Oil dips on demand concerns and possibility of Iran boosting supply

Oil prices fell in early trading on Monday on concerns related to a slowdown in demand in China, the world’s second-largest economy, the possibility of Iranian crude coming back to the market and a US dollar rally.

Brent, the global benchmark for two thirds of the world's oil, was trading 1.60 per cent lower at $95.17 a barrel at 11.13am UAE time on Monday. West Texas Intermediate, the gauge that tracks US crude, was down 1.80 per cent at $89.14 a barrel.

BUSINESS-OIL

“Lacklustre Chinese data last week has seen demand concerns continue to outweigh any supply-side issues, despite warnings around upcoming tightness in the market from the new Opec secretary general,” said Emirates NBD’s Mena economist Daniel Richards.

In an interview with Bloomberg last week, Opec secretary general Haitham Al Ghais said global oil markets remained at risk of a supply squeeze.

China, the top importer of crude, also cut lending rates last week to revive demand as its economy slowed unexpectedly in July, with factory and retail activity slumping under Beijing's “zero-Covid” policy.

Read More : https://www.thenationalnews.com/business/energy/2022/08/22/oil-dips-lower-on-demand-concerns-and-iran-boosting-supply/

Comments

Post a Comment

Popular posts from this blog

The Ultimate Guide to NEET 2024: Tips and Techniques for Top Scores from NEET MOCK

Image
The National Eligibility cum Entrance Test (NEET) is an integral part of the medical education landscape in India, serving as the gateway for aspiring medical and dental professionals. In 2024, NEET continues to be a critical examination that determines admission to undergraduate medical and dental courses across the country. This article aims to provide a comprehensive guide to NEET 2024, covering essential aspects such as eligibility criteria, exam pattern, preparation strategies, and recent developments together with NEET MOCK . NEET MOCK Eligibility Criteria: To appear for NEET 2024 , candidates must meet specific eligibility criteria. The basic requirements include: 1. Age: Candidates must be at least 17 years old as of December 31, 2024. 2. Educational Qualification: Aspiring candidates should have completed or be in the process of completing their 10+2 education with Physics, Chemistry, Biology/Biotechnology, and English as mandatory subjects. 3. Minimum Percentage: General cate
Read more

24% women surveyed experience workplace harassment

Image
The report has revealed that one in four women (24%) are still experiencing inappropriate comments in the workplace or remotely via zoom and email from managers and colleagues. Only 10% of men said they have issues with similar comments meaning more than double the number of women are subjected to this. However, the survey showed that nearly twice as many men (10%) as women (6%) are experiencing homophobic behaviour and comments from colleagues or managers. These toxic behaviours aren’t just happening in the office with many hybrid workers admitting to receiving comments on zoom calls or over email. More concerningly nearly eight percent of women surveyed admitted having experienced sexual harassment at work and 28% of all women surveyed said they have experienced bullying from colleagues or direct line managers. The extensive workplace survey gives a stark warning to employers across the UK as millions of workers are not only unhappy in their current roles but even worse are being sub
Read more

Anurag Kashyap reviews 'Manjummel Boys': 'Hindi cinema really is far left behind'

Image
Director Anurag Kashyap reviewed the latest Malayalam film 'Manjummel Boys'. The survival thriller has been the talk of the town with all the acclaim it has been garnerning from critics and viewers alike. Anurag, too, had nothing but praise for the Chidambaran-directorial. Anurag Kashyap hails 'Manjummel Boys Anurag Kashyap reviewed 'Manjummel Boys' on Letterboxd and called it an 'extraordinary piece'. He showered praise on the filmmaking and stated that it is 'so much better that all the big budgeted filmmaking in India'. He added, "Such confidence, such impossible storytelling. I was wondering how does one even sell this idea to a producer. In Hindi they can only do remakes of such ideas. Hindi cinema really is so far left behind with three back to back brilliant Malayalam films " Meanwhile, the makers recently announced that 'Manjummel Boys' has become the fastest Malayalam film to cross the milestone mark of Rs 100 crore. A sect
Read more