No major changes expected from OPEC+ meeting Oil prices eased slightly on Monday on concerns that a resurgence of coronavirus infections in India and Japan, the world s third and fourth largest oil importers, would cut fuel demand in Asia.
Brent crude futures fell 8 cents, or 0.1 per cent, to $66.03a barrel by 0058 GMT, following a 1.1 per cent rise on Friday. US West Texas Intermediate (WTI) crude futures were down 4 cents,or 0.1 per cent, at $62.10 a barrel, after rising 1.2 per cent on Friday.
Both benchmark crudes fell about 1 per cent last week. Market sentiment was dented on worries that surging number of Covid-19 cases in some countries, especially in India, wills lash fuel demand, Kazuhiko Saito, chief analyst at commodities broker Fujitomi Co.
Oil inches lower on concerns over COVID-19 surge in India, Japan
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By Yuka Obayashi TOKYO (Reuters) - Oil prices fell on Monday on fears that surging COVID-19 cases in India will drive down fuel demand in the world s third biggest oil importer and as investors adjusted positions ahead of a planned increase in OPEC+ oil output from May. Brent crude futures dropped 38 cents, or 0.6%, to $65.73 a barrel by 0507 GMT, following a 1.1% rise on Friday. U.S. West Texas Intermediate (WTI) crude futures were down 31 cents, or 0.5%, at $61.83 a barrel, after rising 1.2% on Friday. Both benchmark crudes fell about 1% last week. Market sentiment was dented on worries that surging number of COVID-19 cases in some countries, especially in India, will slash fuel demand, Kazuhiko Saito, chief analyst at commodities broker Fujitomi Co.
World military spending rises to almost $2 trillion in 2020
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Total global military expenditure rose to $19
81
last year, an increase of 2.6 per cent in real terms from 2019, according to new data published today by the Stockholm International Peace Research Institute (SIPRI)
. The five biggest spenders in 20
20
, which together accounted for 62 per cent of global military expenditure, were the United States, China, India, Russia and
the United Kingdom
Military expenditure increases in the first year of the pandemic
The 2.6 per cent increase in world military spending came in a year when global gross domestic product (GDP) shrank by 4.4 per cent (October 2020 projection by the International Monetary Fund), largely due to the economic impacts of the Covid-19 pandemic. As a result, military spending as a share of GDP the military burden reached a global average of 2.4 per cent in 2020, up from 2.2 per cent in 2019. This was the biggest
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By Yuka Obayashi
Brent crude fell 72 cents, or 1.1%, to $65.39 a barrel by 0653 GMT, following a 1.1% rise on Friday. U.S. West Texas Intermediate (WTI) crude futures were down 67 cents, or 1.1%, at $61.47 a barrel, after rising 1.2% on Friday.
Both benchmark crudes fell about 1% last week.
“Market sentiment was dented on worries that surging number of COVID-19 cases in some countries, especially in India, will slash fuel demand,” Kazuhiko Saito, chief analyst at commodities broker Fujitomi Co.
India’s new coronavirus infections hit a record peak for a fifth day on Monday as countries including Britain, Germany and the United States pledged to send urgent medical aid to help battle the crisis overwhelming its hospitals.
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