TOKYO : Oil prices fell on Friday but still hovered near three-month highs, with fears over new COVID-19 lockdown measures in Shanghai outweighing solid demand for fuels in the world's top consumer United States.
Still, with prices rallying over the last two months, Brent was on track for a fourth consecutive weekly gain and WTI was set for a seventh straight weekly increase. Both benchmarks on Wednesday marked their highest closes since March 8, when they hit their highest settlements since 2008. "But losses were capped by expectations that tight global supply will continue with solid U.S. demand for fuels and slow increase in crude output by OPEC+," he said.
China's crude oil imports rose nearly 12 per cent in May from a low base in a year earlier, although refiners were still battling high inventories with COVID-19 lockdowns and a slowing economy weighing on fuel demand last month.
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.
China May crude oil imports edge up, but refined oil product exports slumpChina's crude oil imports rose nearly 12 per cent in May from a low base in a year earlier, although refiners were still battling high inventories with COVID-19 lockdowns and a slowing economy weighing on fuel demand last month. The world's top crude oil buyer imported 45.83 million tonnes last month, dat
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »
Leave palm oil prices to free market, experts tell Indonesian government
Source: STForeignDesk - 🏆 4. / 71 Read more »
Indonesia's 2022 palm oil exports seen below 2021's 34 million t -GAPKIJAKARTA : Indonesia Palm Oil Association (GAPKI) expects this year's exports of palm oil to be lower than the 34 million tonnes recorded in 2021 due to various policy changes this year, official Fadhil Hasan said on Wednesday.He expected Indonesia's production of palm oil in 2022 to be 'at least similar',
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »
Indonesia starts palm oil export acceleration scheme for at least 1 million TJAKARTA : Indonesia has launched an export acceleration scheme aimed at shipping at least 1 million tonnes of crude palm oil and some derivatives, according to a trade ministry regulation made public on Thursday.The regulation was signed on June 7 and is effective immediately. The scheme applies until Jul
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »
Oil extends gains on robust US demand, China optimismSINGAPORE : Oil prices extended gains on Thursday, underpinned by robust demand in the world's top consumer United States while demand is expected to rebound in China as COVID-19 curbs across major cities are relaxed.Brent crude futures for August rose 50 cents, or 0.4 per cent, to $124.08 a barrel by 015
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »
Oil hovers near 13-week high on robust US demand, China optimismSINGAPORE : Oil prices held near 13-week highs on Thursday, underpinned by robust demand in the world's top consumer United States while demand is expected to rebound in China as COVID-19 curbs across major cities are relaxed.Brent crude futures for August nudged up 12 cents to $123.70 a barrel by 0033 GM
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »