Kuala Lumpur — Oil prices rose on Wednesday, recovering from six-month lows hit the previous day, as a larger-than-expected drop in US oil and gasoline stocks reminded investors that demand remains firm, if overshadowed by the prospect of a global recession.
“A drawdown of US gasoline stockpiles for a second straight week has reassured investors that demand is resilient, prompting buys,” said Kazuhiko Saito, chief analyst at Fujitomi Securities. Crude stocks fell by about 448,000 barrels for the week ended August 12. Gasoline inventories fell by about 4.5-million barrels, while distillate stocks fell by about 759,000 barrels, according to the sources.
The EU and US said on Tuesday they were studying Iran’s response to what the EU has called its “final” proposal to save the 2015 nuclear deal after Tehran called on Washington to show flexibility.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Malaysia Malaysia Latest News, Malaysia Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Business Maverick: Russia unplugs foes, rewards friends in latest market rebootNearly six months after Russia was evicted from much of global finance over the invasion of Ukraine, it’s going it alone by devising a two-tier system severed from adversaries.
Source: dailymaverick - 🏆 3. / 84 Read more »
Business Maverick: Stocks weather growth risk weighing on oil, yields: markets wrapStocks in Asia weathered mounting signs of a sharp economic slowdown that are weighing on bond yields and commodity prices, a schism underlining some of the tension in global markets.
Source: dailymaverick - 🏆 3. / 84 Read more »
Oil prices suffer more losses, stocks mixedWall Street provided a strong lead as tech firms were supported by bets that the Federal Reserve will not lift borrowing costs by 75 basis points for a third straight meeting next month. Being the head of the home isn't easy, you are expected to provide for the home, I lost my job during the pandemic and relied on the little money I had,things were hard until I met Allison_Grillo and started Bitcoin trading, I earned R150,000 in 3 weeks thanks Allison_Grillo. Does it mean we gona see a very big decrease in the fuel price?!
Source: ewnupdates - 🏆 30. / 53 Read more »