Oil drops as India coronavirus crisis tempers rally
Reuters
Tokyo |
Updated on
Oil demand already outstripping supply, short fall expected to grow further
Oil prices fell on Thursday,pulling back from an eight-week high, as concerns about the coronavirus crisis in India, the world s third-biggest importer of crude, tempered a rally driven by IEA and OPEC predictions that demand is coming back strong.
Brent crude was down 32 cents, or 0.5%, at $69.00 a barrel by 0145 GMT, after gaining more than 1% on Wednesday. West Texas Intermediate (WTI) was down 31 cents, or 0.5%, to$65.77 a barrel, having risen 1.2% in the previous session. The path for crude prices appears to be higher but until the situation improves in India, WTI will probably struggle to break above the early March high, Edward Moya, senior market analyst at OANDA, said in a note.
DUBAI: Yemen’s president said the government has reacted constructively to peace efforts, but said the Houthi militia responded with more violence, state news agency SabaNew reported.
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He said the Houthis “went on committing crimes and massacres against the civilians, firing ballistic missiles and drones on the cities, residential areas in our country and the Kingdom of Saudi Arabia, a move [that] reflected the behavior of these militias of terrorism, malice, criminal tendency and acting to serve the Iranian intention to trigger wars and crises,” he said.
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RIYADH: Carlos Ghosn told prosecutors during his detention in late 2018 that there was no legal obligation for Nissan to pay any deferred compensation that was voluntarily waived, according to statements read aloud in court during the trial of former director Greg Kelly, Asharq Business reported.
“The reason I cut my salary was because of public opinion, and to preserve the motivation of Nissan employees,” Ghosn told prosecutors at the time, according to testimony read by Kelly’s attorney in Tokyo District Court last Tuesday. Kelly has denied charges that he helped Ghosn not report his wages at more than 9 billion yen ($ 83 million), the news site said.
By Aaron Sheldrick TOKYO (Reuters) -Oil prices fell 1% on Thursday as India s coronavirus crisis deepened, halting a rally that had lifted crude to an eight-week high after the IEA and OPEC forecast a rebound in global demand. Brent crude was down 74 cents, or 1.1%, at $68.58 a barrel by 0655 GMT, after rising 1% on Wednesday. West Texas Intermediate (WTI) was down 75 cents, or 1.1%, to $65.33 a barrel, having risen 1.2% in the previous session. The path for crude prices appears to be higher but until the situation improves in India, WTI will probably struggle to break above the early March high, Edward Moya, senior market analyst at OANDA, said in a note.