World oil prices surged this week to the highest level so far this year as investor sentiment was driven by tumbling US crude reserves, the weak US dollar and encouraging economic data.
“Crude oil is ... poised for a weekly gain on optimism the prospects for a global economic recovery have improved,” BetOnMarkets analyst David Evans said.
OIL: The price of New York oil on Friday soared to US$74.72 — a level last seen on Oct. 20 last year.
“It’s the dollar ... and supportive [US energy inventories] data from Wednesday,” VTB Capital analyst Andrey Kryuchenkov said when questioned about the latest move higher.
The European single currency leapt as high as US$1.4376 on Friday after a key survey showed the eurozone economy stabilized this month, ending a lengthy run of business contraction.
New York crude has now soared by as much as 10 percent in value this week amid rising European and US stock markets.
By Friday on London’s InterContinental Exchange Brent North Sea crude for delivery in October rallied to US$74.32 a barrel, from US$73.74 the September contract a week earlier.
On the New York Mercantile Exchange (NYMEX), light sweet crude for October jumped to US$73.97 a barrel, compared with US$71.43 for the September contract one week earlier.
PRECIOUS METALS: Gold weakened as the dollar fell in value.
“The current gold price level is essentially determined by the US dollar and cannot be explained via fundamentals” of supply and demand, Commerzbank analyst Eugen Weinberg said.
By late Friday on the London Bullion Market, gold retreated to US$952.50 an ounce from US$953.50 a week earlier.
Silver slid to US$14.01 an ounce from US$14.98.
On the London Platinum and Palladium Market, platinum eased to US$1,239 an ounce at the late fixing on Friday from US$1,267.
Palladium slipped to US$275 an ounce from US$277.50.
BASE METALS: By Friday on the London Metal Exchange, copper for delivery in three months sank to US$6,105 a tonne from US$6,373 a week earlier. Three-month aluminum dipped to US$1,925 a tonne from US$2,040.
GRAINS AND SOYA: Prices retreated across the board. By Friday on the Chicago Board of Trade, maize for delivery in December fell to US$3.24 a bushel from US$3.27 a week earlier.
November-dated soyabean meal — used in animal feed — eased to US$9.73 from US$9.81.
Wheat for December slipped to US$5.02 a bushel from US$5.09.
SCHEDULE: The delegation is due to meet with President Tsai Ing-wen this morning and witness the signing of an MOU on bilateral health cooperation in the afternoon US Secretary of Health and Human Services (HHS) Alex Azar yesterday arrived in Taipei aboard a US government plane at the head of a delegation that is the highest-level visit by a US official since Washington switched diplomatic recognition to China in 1979. Azar’s flight landed at Taipei International Airport (Songshan airport) at 4:48pm, nearly one hour earlier than scheduled, the Ministry of Foreign Affairs said. The apron where it landed is reserved for military aircraft, the Songshan Air Force Base Command said. The members of Azar’s delegation included HHS Assistant Secretary for Preparedness and Response Robert Kadlec, HHS Chief of Staff Brian
CHINESE FIGHTERS: Beijing marked the US Cabinet member’s visit by briefly sending two warplanes across the median line of the Taiwan Strait yesterday morning President Tsai Ing-wen (蔡英文) yesterday met with US Secretary of Health and Human Services Alex Azar in the highest-level official meeting between the two nations since 1979. “It is a true honor to be here to convey a message of strong support and friendship from [US] President [Donald] Trump to Taiwan,” Azar said during the open portion of his courtesy call to the Presidential Office, which was streamed live online before Tsai and Azar held a closed-door meeting. “Taiwan’s response to COVID-19 has been among the most successful in the world, and that is a tribute to the open, transparent,
‘CROSS-STRAIT CONSIDERATIONS’: Groups said that the Ministry of Education’s policies excluded Chinese and students should not be blocked over political issues The Taiwan International Student Movement yesterday said it would protest today outside the Ministry of Education in Taipei against a policy that excludes some Chinese students from returning to Taiwan amid the COVID-19 pandemic. Since June 17, the ministry has allowed foreign students from 19 “low risk” and “medium-low risk” countries and regions to enter Taiwan. On July 22, it announced that it was relaxing restrictions to include students from all countries and regions who are graduating this semester and on Wednesday it further expanded entry to students enrolled in degree programs. A letter sent by the ministry on Wednesday to universities did
PARTNERSHIP AND LEARNING: A Princeton University health policy researcher said that the nation would be a ‘treasure trove’ of information for the US health chief US Secretary of Health and Human Services Alex Azar on Friday said he wants to learn about Taiwan’s “incredibly effective” response to COVID-19, even though the nation did things that the US has fumbled, such as having a unified strategy and citizens willing to wear masks. Azar leads a US delegation arriving today for a three-day visit to Taiwan. They are to meet with President Tsai Ing-wen (蔡英文) and health system leaders, and Azar is to give a speech to public health graduates. “The message of this trip is about Taiwan,” Azar said in an interview, deflecting a question about China.