Day: September 29, 2020

Deadly Armenia-Azerbaijan clashes unlikely to cause an oil spike, analyst says

Admin

Deadly clashes between Armenia and Azerbaijan are unlikely to result in major disruptions to energy production and supplies, analysts say, despite the region being a critical corridor for pipelines transporting oil and gas to the global markets. “There is not really much anticipation that this will boil over into something more serious for oil and commodity markets,” Edward Bell, a senior director at Dubai-based Emirates NBD bank, told CNBC. “If the geopolitical premium is not already in the price, I don’t think we’re going to see much reaction here on…

Read More

Oil rises on economic recovery hopes, Covid-19 keeps prices in check

Admin

Oil prices edged up on Monday as global equities rallied on hopes for another U.S. stimulus package, but rising virus cases fed concerns about fuel demand and kept oil futures from moving higher. Brent crude settled 51 cents, or 1.22%, higher at $42.43 per barrel. West Texas Intermediate settled 35 cents, or 0.9%, higher at $40.60 per barrel. “There is some renewed hopes that the Democrats and the Republicans can get a relief bill put together and that seems to be raising expectations that the (oil) demand outlook is going…

Read More

Oil slides more than 3% as virus cases mount

Admin

Oil prices on Tuesday fell more than 3%, although closed off their lowest levels of the day, on worries about the outlook for fuel demand as Europe and the United States grappled with a surge in new coronavirus infections. Stock and commodities investors remained cautious ahead of the first U.S. presidential debate between Democrat Joe Biden and Republican Donald Trump later on Tuesday. The energy market was also waiting for weekly updates on U.S. crude stockpiles from the American Petroleum Institute (API) on Tuesday and the Energy Information Administration (EIA)…

Read More

In energy mix: Share of Hydropower to Rise to 50%

Admin

The share of hydropower in total energy mix will increase to 50% by 2050 to provide cheap energy that will boost business activities and accelerate economic growth, said Water and Power Development Authority Chairman Muzammil Hussain. Addressing the business community at the Islamabad Chamber of Commerce and Industry (ICCI) on Monday, he gave a detailed presentation on Diamer-Bhasha, Dasu, Mohmand and other dams being constructed by the authority. “The business community deserves appreciation because despite high energy cost and power shortage, it has been doing a tremendous job to promote…

Read More

Climate change may hamper economic recovery

Admin

ISLAMABAD: The economic revival, which was observed in the first two months (July-August) of the current fiscal year 2020-21, may be hampered in September due to climatological events and inflation is also expected to rise, according to a monthly report released by the Ministry of Finance. The Economic Updates and Outlook Report for September also revealed that the foreign remittances may further slowdown in the range of just $1.3 billion to $1.6 billion in September. The report, released on Monday, stated that the cumulative remittances for the July-September quarter will…

Read More