINGTON: The United States on Thursday (Jan 20) imposed sanctions on current and former Ukrainian officials it accused of engaging in activities directed by Moscow to destabilise Ukraine as Washington warned it was prepared to take fresh action if Russia launches an invasion into the former Soviet country.
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »
Google launches fresh appeal to overturn US$2.8 billion fine at top EU courtGoogle is filing an appeal at the European Union\u0027s top court against an earlier decision to uphold a US$2.8 billion antitrust fine, a spokesperson for the Alphabet unit said late on Thursday, the company\u0027s second bid to overturn the penalty. EU Competition Commissioner Margrethe Vestager fined the world\u0027s
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »