The global oil market keeps sending up flares on the outlook for weaker demand. Know more:
“The fact that Dec. 5 is not injecting any premium suggests the market is sanguine there will be no major supply disruption, at least nothing on a sustained basis,” said Vandana Hari, founder of Vanda Insights in Singapore. on Friday amid further signs from China that anti-virus restrictions in key cities are multiplying as officials seek to quell Covid-19 outbreaks.
With physical trading this month mostly concluded for January-loading cargoes, spot premiums for key Persian Gulf grades have declined sharply. While China’s Rongsheng Petrochemical Co. did purchase about 7 million barrels mid-month, that wasn’t enough to lift the sentiment, traders of those grades said.
Meanwhile, another physical market indicator — inter-month Dubai swaps — was in a contango early Friday, signaling bearishness for December through April, before flipping back to a slightly backwardated structure, PVM Oil Associates data showed. Before this week, the last time it was in contango was in April 2021.
Brent traded at near $87 a barrel on Friday after hitting $82.31 on Monday, the lowest intraday price since January.
Philippines Latest News, Philippines Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Asian age group swim championships set at NCC pool in November next year - BusinessMirrorCAPAS, Tarlac—The Philippines will host the 11th Asian Age Group Swimming Championships in November next year—the second major international competition to be staged at the world-class New Clark City (NCC). Philippine Olympic Committee (POC) President Rep. Abraham “Bambol” Tolentino and Asia Swimming Federation (AASF) Secretary General Taha Sulaiman Al Kishry signed a memorandum of agreement for
Read more »
India’s Harshavardhan wins Asian chess title - BusinessMirrorINTERNATIONAL Master (IM) Harshavardhan G B of India emerged standard champion unbeaten in the Asian Juniors and Girls Chess Championships at the Knights Templar Ridge Hotel in Tagaytay City on Friday. Harshavardhan went for a routine draw—which was what the 19-year-old from Chennai needed to win the gold medal—with fellow IM Sugar Gan-Erdene of Mongolia
Read more »
Global growth to be as weak next year as 2009, IIF forecasts - BusinessMirrorThe world economy will be as weak next year as it was in 2009 after the financial crisis as the conflict in Ukraine risks becoming a “forever war,” the Institute of International Finance (IIF) said. Global growth is expected to slow to 1.2 percent in 2023, economists including Robin Brooks and Jonathan Fortun wrote in
Read more »
Authentic K-crunch is here: Global brand BB.Q Chicken opens in BGC - BusinessMirrorFried chicken is considered a convenient comfort food for both Filipinos and Koreans. In fact, those who love to stream K-dramas will notice the popularity of fried chicken restaurants in Korea. BB.Q Chicken, one of their biggest and most popular brands, is now open in the Philippines. BB.Q stands for “Best of the Best Quality”
Read more »
South Korea truckers strike in bid to disrupt global supply chains - BusinessMirrorTruck drivers are on strike in South Korea for the second time in less than a year, targeting major ports in a bid to disrupt key exports from autos to petrochemicals. The strike began Thursday morning, with demonstrations at 16 sites across the country. The union, which represents 25,000 workers, didn’t disclose details of the
Read more »
ABS-CBN exec eyes global market - BusinessMirrorRuel S. Bayani is grinning from ear to ear. When I sat down with the topnotch producer-writer-director-TV executive for an exclusive interview, he just shared with me a teaser of good news: Cattleya Killer, a series he spearheaded and recently exhibited in MIPCOM (Marche’ International des Programmes de Communication or International Market of Communications Programmes),
Read more »