Oil dips as economic concerns offset Middle East supply worries
© Reuters. FILE PHOTO: Crude oil storage tanks are seen from above at the Cushing oil hub, appearing to run out of space to contain a historic supply glut that has hammered prices, in Cushing, Oklahoma, March 24, 2016. REUTERS/Nick Oxford//File Photo
Euro zone business activity data took a surprise downturn this month, suggesting the bloc may slip into recession, creating a drag on the outlook for oil demand. Overall, the region's oil refineries have been consuming less crude than a year ago amid lacklustre economic growth, Euroilstock data has shown.
"Oil's pullback has coincided with disappointingly soft softer European PMIs, suggesting at least some softening from the demand side, rather than being wholly attributable to war-related supply disruption threats being assuaged," said Vishnu Varathan, head of economics and strategy at Mizuho Bank, in a note.
Crude prices may find some support as the top parliament body in China, the world's biggest oil importer, approved a bill to issue 1 trillion yuan in sovereign bonds and allow local governments to issue new debt from their 2024 quota to boost the economy.in China could be capped as Beijing put a ceiling for its oil refining capacity at 1 billion metric tons by 2025 to streamline its vast oil processing sector and curb carbon emissions.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Behind the Curtain: Biden fears wider war in Middle EastRed-hot rhetoric by Israel and Iran has U.S. officials unnerved.
Read more »
US troops in Middle East prepare for ‘prospect of a significant escalation’ in Israel-Hamas warJamie McIntyre joined the Washington Examiner in 2016 as senior writer covering defense and national security. His newsletter, “Jamie McIntyre’s Daily on Defense,” goes out each weekday morning to thousands of national security professionals and opinion leaders.
Read more »
Treasury yields rise, with U.S. politics and Middle East in focusVivien Lou Chen is a Markets Reporter for MarketWatch. You can follow her on Twitter vivienlouchen.
Read more »
Netanyahu Shows Map of 'New Middle East'—Without Palestine—to UN General Assembly'Netanyahu made clear with his little map today what normalization really seeks: eliminating Palestine... from the region and legitimizing greater Israel, all with the blessing of Arab regimes,' one critic said.
Read more »
Exclusive: U.S. military steps up Middle East surveillance as threats to troops growThe U.S. military is taking new steps to protect its troops in the Middle East as concerns mount about attacks by Iran-backed groups, and it is leaving open the possibility of evacuations of military families if needed, officials tell Reuters.
Read more »