Record high oil prices

SINGAPORE (Reuters) - Oil prices fell on Wednesday after industry data showed an unexpected build in crude inventory in the United States and as investors waited for news on whether a fresh round of U.S. tariffs on Chinese goods would take effect on Sunday. FILE PHOTO: Oil pump jacks work at sunset near Midland, Texas, U.S., August 21, 2019. Picture taken August 21, 2019. REUTERS/Jessica Lutz Brent futures LCOc1 fell by 44 cents, or 0.7%, to $63.90 per barrel by 0342 GMT. U.S. West Texas Intermediate crude CLc1 slipped by 33 cents, or 0.6%, to $58.91 a barrel, down from a more than two-month high reached on Tuesday. “At this time, everyone was expecting we would have strong draws in the inventory, but it was a build,” said Tony Nunan, oil risk manager at Japanese trading house Mitsubishi Corp. U.S. crude stocks clocked a surprise rise in the most recent week while gasoline and distillate inventories also rose, data from industry group the American … [Read more...] about Oil prices wilt on surprise build-up in U.S. crude stocks

This week in Queensland, Anthony Albanese has been devastating in exposing the lies, hypocrisy and absurdity of the National party’s election “promise” to build a new coal-fired power station. That even the idea of building such a power station hasn’t demolished the economic environmental and political credibility of the Morrison government tells you a lot about what is wrong in Australian politics today. But how do we square the circle on the broader coal debate? Internationally, the debate between those who think it’s time we talked about fossil fuel supply (think Adani, the Keystone XL pipeline or the Canadian oil sands) and those who want to keep the focus on fossil fuel demand (think talk of targets, trajectories and closing down coal power stations) has been brewing for some time. But there’s no need to fight. Alfred Marshall was the economist who invented what we now think of as supply and demand curves. He was once asked whether it was supply … [Read more...] about New coalmines in Queensland don’t help existing communities, they hurt them

PHOTO: AFP/FILE KARACHI: Overseas Pakistani workers sent 9.35% higher remittances at $1.81 billion in November 2019, which helped improve the country’s capacity to make import payments and foreign debt repayment. The remittances stood at $1.66 billion in the same month of the previous year, the State Bank of Pakistan (SBP) reported. “This ($1.81 billion) is an encouraging number,” Arif Habib Limited Head of Research Samiullah Tariq said while talking to The Express Tribune. He pointed out that the data of the past four to five years indicated that the number never came above $1.7 billion for November. Remittances slow down to $7.48b Improved inflows in the month enhanced the overall remittances received in the first five months (Jul-Nov) of the current fiscal year to $9.29 billion, which was slightly better compared to $9.28 billion in the same period of the previous year. “Remittances were comparatively low in the first few months of the … [Read more...] about Remittances soar 9.35% to $1.8b in November

HOTO: AFP/FILE KARACHI: Remittances sent home by overseas Pakistanis in the first four months of the current fiscal year (July-October 2019) remained almost flat at $7.48 billion. According to data released by the State Bank of Pakistan (SBP) on Tuesday, the remittances were 1.82% lower than $7.62 billion sent home from abroad in the same period of the previous fiscal year. Talking to The Express Tribune, BMA Research Executive Director Saad Hashmi termed it a flat trend and said the number came in line with market expectations. “The number was in line with our expectations and if the pace of remittances remains steady, the number for the full fiscal year 2019-20 is expected to be between $20 and $21 billion,” he said. Arif Habib Limited Head of Research Samiullah Tariq termed it a minor movement compared to the previous year. Remittances hit six-month high in April, amount to $1.78b “A decline in crude oil prices in the Middle East in the past … [Read more...] about Remittances slow down to $7.48b

RIYADH, Saudi Arabia (AP) — Saudi Arabia is expected to set a new record for the largest stock flotation in history on Wednesday with the sale of part of Aramco, the state-owned oil company valued at $1.7 trillion. The offering’s success is crucial to the ambitious plan by Crown Prince Mohammed bin Salman to overhaul Saudi Arabia’s economy and wean it off its reliance on oil revenue for survival. The company is looking to raise $29.4 billion from selling a 1.7% stake on the local Saudi exchange, making it the world’s biggest ever initial public offering. Prince Mohammed had envisioned an even bigger stock market debut for the kingdom’s crown jewel. The aim is to attract foreign investment to rapidly create jobs for millions of young Saudis entering the workforce as he prepares to inherit the throne. The government has traditionally been the primary employer of Saudis, but lower oil prices, a budget deficit and a large young population mean the private … [Read more...] about Saudi prince’s ambitions hinge on triumphant Aramco sale