Tag Archives: Business Recorder

Brent oil may retest a support at $85.68 per barrel, a break below could open the way towards $83.04-$84.67 range. There is a strong resistance at $89, which still holds firm under four attacks by bulls. A temporary top may have formed around this level. Due to the slide below …

China’s refinery output hit a record in 2021, up 4.3% from 2020, on robust first-half fuel demand and as refiners ramped up processing to fill a supply gap after a hefty new tax closed loopholes in blending fuel imports. Total refinery throughput last year reached 703.55 million tonnes, or 14.07 …

OPEC ministers are due to hold a meeting on Monday to discuss the appointment of a new secretary general, two OPEC sources said, with Kuwait’s candidate for the job holding widespread support from the group. Haitham al-Ghais, a former Kuwaiti governor to the Organization of the Petroleum Exporting Countries, is …

US oil may retest a resistance at $73.99 per barrel, a break above which could lead to a gain into $74.98-$76.59 range. The contract is riding on a fierce wave (c), which has briefly travelled above the peak of the wave (a) around $72.87. It is expected to extend into …

China’s oil consumption is expected to keep growing for a decade on robust chemical demand, reaching a peak of about 780 million tonnes per year by 2030, a research institute affiliated with China National Petroleum Corp (CNPC) said on Sunday. Last year, the research group, called the CNPC Economics & …

World oil prices fell by more than five percent on Monday, as energy demand fears grew over the fast-spreading Omicron coronavirus variant. In morning deals, Brent North Sea crude tumbled 5.1 percent to $69.79 per barrel and New York’s West Texas Intermediate oil lost 5.7 percent to $66.84. The rapid …

Russian natural gas deliveries to Germany through the Yamal-Europe pipeline dropped sharply on Saturday, data from German network operator Gascade showed, adding pressure to an already tight European gas market as it heads into peak winter demand. It was not immediately clear why flows were down through the pipeline, one …

The Omicron coronavirus variant will slow the recovery in global demand for oil but the market will be “more comfortable” in 2022, the International Energy Agency said on Tuesday. The oil market “appears to stand on a better footing than it has for some time,” the IEA wrote in its …

Royal Dutch Shell is considering a return to Libya with a plan to develop new oil and gas fields and infrastructure, as well as a solar project, two sources said, a decade after exiting the North African country because of unrest. The plan, details of which were seen by Reuters, …

Brent oil may break a support at $72.33 per barrel and fall towards $70.98, as suggested by its wave pattern and a projection analysis. The correction from the July 6 high of $77.84 is riding on a wave IV, which looks sideways. It has three component waves. The third wave …