Economy / Global


Oil slips for third session

Oil slips for third session

Oil prices fell for a third straight session on Wednesday on expectations the Federal Reserve might keep US interest rates higher for longer due to sustained inflation, potentially impacting fuel use in the world's largest oil consumer. Brent crude futures were down 60 cents, or 0.7 per cent, to $

Oil set for weekly gain on signs of improving demand

Oil set for weekly gain on signs of improving demand

Oil prices gained on Friday, with global benchmark Brent set for its first weekly increase in three weeks on signs of improving global demand amid stronger economic indicators from key consumers China and the United States. Brent crude oil prices climbed 21 cents, or 0.25 per cent, to $83.48 a bar

Oil prices up on wildfires in Canada

Oil prices up on wildfires in Canada

Oil prices rose in early trade on Wednesday as large wildfires were threatening Canada's oil sands and as the market expected US crude oil and gasoline inventories to show a drawdown later in the day. Brent crude futures were up 34 cents, or 0.4 per cent at $82.71 a barrel. US West Texas Intermedi

As Argentina inflation nears 300pc, climb in prices slows a bit

As Argentina inflation nears 300pc, climb in prices slows a bit

Prices in Argentina are climbing, despite positive signs of a deceleration, with the embattled South American country's annual inflation rate set to edge closer to 300 per cent when the government reveals the latest data on Tuesday. Shopkeepers and consumers said that although monthly inflation re

Pakistan unveils broader privatisation plan for SEOs

Pakistan unveils broader privatisation plan for SEOs

Pakistan will privatise all state-owned enterprises, with the exception of strategic entities, Prime Minister Shehbaz Sharif announced on Tuesday, broadening its initial plans to take only loss-making state firms private.The announcement came after Sharif headed a meeting on the privatisation proce

Oil extends decline on signs of weak fuel demand, strong dollar

Oil extends decline on signs of weak fuel demand, strong dollar

Oil prices extended declines on Monday amid signs of weak fuel demand and as comments from US Federal Reserve, officials dampened hopes of interest rate cuts, which could slow growth and crimp fuel demand in the world's biggest economy. Brent crude futures slid 26 cents, or 0.3 per cent, to $82.53

UK exits recession with fastest growth in nearly three years

UK exits recession with fastest growth in nearly three years

Britain’s economy grew by the most in nearly three years in the first quarter of 2024, ending the shallow recession it entered in the second half of last year and delivering a boost to Prime Minister Rishi Sunak ahead of an election. Gross domestic product expanded by 0.6 per cent in the thr

Oil edges up after Israel strikes Gaza

Oil edges up after Israel strikes Gaza

Oil edged up on Tuesday after Israel struck Rafah in Gaza and talks for a ceasefire hung in the balance, maintaining the support that the market has gained from heightened Middle East tensions and risk to supplies. Palestinian militant group Hamas on Monday agreed to a Gaza ceasefire proposal from

New Zealand and UAE launch FTA negotiations

New Zealand and UAE launch FTA negotiations

New Zealand and the United Arab Emirates (UAE) will commence negotiations on a free trade agreement, a statement of the New Zealand government has said. New Zealand Minister for Trade Todd McClay met with his counterpart UAE Trade Minister Thani bin Ahmed Al Zeyoudi in Dubai on the launch of negot

Oil climbs after Saudi Arabia hikes prices

Oil climbs after Saudi Arabia hikes prices

Oil futures climbed on Monday after Saudi Arabia hiked June crude prices for most regions and as the prospect of a Gaza ceasefire deal appeared slim, renewing fears the Israel-Hamas conflict could still widen in the key oil producing region. Brent crude futures gained 34 cents, or 0.4 per cent, to