Oil prices eased yesterday but could test new highs on concerns that any increase in Saudi output would not be sufficient to meet spiralling global demand.
A blaze at an export pipeline near Iraq's major Kirkuk oilfield, possibly due to sabotage, and the closure of a pipeline in the US Northwest after a fire sparked by a suspected leak, reminded the market of how fragile supplies are.
US light crude futures shed US$0.08 to US$41.64 a barrel, after settling 4.5 percent higher at US$41.72.
The contract rose as high as US$41.82 on Monday, off US$0.03 from a record US$41.85 struck on May 17, the highest in the 21 years oil futures have been traded on the NYMEX.
London's Brent crude traded off US$0.22 to US$37.95 a barrel after jumping more than US$1.60 the previous day.
Oil prices had initially dived around 1 percent on Monday after Saudi Arabian Oil Minister Ali al-Naimi confirmed at the weekend that Riyadh would boost output by 10 percent next month to 9.1 million barrels per day (bpd).
The OPEC kingpin also called for a bigger-than-expected rise in the cartel's production limits to cool scorching oil prices.
Some traders doubted if the rise in output -- which could take effect only in July and reach the US in August -- would be large or timely enough to meet peak gasoline demand as the US holiday season starts this weekend.
"Prices could stay relatively high for some time," said David Thurtell, Commodity Strategist at Commonwealth Bank of Australia, but he noted that the additional supplies would help prices ease further down the road.
Still, the US government's Energy Information Administration (EIA) fears US oil prices are likely to stay strong in the US$36 to US$37 a barrel range even after Saudi Arabia increases its production and if OPEC raises official output.
Traders said data this week was expected to show US gasoline supplies rose 1.2 million barrels in the week ended May 21, but the build might not be enough since motorists were shrugging off record-high pump prices and continuing to fill up their tanks.
ROLLER-COASTER RIDE: More than five earthquakes ranging from magnitude 4.4 to 5.5 on the Richter scale shook eastern Taiwan in rapid succession yesterday afternoon Back-to-back weather fronts are forecast to hit Taiwan this week, resulting in rain across the nation in the coming days, the Central Weather Administration said yesterday, as it also warned residents in mountainous regions to be wary of landslides and rockfalls. As the first front approached, sporadic rainfall began in central and northern parts of Taiwan yesterday, the agency said, adding that rain is forecast to intensify in those regions today, while brief showers would also affect other parts of the nation. A second weather system is forecast to arrive on Thursday, bringing additional rain to the whole nation until Sunday, it
LANDSLIDES POSSIBLE: The agency advised the public to avoid visiting mountainous regions due to more expected aftershocks and rainfall from a series of weather fronts A series of earthquakes over the past few days were likely aftershocks of the April 3 earthquake in Hualien County, with further aftershocks to be expected for up to a year, the Central Weather Administration (CWA) said yesterday. Based on the nation’s experience after the quake on Sept. 21, 1999, more aftershocks are possible over the next six months to a year, the agency said. A total of 103 earthquakes of magnitude 4 on the local magnitude scale or higher hit Hualien County from 5:08pm on Monday to 10:27am yesterday, with 27 of them exceeding magnitude 5. They included two, of magnitude
CONDITIONAL: The PRC imposes secret requirements that the funding it provides cannot be spent in states with diplomatic relations with Taiwan, Emma Reilly said China has been bribing UN officials to obtain “special benefits” and to block funding from countries that have diplomatic ties with Taiwan, a former UN employee told the British House of Commons on Tuesday. At a House of Commons Foreign Affairs Committee hearing into “international relations within the multilateral system,” former Office of the UN High Commissioner for Human Rights (OHCHR) employee Emma Reilly said in a written statement that “Beijing paid bribes to the two successive Presidents of the [UN] General Assembly” during the two-year negotiation of the Sustainable Development Goals. Another way China exercises influence within the UN Secretariat is
Taiwan’s first drag queen to compete on the internationally acclaimed RuPaul’s Drag Race, Nymphia Wind (妮妃雅), was on Friday crowned the “Next Drag Superstar.” Dressed in a sparkling banana dress, Nymphia Wind swept onto the stage for the final, and stole the show. “Taiwan this is for you,” she said right after show host RuPaul announced her as the winner. “To those who feel like they don’t belong, just remember to live fearlessly and to live their truth,” she said on stage. One of the frontrunners for the past 15 episodes, the 28-year-old breezed through to the final after weeks of showcasing her unique