Oil prices inched up on Thursday, buoyed by hopes that potential progress in the latest Sino-U.S. tariff talks would improve the global economic outlook. U.S. West Texas Intermediate (WTI) crude futures were at $53.76 per barrel at 2338 GMT, up 10 cents, or 0.2 percent, from their last settlement. They closed up 1.5 percent on Wednesday, having touched their highest since Feb. 5 at $54.60 a barrel. International Brent crude oil futures had yet to trade. They closed the previous session up 1.9 percent, after marking their strongest since Nov. 21 at $63.98 a barrel. Optimism that a trade deal could be reached between the United States and China was boosted when U.S. President Donald Trump said talks were going "very well". "The 90-day truce (on trade) agreed in December will run out on March 1, but given the progress of the talks there could be an extension, which is why there are rising optimism that the two leaders will meet later that month," said Alfonso Esparza, senior market … [Read more...] about Oil prices edge up on hopes for U.S.-China trade breakthrough
Will oil prices go up
LPG price going up in February 2019 Danessa Rivera (The Philippine Star) - February 2, 2019 - 12:00am MANILA, Philippines — Consumers will see an increase in prices of cooking gas this month due to an uptrend in the global market. In a text advisory, Petron Corp. said it will increase prices of liquefied petroleum gas (LPG) by P3.88 per kilogram effective 12:01 a.m. today. The oil firm said it will also increase AutoLPG by P2.17 per liter at the same time. Solane said it will implement an increase of P3.41 per kilogram, exclusive of value-added tax, on its LPG prices effective 6 a.m. This is based on the pricing of Saudi Arabia’s state-owned oil company Saudi Aramco, which sets an international price benchmark at the beginning of each month and is tracked by local retailers. Based on a survey by Platts, traders have estimated the February propane contract price to be set at $430-440 per metric ton, compared with … [Read more...] about LPG price going up in February 2019
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
KUALA LUMPUR: Despite higher oil prices, petrochemical firm Lotte Chemical Titan Holdings Bhd foresees its profit margin remaining at a reasonable level given strong demand for petrochemical products with limited market supply capacity. "Our business is a margin game. As long as there is strong demand with limited supply, the margin will be maintained. If oil prices go up, the polymer prices will pick up as well," Lotte's executive vice president of corporate planning Philip Kong told reporters after the group's first AGM since its listing on July 11, 2017. Kong expects oil prices to range between US$50 and US$70 per barrel this year. "That's fine with our industry because we believe with demand, the market can absorb any increase in our polymer prices," he explained. Lotte produces olefins and polyolefins, which are raw materials for plastic product manufacturing. … [Read more...] about Lotte Chemical not seeing margin squeeze despite rising oil prices
Oil prices surged more than 12 percent after producers' cartel Opec agreed to the first output cut since 2008. Oil rallied past US$50 a barrel after the Organization of the Petroleum Exporting Countries, alongside Russia, committed to an output reduction of more than 1.2 million barrels a day.Consensus had eluded recent Opec meetings that discussed a output reduction as a means to address the supply glut in the market primarily because of political differences between major members Saudi Arabia and Iran.Wednesday's landmark decision came after Riyadh and Tehran finally papered over the differences. Russia had agreed to an output reduction contingent on the Opec reaching a unified stand. With Moscow committing an output reduction of nearly 300,000 barrels a day the major producers have now lined up to put in place a brace for the falling prices. The output cut will come into force on January 1 and will remain in place for six months.Though oil markets received the news with a robust … [Read more...] about Will oil price stay higher after Opec-Russia output reduction?