Tens of billions of dollars worth of commodity investments are about to be switched around in a move that’s set to cause a wave of oil-futures buying.
The author is an analyst of Shinhan Investment Corp.
The declaration of a state of emergency by Japan is expected to cast dark clouds over the country’s gasoline demand, cutting short the prevailing recovery after a long period of gloom.
The disturbance at Capitol Hill derailed the process of certifying the Biden electoral victory for a number of hours last night but was then resumed so the final confirmation of Biden’s win should be relatively straightforward.
After taking a breather a day earlier, bulls stormed forward on Wednesday where the KSE-100 index crashed through the strong barrier of 45,000 points and clocked in massive gains of 503 points or 1.13 per cent to climb to 31-month high at 45,153 points.
Oil prices rose to their highest levels since February on Wednesday after Saudi Arabia announced a big voluntary production cut and on a steep fall in U.S. crude inventories.
Malaysian petrochemicals would benefit from a prolonged trade war between the United States and China, Maybank Kim Eng analyst Mohshin Aziz said in a report on July 11.
Oil product inventories at Fujairah, on the UAE’s east coast, dropped to a four-week low at the start of 2021 after a year of wide swings and record highs and lows closely tied to regional traffic restrictions to combat the pandemic.
Oil prices rose on Thursday after a fall in U.S. stockpiles added further support following the unilateral decision by Saudi Arabia to cut output over the next two months.
Indian Oil Corp (IOC), the country’s top refiner, has loaded its first cargo of Iraq’s newly introduced Basra Medium crude grade.