Amid criticism against Japan’s plans to release nuclear waste from the crippled Fukushima nuclear plant into the sea, International Atomic Energy Agency (IAEA) chief on Tuesday arrived in Tokyo to hold discussions over the issue. Ahead of releasing IAEA’s report on Fukushima nuclear plant’s water discharge plan, Rafael Grossi met …
Read More »Oil Mixed as Market Weighs China’s Interest Rate Decision
Oil prices were mixed in early trade on Tuesday as investors gauged the risks associated with China’s less-than-expected interest rate cut decision, which prompted doubts about the country’s post-COVID recovery. International benchmark Brent crude traded at $76.33 per barrel at 10.37 a.m. local time (0737 GMT), a 0.31% gain from …
Read More »Oil Down on Persistent Demand Woes due to Pending US Debt Deal
Oil prices fell on Tuesday over demand worries in the US due to the debt ceiling crisis, ambiguity about the US Federal Reserve’s (Fed) interest rate policy and recessionary fears. International benchmark Brent crude traded at $76.58 per barrel at 09.52 a.m. local time (0652GMT), a 0.67% fall from the …
Read More »Russia Calls Japan’s Nuclear Blackmail Accusation ‘Cynical, Unscrupulous Speculations’
Japan’s “nuclear blackmail” accusation against Russia is “cynical, unscrupulous speculation,” the Russian Foreign Ministry said on Saturday. “Attempts to attribute to Russia the non-existing plans to use nuclear weapons in Ukraine is nothing more than cynical, unscrupulous speculation. There has been no change in our approach to this issue,” a …
Read More »EU Opens 1st Tender for Joint Gas Purchase
Speaking to reporters, Maros Sefcovic, the European Commission’s vice-president called the launch a “historic milestone” because this is “the first time ever” that the EU uses its “collective economic weight to increase our energy security and tackle high gas prices.” He explained that 77 European companies submitted requests for a …
Read More »US Crude Oil Inventories up 0.6% for Week Ending May 5
US commercial crude oil inventories increased 0.6% during the week ending May 5, according to data released by the Energy Information Administration (EIA) late Wednesday. Inventories rose by around 3 million barrels to 462.6 million barrels, lower than the American Petroleum Institute’s expectation of a rise of 3.6 million barrels. …
Read More »Oil Recovers on Supply Fears but Demand Woes Persist as Fed Raises Interest Rates
Oil prices rebounded on Thursday, with both benchmarks dropping around 5% in previous trade as supply concerns caused by Iran’s seizure of an oil tanker and renewed tensions between Ukraine and Russia overshadowed demand woes caused by the US Federal Reserve’s (Fed) decision to cut interest rates further. International benchmark …
Read More »Top US, S.Korean Nuclear Envoys Discuss Joint Responses to N.Korea’s Nuclear Threats
The top nuclear envoys of the US and South Korea have discussed ways to cooperate on countering North Korea’s “evolving nuclear and military threats,” the South Korean Foreign Ministry said on Sunday, according to local media. US Special Representative for North Korea Sung Kim held a meeting with his South …
Read More »Oil Prices in Decline due to Global Demand Uncertainty
Oil prices started the week on the decline due to demand fears fueled by weak global economic data and the possibility of more interest rate hikes. International benchmark Brent crude traded at $80.44 per barrel at 09.35 a.m. local time (0635 GMT), a 1.25% decrease from the closing price of …
Read More »Oil Prices Decline with Recession Fears Triggered by Weak US Economic Data
Oil prices decreased on Thursday after weak economic data in the US sparked recession fears. International benchmark Brent crude traded at $84.61 per barrel at 10.08 a.m. local time (0708 GMT), a 0.45% drop from the closing price of $84.99 a barrel in the previous trading session. At the same …
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