Oil prices inched lower on Friday from a strong rally the previous day as the market awaited the outcome of this weekend’s OPEC and G20 meetings.
New York’s main futures contract, light sweet crude for delivery in April, fell US$0.78 to close at US$46.25 a barrel ahead of today’s OPEC meeting in Vienna.
In London, Brent North Sea crude for April dropped US$0.16 to settle at US$44.93 a barrel.
The New York contract had traded slightly higher throughout most of the session before profit-taking set in ahead of the close, a day after a powerful rally of US$4.70, or more than 10 percent.
Prices on Friday for the most part treaded water, reflecting the mixed speculation on whether OPEC will cut production further.
The market also was focused on a G20 finance chiefs meeting near London yesterday aimed at tackling the global economic crisis and financial regulatory reform.
“Two important conferences are occurring simultaneously: a meeting of OPEC officials trying to fix production targets and the G20 finance ministers who are attempting to coordinate global economic policy. We expect both to produce nothing more than window dressing,” Mike Fitzpatrick at MF Global said.
OPEC, which pumps 40 percent of world crude, agreed late last year on cuts to reduce output by 4.2 million barrels per day.
OPEC on Friday expressed its fears about low oil prices, which have tumbled from record heights above US$147 a barrel last July as a vicious global economic downturn slams demand for energy.
Despite its output cuts, oil prices could continue to fall because of the global economic slump and the erosion of demand, OPEC warned on Friday.
“With continued economic deterioration and demand erosion as well as the impending low demand season, there is likelihood of renewed pressure on prices,” the cartel said in its latest monthly report.
MORE VISITORS: The Tourism Administration said that it is seeing positive prospects in its efforts to expand the tourism market in North America and Europe Taiwan has been ranked as the cheapest place in the world to travel to this year, based on a list recommended by NerdWallet. The San Francisco-based personal finance company said that Taiwan topped the list of 16 nations it chose for budget travelers because US tourists do not need visas and travelers can easily have a good meal for less than US$10. A bus ride in Taipei costs just under US$0.50, while subway rides start at US$0.60, the firm said, adding that public transportation in Taiwan is easy to navigate. The firm also called Taiwan a “food lover’s paradise,” citing inexpensive breakfast stalls
TRADE: A mandatory declaration of origin for manufactured goods bound for the US is to take effect on May 7 to block China from exploiting Taiwan’s trade channels All products manufactured in Taiwan and exported to the US must include a signed declaration of origin starting on May 7, the Bureau of Foreign Trade announced yesterday. US President Donald Trump on April 2 imposed a 32 percent tariff on imports from Taiwan, but one week later announced a 90-day pause on its implementation. However, a universal 10 percent tariff was immediately applied to most imports from around the world. On April 12, the Trump administration further exempted computers, smartphones and semiconductors from the new tariffs. In response, President William Lai’s (賴清德) administration has introduced a series of countermeasures to support affected
CROSS-STRAIT: The vast majority of Taiwanese support maintaining the ‘status quo,’ while concern is rising about Beijing’s influence operations More than eight out of 10 Taiwanese reject Beijing’s “one country, two systems” framework for cross-strait relations, according to a survey released by the Mainland Affairs Council (MAC) on Thursday. The MAC’s latest quarterly survey found that 84.4 percent of respondents opposed Beijing’s “one country, two systems” formula for handling cross-strait relations — a figure consistent with past polling. Over the past three years, opposition to the framework has remained high, ranging from a low of 83.6 percent in April 2023 to a peak of 89.6 percent in April last year. In the most recent poll, 82.5 percent also rejected China’s
PLUGGING HOLES: The amendments would bring the legislation in line with systems found in other countries such as Japan and the US, Legislator Chen Kuan-ting said Democratic Progressive Party (DPP) Legislator Chen Kuan-ting (陳冠廷) has proposed amending national security legislation amid a spate of espionage cases. Potential gaps in security vetting procedures for personnel with access to sensitive information prompted him to propose the amendments, which would introduce changes to Article 14 of the Classified National Security Information Protection Act (國家機密保護法), Chen said yesterday. The proposal, which aims to enhance interagency vetting procedures and reduce the risk of classified information leaks, would establish a comprehensive security clearance system in Taiwan, he said. The amendment would require character and loyalty checks for civil servants and intelligence personnel prior to
RSS