Oil tumbled to the lowest level since December as unrest in China hurt investors’ appetite for risk and clouded the outlook for energy demand, adding to stresses in an already-fragile global crude market. Read: China economy braces for further slump as Covid, protests spread West Texas Intermediate sank toward $74 a barrel following three weeks of losses. Protests over harsh anti-virus curbs spread across the world’s largest crude importer over the weekend, spurring a selloff in commodities.
The “demand outlook will deteriorate before it gets better,” said Fenglei Shi, director of Greater China oil market midstream and downstream at S&P Global Commodity Insights, citing an uptick in lockdowns. Aside from China, traders were also assessing a US move to grant supermajor Chevron Corp. a license to resume oil production in Venezuela after sanctions had halted all drilling activities almost three years ago.
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Business Maverick: Oil plunges to lowest since 2021 as China unrest rattles marketOil tumbled to the lowest level since December as unrest in China hurt investors’ appetite for risk and the outlook for energy demand, adding to stresses in an already-fragile global crude market.
Source: dailymaverick - 🏆 3. / 84 Read more »
CSA declares R198m loss for 2021/2022 financial yearCricket SA (CSA) have declared a R198m loss for the 2021/2022 financial year. Its not going to get better... Politics first, good governance second... Gonna get worse... 😲🤦🏾♂️
Source: TimesLIVE - 🏆 28. / 59 Read more »
CSA declares R198m loss for 2021/2022 financial yearCricket SA (CSA) have declared a R198m loss for the 2021/2022 financial year.
Source: SowetanLIVE - 🏆 13. / 63 Read more »
Ghana Plans to Buy Oil with Gold Instead of U.S. DollarsVice President Mahamudu Bawumia has said that in order to protect the country's fast-dwindling foreign currency reserves, Ghana wants to pay for oil with gold instead of shelling out precious U.S. dollars. The move is meant to tackle dwindling foreign currency reserves coupled with the demand for dollars by oil importers, which is weakening the local cedi and increasing living costs. Bawumia explained that "using gold will prevent the exchange rate from directly impacting fuel or utility prices as domestic sellers would no longer need foreign exchange to import oil products. The barter of gold for oil represents a major structural change," he added. The West African country has been facing one of its worst economic crises. Ghana's gross international reserves have fallen by about one-third - from $9.7 billion at the end of 2021 to around $6.6 billion at the end of September 2022, according to official data. Ghana produces crude oil, but it has relied on imports for refined oil products since its only refinery shut down after an explosion in 2017. 😶 But Ghana has oil... isn't...?
Source: allafrica - 🏆 1. / 99 Read more »
Brent crude oil falls to lowest price since early 2022 - SABC News - Breaking news, special reports, world, business, sport coverage of all South African current events. Africa's news leader.The price of Brent crude oil has fallen by nearly 3% in Asian trade on Monday morning to around $81 a barrel. This is the lowest Brent crude price since the beginning of the year and is mainly due to protests in China over strict COVID19 restrictions.
Source: SABCNews - 🏆 37. / 51 Read more »
Intimidation, threats resurface as AG bites | City PressIntimidation, threats resurface as AG bites | Pushbacks bordering on intimidation of officials working in the Auditor-General’s office have re-emerged during the latest round of auditing government departments and entities If this is the way it's going for senzo then this is the way it should go for all murderers - called democracy - one law for all. Regardless billionaire or pauper City_Press You know mos Ramaphosa administration is does not want to account to anyone but he always said law enforcement and chapter 9 institute must allow to do its work. They only recognize those institutions when they investigating people are alianed with Zuma City_Press Intimidation shows that she is not pro the ruling elites.
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