Crude oil fell the most in almost a month on concern the global economic recovery may falter, reducing demand for fuel.
US industrial production fell for a sixth month as output at factories, mines and utilities decreased 0.5 percent, according to a report on Friday from the US Federal Reserve in Washington. Stocks had their worst week in more than two months.
“It’s still about the economy,” said Phil Flynn, senior trader at Alaron Trading Corp in Chicago. “If the bulls are going to reignite their bullish passion, I think we’re going to have to see the stock market carry the load.”
Crude oil for June delivery fell US$2.28, or 3.9 percent, to settle at US$56.34 a barrel at 2:50pm on the New York Mercantile Exchange.
Oil reached US$60.08 on Tuesday, the highest intraday price since Nov. 11. Crude dropped US$2.29 over the past five days, the biggest weekly decline in three months.
Confidence among US consumers increased this month to its highest level since the collapse of credit markets late last year threw the economy deeper into recession.
The Reuters/University of Michigan preliminary index of consumer sentiment rose to 67.9 this month from 65.1 last month. The index reached a three-decade low of 55.3 in November.
Brent crude for July settlement fell US$2.61, or 4.5 percent, to US$55.98 a barrel on London’s ICE Futures Europe exchange. The June Brent contract expired on Friday at US$56.69 and the June NYMEX crude contract will cease trading on Tuesday.
NO HUMAN ERROR: After the incident, the Coast Guard Administration said it would obtain uncrewed aerial vehicles and vessels to boost its detection capacity Authorities would improve border control to prevent unlawful entry into Taiwan’s waters and safeguard national security, the Mainland Affairs Council (MAC) said yesterday after a Chinese man reached the nation’s coast on an inflatable boat, saying he “defected to freedom.” The man was found on a rubber boat when he was about to set foot on Taiwan at the estuary of Houkeng River (後坑溪) near Taiping Borough (太平) in New Taipei City’s Linkou District (林口), authorities said. The Coast Guard Administration’s (CGA) northern branch said it received a report at 6:30am yesterday morning from the New Taipei City Fire Department about a
IN BEIJING’S FAVOR: A China Coast Guard spokesperson said that the Chinese maritime police would continue to carry out law enforcement activities in waters it claims The Philippines withdrew its coast guard vessel from a South China Sea shoal that has recently been at the center of tensions with Beijing. BRP Teresa Magbanua “was compelled to return to port” from Sabina Shoal (Xianbin Shoal, 仙濱暗沙) due to bad weather, depleted supplies and the need to evacuate personnel requiring medical care, the Philippine Coast Guard (PCG) spokesman Jay Tarriela said yesterday in a post on X. The Philippine vessel “will be in tiptop shape to resume her mission” after it has been resupplied and repaired, Philippine Executive Secretary Lucas Bersamin, who heads the nation’s maritime council, said
CHINA POLICY: At the seventh US-EU Dialogue on China, the two sides issued strong support for Taiwan and condemned China’s actions in the South China Sea The US and EU issued a joint statement on Wednesday supporting Taiwan’s international participation, notably omitting the “one China” policy in a departure from previous similar statements, following high-level talks on China and the Indo-Pacific region. The statement also urged China to show restraint in the Taiwan Strait. US Deputy Secretary of State Kurt Campbell and European External Action Service Secretary-General Stefano Sannino cochaired the seventh US-EU Dialogue on China and the sixth US-EU Indo-Pacific Consultations from Monday to Tuesday. Since the Indo-Pacific consultations were launched in 2021, references to the “one China” policy have appeared in every statement apart from the
More than 500 people on Saturday marched in New York in support of Taiwan’s entry to the UN, significantly more people than previous years. The march, coinciding with the ongoing 79th session of the UN General Assembly, comes close on the heels of growing international discourse regarding the meaning of UN Resolution 2758. Resolution 2758, adopted by the UN General Assembly in 1971, recognizes the People’s Republic of China (PRC) as the “only lawful representative of China.” It resulted in the Republic of China (ROC) losing its seat at the UN to the PRC. Taiwan has since been excluded from