:Oil prices extended losses early on Wednesday as worries of slowing demand from top oil importer China after the release of weaker-than-expected economic data outweighed some positive progress on the U.S. debt ceiling bill.
China's manufacturing activity contracted faster than expected in May on weakening demand, with the official manufacturing purchasing managers' index down to 48.8 from 49.2 in April. The outcome lagged a forecast of 49.4. In the U.S., trader sentiment was lifted slightly after legislation brokered by President Joe Biden and House Speaker Kevin McCarthy to lift the $31.4 trillion U.S. debt ceiling and achieve new federal spending cuts passed an important hurdle late on Tuesday, advancing to the full House of Representatives for debate and an expected vote on passage on Wednesday.
Saudi Arabian Energy Minister Abdulaziz bin Salman last week warned short sellers betting oil prices would fall to"watch out" in a possible signal that OPEC+ may cut output.
Source: Loan Digest (loandigest.net)
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.
Sheffield Wednesday promoted to Championship with 123rd-minute Windass winnerSheffield Wednesday added a fairytale ending to their extraordinary League One playoff campaign as Josh Windass scored the winner in stoppage time of extra time to earn them promotion with a 1-0 victory over 10-man Barnsley in the final on Monday. Wednesday can now look forward to Championship football ne
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »
French Open order of play on WednesdayOrder of play on the main showcourts on the fourth day of the French Open on Wednesday (play begins at 0900 GMT unless specified, prefix number denotes seeding):COURT PHILIPPE-CHATRIER (0945)Camila Giorgi (Italy) v 3-Jessica Pegula (U.S.)5-Caroline Garcia (France) v Anna Blinkova (Russia)
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »
Oil rises on US debt deal, but rate hikes, OPEC+ talks curb enthusiasmTOKYO : Oil prices rose on Tuesday as the expectations the debt ceiling deal in U.S., the world's biggest oil user, will spur more demand but fears of further interest rate rises and that OPEC+ will leave output quotas unchanged capped gains.Brent crude futures climbed 35 cents, or 0.5 per cent, to $77.42
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »
Oil falls on US debt deal struggles, OPEC+ talks uncertaintyTOKYO : Oil fell on Tuesday, giving up earlier gains, as concerns about the viability of the U.S. debt ceiling pact cooled the market's risk-on sentiment and mixed messages from major producers have clouded the supply outlook ahead of their meeting this weekend.Brent crude futures fell 50 cents, or 0.7 pe
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »
Oil edges up after steep losses ahead of US debt ceiling voteOil prices edged up on Wednesday after steep losses in the prior session, as market participants awaited an expected vote on a bipartisan deal to lift the $31.4 trillion U.S. debt ceiling. Brent crude futures for August delivery rose 11 cents to $73.82 a barrel by 0013 GMT, while U.S. West Texas Intermedi
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »
China's factory activity falls faster than expected on weak demand - PMIBEIJING : China's manufacturing activity contracted faster than expected in May on weakening demand, an official factory survey showed on Wednesday, heaping pressures on policymakers to shore up the patchy economic recovery.The official manufacturing purchasing managers' index (PMI) was 48.8 from 49.2 in
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »