Business

Crude prices rose more than 2% on Wednesday after government data showed U.S. oil inventories fell across the board, bolstering hopes that fuel demand in the world’s biggest economy will withstand the coronavirus pandemic. Brent crude LCOc1 was up 95 cents, or 2.1%, at $45.44 a barrel by 11:02 a.m. …

Crude prices rose on Tuesday, underpinned by expectations of U.S. economic stimulus to support the world’s biggest oil consumer, as well as a rebound in Asian demand as economies, pick up. Brent crude LCOc1 futures rose 22 cents to $45.21 a barrel by (1543 GMT). U.S. West Texas Intermediate (WTI) …

The race for a COVID-19 vaccine still has a long way to run. Despite research taking place for less than a year, few, if any, trials have ever been put under such a microscope – both figuratively and literally – as these. When will the vaccine arrive? Will it definitely …

A bipartisan group of 13 U.S. senators has asked the U.S. Trade Representative’s Office (USTR) to remove 25% tariffs imposed in October 2019 on European Union food, wine, and spirits, according to a letter seen by Reuters. The tariffs, in retaliation for EU subsidies on large aircraft, hit French wine, …

Saudi Aramco’s net income plunged by 50% in the first half of the year, according to figures published Sunday, offering a revealing glimpse into the impact of the coronavirus pandemic on one of the world’s biggest oil producers. Profits for the first six months of the year plunged to $23.2 …

Canada will slap retaliatory tariffs on C$3.6 billion ($2.7 billion) worth of US aluminum products after the United States said it would impose punitive measures on Canadian aluminum imports, a senior official said on Friday. Deputy Prime Minister Chrystia Freeland told a news conference the countermeasures would be put in …

Oil prices slipped off five-month highs on Thursday as bearish sentiment about fuel demand undermined support from a weak dollar .DXY and falling U.S. crude inventories. Brent crude LCOc1 fell 23 cents to $44.94 a barrel by 1100 GMT, while U.S. crude CLc1 was down 48 cents at $41.71, breaking …

German automaker BMW AG lost 212 million euros ($250 million) in the second quarter as the coronavirus pandemic shutdowns cut vehicle sales by a quarter in the April-June period. The company saw a rebound in China, its biggest market. The net loss compared to a profit of 1.48 billion euros …

Brent oil futures on Tuesday closed at their highest since early March on hopes the United States is making progress on a new economic stimulus package, as well as curbing the coronavirus spread. Brent rose 28 cents, or 0.6%, to settle at $44.43 a barrel, its highest close since March …

Turkey’s consumer price inflation fell to a lower-than-expected 11.76% year-on-year in July, official data showed on Tuesday, reversing two months of rising inflation as the economy continued to emerge from lockdown. The figures boosted the lira TRYTOM=D3, which firmed to 6.9270 against the dollar. The currency weakened last week to …

Oil prices steadied on Monday as rising COVID-19 cases around the globe and oversupply worries fuelled by the prospect of OPEC and its allies winding back output cuts were offset by positive industry data in Europe and Asia. Brent crude rose 5 cents, or 0.1%, to $43.57 a barrel by …

Just over 18 million people have been infected by the coronavirus. But governments around Europe have eased some restrictions that had shuttered vast swathes of the bloc’s economy. To offer support to the ravaged economy, the European Central Bank has ramped up its stimulus measures and European Union leaders have …

Tourism industry lost over $320bn due to COVID19 Before countries started to reopen for travelers, the tourism industry lost over a third of a trillion dollars in revenue as the pandemic brought travel to an almost complete halt, according to UN calculations. In the first five months of this year, …

The Iraqi Oil State Organization for Marketing of Oil (SOMO) confirmed today, Sunday, that Iraq is committed to OPEC decisions regarding the oil reduction. The director of the company, Alaa Al-Yasiri, said in an interview with Shafaq News agency that, “Iraq is committed to what was agreed upon OPEC members …

Iraq’s oil revenues for the month of July increased by 18% compared to last month to reach $ 3.487 billion. A statement by the Iraq Future Center said that the average price of oil reached $ 40.7 a barrel, the first time that the price of a barrel has exceeded …

The Deputy General Manager of SOMO Company, Ali Nizar, said: “Iraq raised the price of its oil to the Asian market by $ 2.1 during the current month.” Nizar said, in a press statement that Iraq got benefit after the implementation of the (OPEC +) agreement, which is to reduce …

The European economy was hit by its sharpest recorded contraction in the second quarter, with GDP down 12.1 percent in the eurozone and 11.9 percent across the EU. The official Eurostat agency said that, with much of the economy paralyzed by coronavirus lockdowns, the fall was “by far” the largest …

A survey conducted by Reuters concluded that Iraq’s oil production rose in July, despite Baghdad’s pledge to cut supplies in compliance with the OPEC+ agreement to support prices. The research indicated that OPEC oil production increased by about one million barrels per day in July, after Saudi Arabia and other …

The German economy shrank by a record 10.1 percent in the second quarter as coronavirus lockdowns took their toll, official data shows, but experts say a recovery is already under way. Federal statistics agency Destatis called the quarter-on-quarter decline in gross domestic product “historic” and far bigger than any slump …

The US economy collapsed in the midst of the coronavirus pandemic in the April-to-June period, contracting 32.9 percent in the second quarter, the government reported Thursday. The decline, though slightly less bad than expected, was the worst on record for the world’s largest economy, dating back to 1947. However, the …