LONDON—Oil slipped on Friday, burdened by the prospect of weaker global growth, higher interest rates, and COVID-19 lockdowns in China hurting demand even as the European Union considers a ban on Russian oil that would further tighten supply. The International Monetary Fund this week cut its global economic growth forecast while the U.S. Federal Reserve…
China’s Top Oil Gaint Plans to Exit Western Markets in Fear of Sanctions, Returning to Domestic IPOs
April 21, 2022
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BeijingBusiness & EconomyChinaChina Business & EconomyChinese RegimeCNOOCcommoditiesCompaniesFinance & Business TiesIPOsMade in China 2025MarketsNYSERussia-UkraineShanghai Stock ExchangeSpecial TopicsThousand Talents Programtrade practicesUS-China relations
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China is selling its oil fields in the United States, Canada, and Britain due to fear of Western sanctions, according to a recent Reuters report. Experts say Beijing’s over-reliance on U.S. markets and technologies could be fatal in the case of being sanctioned or losing its overseas assets. China’s top offshore oil and gas producer,…
China’s Top Oil Gaint Reportedly Plans to Exit Western Markets in Fear of Sanctions, Returning to Domestic IPOs
April 21, 2022
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BeijingBusiness & EconomyChinaChina Business & EconomyChinese RegimeCNOOCcommoditiesCompaniesFinance & Business TiesIPOsMade in China 2025MarketsNYSERussia-UkraineShanghai Stock ExchangeSpecial TopicsThousand Talents Programtrade practicesUS-China relations
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China is selling its oil fields in the United States, Canada, and Britain due to fear of Western sanctions, according to a recent Reuters report. Experts say Beijing’s over-reliance on U.S. markets and technologies could be fatal in the case of being sanctioned or losing its overseas assets. China’s top offshore oil and gas producer,…
Oil Rises as Investors Focus on Lower Supply From Russia, Libya
April 21, 2022
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LONDON—Oil prices rose on Thursday amid concerns about supply as the European Union (EU) mulls a potential ban on Russian oil imports days after diminished supplies from Libya rocked the market. Brent crude futures rose $1.13, or 1.1 percent, to $107.93 a barrel at 1228 GMT. U.S. West Texas Intermediate (WTI) crude futures gained 81…
Bond Bashing Resumes, Euro Cheers Macron-Le Pen Clash
April 21, 2022
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LONDON—Bond markets suffered another sharp sell-off on Thursday as investors bet on aggressive global interest rate hikes, while the euro climbed after French President Emmanuel Macron bolstered his weekend re-election hopes in a heated TV debate. MSCI’s world stocks index mustered only a modest move amid the prospect of higher global borrowing costs, but Paris…
World Bank Chief Warns of Food Crisis Due to Russia-Ukraine Conflict
April 21, 2022
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The World Bank has warned of a “human catastrophe” from a food crisis that could see millions forced into poverty due to the full-scale invasion launched by Russian forces in Ukraine. World Bank president David Malpass told the BBC at the IMF-World Bank spring meetings in Washington that record food prices could see hundreds of millions…
China’s March Alumina Exports to Russia Soar as Sanctions Over Ukraine Bite
April 21, 2022
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BEIJING—China’s alumina exports to Russia surged over 90 times in March from the same period a year earlier, customs data showed on Wednesday, as sanctions against Russia for its invasion of Ukraine cut off some of its traditional supplies. In March, China shipped 9,949 tonnes of alumina to Russia, up from 104.5 tonnes the same…
US Gas Prices Rising Again: AAA
April 20, 2022
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U.S. gas prices, which had been falling in recent days from their record highs in March, have begun to rise once more, based on data from the American Automobile Association (AAA). Regular gas prices averaged $4.114 per gallon nationwide on April 20, according to AAA, up by 0.75 percent when compared with $4.083 per gallon…
Oil Range-Bound Following IMF Prediction of Lower Global Growth
April 20, 2022
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Oil prices were trading range-bound on Wednesday after the International Monetary Fund (IMF) scaled down its global growth projections for 2022. Prices fluctuated as it received support from concerns about tighter supplies. Brent oil futures were trading at around $108.20 per barrel as of 13:42 UTC on April 20, very near to its opening price….
Oil Rebounds as Supply Concerns Dominate
LONDON—Oil prices rebounded on Wednesday as a drop in U.S. oil inventories and concerns over tighter supplies from Russia and Libya drove a recovery from the previous session’s sharp losses. Brent crude futures rose $1.46, or 1.4 percent, to $108.71 a barrel by 1139 GMT. The front-month WTI crude futures contract, which expires on Wednesday,…
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