Markets

    • Oil slides to $66 per barrel over lower demand concerns

      Oil slides to $66 per barrel over lower demand concerns

      Crude oil tumbled down to 66 dollars per barrel as latest Covid-19 cases surge prompted lower demand for fuels. The drop in demand is coupled by rising US dollar against major currencies. US which is a major oil consumer also reported record high levels of gasoline inventories, Reuters elaborated.

      117
    • Thyssenkrupp eyes Q3 profit as steel sales fall behind

      Thyssenkrupp eyes Q3 profit as steel sales fall behind

      The biggest German steel group Thyssenkrupp announced it was still sank in losses in the first six months but sees recovery to operating profit in the third quarter of this year on the back of rising prices worldwide of nearly all raw materials. The conglomerate saw positive sentiment driven by strong demand from the car producers, Reuters reported. Still, the positive impact lags behind and the steel producers would feel it later in the year.

      67
    • OPEC+ boosts oil output as crude rices surge

      OPEC+ boosts oil output as crude rices surge

      OPEC oil cartel plus the allied producing countries announced plans to increase output to 2.1 million barrels per day of crude production, AP reported. The decision offsets the fears that Covid-19 cases increase in some countries will shrink demand against surging energy needs in recovering economies. Energy ministers agreed the decision during an online meeting.

      282
    • Oil surges on stronger growth outlook, vaccine rollout

      Oil surges on stronger growth outlook, vaccine rollout

      International crude priced rose as post-pandemic economic outlook improved on the back of fast vaccine rollout and stimulus packages in industrial countries, Reuters reported. The biggest oil consumer in the world also reported a drop of inventories which prompts a further price rise. Brent futures rose up to $63.08 a barrel while US West Texas Intermediate spiked to $59.65.

      143
    • OPEC+ cuts its fuel demand recovery forecast

      OPEC+ cuts its fuel demand recovery forecast

      The expanded panel of oil producing countries OPEC+ said it expects world oil demand and consumption to recover at slower pace than previously estimated, Reuters reported. The 2021 oil demand growth forecast had to be trimmed by 300,000 barrels per day following concerns linked to global market outlook.

      149
    • The world's richest boosted their wealth in pandemic

      The world's richest boosted their wealth in pandemic

      The year 2020 was critical for the whole mankind in terms of health fears, as well as concerns over personal wealth, Reuters reported. However, the world crisis was not equally bad for everyone. The world’s wealthiest have managed to explore the opportunity caused by the Covid-19 turmoil and added new billions to their bank accounts. The world is stuck in the worst recession since WWII, but even that was explored as an opportunity.

      191
    • Oil targets new highs as OPEC+ extends production curbs through April

      Oil targets new highs as OPEC+ extends production curbs through April

      Oil continued its rally as the organization of major producers decided to extend limits on output through April, waiting for substantial proofs for a recovery in demand, Reuters said. Many analysts had expected a small production increase as the price of oil has risen 30% since the start of the year on hopes that the pandemic will ease, allowing for an economic rebound that should increase energy consumption.

      193
    • EU needs 1m public EV charging stations by 2024

      EU needs 1m public EV charging stations by 2024

      The European Union needs to boost construction of public charging points for electric vehicles in a bid to encourage the switch to new technologies from fossil fuel based cars, Reuters reported quoting a joint letter from consumer and sustainable transport groups. The European Automobile Manufacturers’ Association (ACEA) told Brussels that firm targets would also help carmakers and power grid operators plan ahead.

      148
    • Volvo says December sales rose by 6%

      Volvo says December sales rose by 6%

      The popular car manufacturer Volvo enjoys a robust growth in demand for its products. It has reported very positive results as of end-2020. Sales grew by 6% in December, marking a continued sharp recovery from the Covid-19 related lows earlier in 2020 in the beginning of the pandemic.

      153