عربي English Türkçe اردو فارسى
Logo
Latest News
Business

Oil Falls as US Recession Fears Offset Mideast Tensions

A man pumps gas into a vehicle at a petrol station on October 2, 2023 in Alhambra, California. (Photo by Frederic J. BROWN / AFP)
A man pumps gas into a vehicle at a petrol station on October 2, 2023 in Alhambra, California. (Photo by Frederic J. BROWN / AFP)
TT
TT

Oil Falls as US Recession Fears Offset Mideast Tensions

A man pumps gas into a vehicle at a petrol station on October 2, 2023 in Alhambra, California. (Photo by Frederic J. BROWN / AFP)
A man pumps gas into a vehicle at a petrol station on October 2, 2023 in Alhambra, California. (Photo by Frederic J. BROWN / AFP)

Oil prices fell on Monday as fears of a recession in the United States, the world's top oil consumer, offset concerns that escalating tensions in the Middle East may affect supplies from the largest producing region.
Brent crude futures inched down 4 cents, or 0.1%, to $76.77 a barrel by 0035 GMT, while US West Texas Intermediate crude futures were at $73.39 a barrel, down 13 cents, or 0.2%.
Prices were supported by persistent fighting in Gaza with an Israeli airstrike hitting two schools and killing at least 30 people on Sunday, Palestinian officials said, the day after a round of talks in Cairo ended without result.
Israel and the United States are bracing for a serious escalation in the region after Iran and its allies Hamas and Hezbollah pledged to retaliate against Israel for the killings of Hamas' leader Ismail Haniyeh and Fuad Shukr, a top Hezbollah military commander last week.
"If this conflict intensifies, crude exports could be impacted," ANZ analysts said in a note.
Despite worries about escalating tensions in the Middle East, Brent tumbled more than 3% on Friday to settle at its lowest since January. WTI, meanwhile, fell more than 3% to settle at its lowest since June.
Both contracts marked their fourth straight week of losses, their biggest losing streaks since November.
In the U.S., the number of operating oil rigs were steady at 482 last week, Baker Hughes said in a weekly report.
Weak economic data across the globe weighed on oil prices, on concerns that a sluggish global economic recovery would dampen fuel consumption.
Data released last week showed that the US economy added fewer jobs than expected last month while factories across the US, China and Europe grappled with tepid demand.
Slumping diesel consumption in China, the world's biggest contributor to oil demand growth, is weighing on global oil prices.

Most Viewed

 
 
Business

Egypt Seeking to Boost Africa’s Financial Resources from International Institutions

A woman works at a factory in Accra, Ghana. (World Bank)
A woman works at a factory in Accra, Ghana. (World Bank)
TT
TT

Egypt Seeking to Boost Africa’s Financial Resources from International Institutions

A woman works at a factory in Accra, Ghana. (World Bank)
A woman works at a factory in Accra, Ghana. (World Bank)

Egyptian Minister of Planning, Economic Development and International Cooperation Rania Al-Mashat said her country is currently working to boost the financial space available to African countries from international institutions, with the aim to implement the 2063 Development Agenda.

Speaking during the 2024 African Caucus Meeting in Abuja, Nigeria, the minister stressed the importance of the ongoing discussions between the African Group and the World Bank to bolster joint cooperation with one of the largest multilateral development banks, to overcome the development challenges facing African countries, and push towards achieving the Development Agenda.

The meeting, hosted by the International Monetary Fund and World Bank Group governors, aimed to identify ways to accelerate intra-African trade as a catalyst for sustainable economic growth.

“We are working to expand the financial resources available to African countries from international institutions to support the implementation of the 2063 development agenda,” Al-Mashat told the attendees.

She added that Egypt was seeking to integrate more deeply with its African counterparts, as outlined in its Vision 2030 plan, and to promote intra-South cooperation to share development experiences and best practices.

During the meetings, World Bank officials presented the group’s strategy for regional integration in Africa and discussed the initiative that was launched between the World Bank Group and the African Development Bank in April.

The initiative aims to provide electricity to about 300 million people in Africa by 2030, through a partnership between multilateral development banks and private sector investments.

Participants also discussed the means to activate the African Continental Free Trade Agreement, by unifying payment systems at the continent level, enhancing digital transformation efforts, developing sustainable infrastructure, and adopting effective policies towards digital transformation.

Moreover, talks touched on the means to enable startups’ access to financing from the private sector and facilitate trade and regional integration in Africa.