MELBOURNE : Oil prices dipped in early trade on Friday amid uncertainty on the demand outlook based on contrasting views from OPEC and the International Energy Agency , but benchmark contracts were headed for weekly gains as recession fears eased.
Brent was on track to climb more than 4 per cent for the week, recouping part of last week's 14 per cent tumble, its biggest weekly decline since April 2020 amid fears that rising inflation and interest rate hikes will hit economic growth and fuel demand. "There's a great deal of uncertainty about demand in the short run. Until that settles, it will be like this for a while," said Justin Smirk, a senior economist at Westpac.
That contradicts the view from the IEA. The latter raised its forecast for demand growth, to 2.1 million bpd, due to gas-to-oil switching in power generation as a result of soaring gas prices.
Source: Energy Industry News (energyindustrynews.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.
Global physical oil market weakens as recession jitters mountHOUSTON/LONDON : Physical oil prices around the world have begun to sag alongside futures, reflecting less alarm over Russian-led supply disruptions along with heightened worries about a possible global economic slowdown. 'The market is very bearish at this moment. No one is in a hurry to buy,' a Singapor
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »
Singapore raises trade forecasts as non-oil exports grow 9.1% in second quarter of 2022SINGAPORE: Singapore raised its trade forecasts on Thursday (Aug 11) amid better than expected performance in the second quarter of 2022. This was driven by oil and electronics trade and higher than expected oil prices, said Enterprise Singapore (ESG) in its review. Non-oil domestic exports (NODX
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »
Oil falls on demand concerns, greater supplySINGAPORE : Oil prices fell in early Asian trade on Thursday as traders anticipated more supply of crude entering the market coupled with weaker demand.Brent crude futures fell by 53 cents, or 0.5 per cent, to $96.87 a barrel by 0005 GMT, while U.S. West Texas Intermediate crude futures fell 61 cents, or
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »
Oil slips as US crude stockpiles riseKUALA LUMPUR :Oil prices eased on Wednesday after industry data showed U.S. crude inventories unexpectedly rose last week, signaling a potential hiccup in demand, though concerns over supply kept losses in check.Brent crude futures fell 23 cents, or 0.2 per cent, to $96.08 a barrel at 0323 GMT. U.S. We
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »
N.Asian refiners to get full allocation of Saudi crude in SeptSINGAPORE : Saudi Aramco has told at least four North Asian buyers that it will supply full contractual volumes of crude in September, sources with knowledge of the matter said on Wednesday.The world's top oil exporter has hiked the official selling prices (OSPs) to Asian buyers to record high levels for
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »
Man says his friend, a physiotherapist of 25 years, was replaced by foreigners and now does food delivery - The Independent Singapore NewsJob security is an issue for most Singaporeans, along with increased fear of recession.
Source: IndependentSG - 🏆 9. / 63 Read more »