REUTERS: U.S. stocks were trading flat on Monday as a sharp drop in crude oil prices weighed on energy companies, offsetting a rebound in financials stocks after Bank of America's strong results reinforced expectations of a strong earnings season.Benchmark Brent crude dropped 2.9 percent, while U.S. light crude fell 2.6 percent as concerns about supply disruptions eased and Libyan ports reopened, while traders eyed potential supply increases by Russia and other oil producers.The S&P energy sector fell 1.11 percent, the most among the 11 major S&P sectors. Shares of Chevron and Exxon slid more than 1 percent and were the biggest drags on the benchmark index.Bank of America rose 2 percent after the second-largest U.S. lender's quarterly profit beat analysts expectations on lower expenses and growth in loans and deposits.In contrast to a slide on Friday after JPMorgan , Citigroup and Well Fargo reported results, bank stocks gained, leading to a 0.99 percent gain in the … [Read more...] about Weak oil prices offset Bank of America-led earnings optimism
Crude oil price news
Nepalese Finance Minister Yuba Raj Khatiwada presented the federal budget for the fiscal year 2018-19 at Parliament on Tuesday. Economic prosperity and political stability were two of the main electoral pledges of K P Oli and the then Maoist prime minister Pushpa Kamal Dahal, aka Prachanda. The two Communist factions formed a pre-poll alliance and achieved a landslide victory with the help of nationalism and by maneuvering the fanfare of anti-Indian rhetoric six months back. During the election campaign, they successfully argued that India’s “invisible hands” were responsible for Nepal’s political instability and only an anti-India political force’s electoral victory would brings “stability” to Nepal. The dailyReport Must-reads from across Asia - directly to your inbox Many Nepalis believe that India doesn’t want political stability in their country, which is supposed to be the necessary condition for economic prosperity. No Nepalese … [Read more...] about Oil price surge will haunt Nepal PM’s prosperity hopes
SINGAPORE: With international oil prices at their highest in more than three years, motorists here could find themselves paying more to fill up their tanks on the next visit to the petrol station. A check across petrol retailers in Singapore showed prices inching up and experts said costlier crude oil may further fuel the increase. The most popular 95-octane grade petrol, for instance, has risen about 10 cents since January to S$2.31 a litre before discount at Singapore Petroleum Company (SPC), Shell and Caltex, according to prices available on their websites on Monday (May 28). For the premium 98-octane grade, prices ranged from S$2.61 to S$2.69, up at least 12 cents year to date. Selling at S$2.27 a litre at SPC and Caltex, the cheapest 92-octane petrol also edged up by 10 cents and seven cents, respectively, since the start of the year. Diesel prices rose at least 11 cents over the past five months to retail between S$1.74 to S$1.76. Over the same … [Read more...] about With higher oil prices, how much more will it cost to fill up your petrol tank?
Rising oil prices – culprit behind high inflation, CA deficit The surge in inflation, which rose to a five-year high of 4.5 percent in April, has been blamed on the TRAIN Law, the weak peso, and many other factors. But one of the main culprits why inflation is surging is the sharply higher oil prices - already up by 50 percent year-on-year. Effect on inflation The sharp surge in crude oil prices the past year had a huge effect on the country’s inflation rate, especially since the Philippines is a net oil importer. High oil prices directly affect the prices of crude oil and petroleum products we import. In addition, it indirectly adds to inflation through higher transportation and manufacturing costs. Impact on the trade balance The effect of high oil prices on the domestic economy is also evident when we look at the latest trade data from the Philippine Statistics Authority (PSA). While imports are basically flat (up 0.1 … [Read more...] about Rising oil prices – culprit behind high inflation, CA deficit
TOKYO - Asian stocks rose on Thursday, with energy shares leading the way as crude oil prices bolted higher after US President Donald Trump's decision to pull out of a nuclear deal with Iran. MSCI's broadest index of Asia-Pacific shares outside Japan added 0.2 percent, while Japan's Nikkei climbed 0.5 percent. Elsewhere in Asia, a stunning election upset in Malaysia by the opposition sent ringgit forwards sliding more than 2 percent in offshore trade and the cost to insure against a Malaysian debt default rose. Moody's ratings agency said the country was now in uncharted territory after an alliance of opposition parties led by former prime minister Mahathir Mohamad shocked the ruling coalition. "The surprise win by Mahathir's coalition party is likely to see an increase in policy uncertainty at least in the short term with market volatility likely to be higher," said Sian Fenner, lead Asian economist at Oxford Economics. Special public holidays were declared for Thursday and Friday … [Read more...] about News Asia stocks rise as crude oil extends rally on Iran worries