Most Gulf markets in red on weak oil prices, global growth concerns
Gulf stock markets experienced significant declines on Tuesday, driven by weakened oil prices and rising concerns over global economic growth.
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Indonesia issues firm denial on Russian oil imports amidst global scrutiny
The denial comes amidst heightened scrutiny over global energy supply chains and efforts by Western nations to isolate Russia economically. Indonesia, an emerging economy heavily reliant on imported oil, finds itself navigating a delicate balance between energy security and international geopolitical pressures.
Oil prices retreat as traders weigh mixed supply signals in the midst of global tensions
The oil market's volatility persists due to uncertainty surrounding various supply and demand factors. OANDA analyst Craig Erlam highlighted that traders are navigating economic prospects, interest rates, OPEC+ dynamics, and the potential for supply disruptions, such as those in the Red Sea.
China tightens grip on Russian oil in 2023, defying western sanctions
Data released on Saturday revealed that Russia shipped a record 107.02 million metric tons of crude oil to China last year, equivalent to a staggering 2.14 million barrels per day.
Saudi Arabia price cuts led to sharp drop in oil prices
The Saudi Arabia, world's top exporter, firmly decides to price cuts leading to a sharp drop in the prices of oil, overshadowing the middle east tension.
Oil prices retreat as Red Sea shipping concerns ease amidst Middle East tensions
Expectations of a recovery in fuel demand, driven by monetary easing in the U.S. and increased kerosene demand during the winter in the northern hemisphere, further contribute to the complex dynamics influencing oil prices.
Israel-Hamas Conflict Drives Global Market Anxiety
Fears that the Israel-Hamas conflict would impact other Middle Eastern countries have lead to a rise in price of oil and shares in weapons manufactures. Earlier this morning, the price of a barrel of Brent crude (the benchmark for oil prices,) rose by 3.8% - costing around $88 a barrel.