Crude oil rose as US lawmakers considered a resolution from President George W. Bush that would authorize military action against Iraq.
The resolution said Iraq possessed weapons of mass destruction, harbored terrorists and was a threat to the US Russian Foreign Minister Igor Ivanov and Defense Minister Sergei Ivanov told Bush in a meeting today that Russia wanted to see the return of UN weapons inspectors to Iraq and would strive to make their work more effective.
"Bush is trying to persuade Russia to join in the struggle against Iraq, but he's made clear that we'll go it alone if necessary," said John Kilduff, senior vice president of energy risk management at Fimat USA Inc. in New York. "Everyone has to protect themselves before the weekend. There are two full days of no trading and in this volatile situation that's a long time."
Crude oil for October delivery rose US$0.11 to US$29.61 a barrel on the New York Mercantile Exchange. Prices reached US$30 during the session for the first time since Sept. 10. Oil dropped 0.7 percent this week. The October contract expired today. The more active November futures contract rose 10 cents to US$29.84 a barrel.
In London, the November Brent crude-oil futures contract rose US$0.05 at US$28.43 a barrel on the International Petroleum Exchange.
The US has said Iraqi President Saddam Hussein must be ousted because he is stockpiling weapons of mass destruction. Iraq pumped about 2 percent of world supply last month.
Oil rallied during the session as Hurricane Isidore picked up strength and approached western Cuba with sustained winds of almost 165kph. Its movement toward the northwest may take it into the Gulf of Mexico by today, forecasters said.
High winds, heavy seas and rain can force the shutdown of offshore rigs, tanker terminals and refineries.
"Once the hurricane enters the Gulf, tankers from Mexico will have a hard time" making deliveries, said David Becker, manager of energy derivatives trading at Citibank NA in New York.
Three experts in the high technology industry have said that US President Donald Trump’s pledge to impose higher tariffs on Taiwanese semiconductors is part of an effort to force Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) to the negotiating table. In a speech to Republicans on Jan. 27, Trump said he intends to impose tariffs on Taiwan to bring chip production to the US. “The incentive is going to be they’re not going to want to pay a 25, 50 or even a 100 percent tax,” he said. Darson Chiu (邱達生), an economics professor at Taichung-based Tunghai University and director-general of
‘LEGACY CHIPS’: Chinese companies have dramatically increased mature chip production capacity, but the West’s drive for secure supply chains offers a lifeline for Taiwan When Powerchip Technology Corp (力晶科技) entered a deal with the eastern Chinese city of Hefei in 2015 to set up a new chip foundry, it hoped the move would help provide better access to the promising Chinese market. However, nine years later, that Chinese foundry, Nexchip Semiconductor Corp (合晶集成), has become one of its biggest rivals in the legacy chip space, leveraging steep discounts after Beijing’s localization call forced Powerchip to give up the once-lucrative business making integrated circuits for Chinese flat panels. Nexchip is among Chinese foundries quickly winning market share in the crucial US$56.3 billion industry of so-called legacy
Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) yesterday held its first board of directors meeting in the US, at which it did not unveil any new US investments despite mounting tariff threats from US President Donald Trump. Trump has threatened to impose 100 percent tariffs on Taiwan-made chips, prompting market speculation that TSMC might consider boosting its chip capacity in the US or ramping up production of advanced chips such as those using a 2-nanometer technology process at its Arizona fabs ahead of schedule. Speculation also swirled that the chipmaker might consider building its own advanced packaging capacity in the US as part
A move by US President Donald Trump to slap a 25 percent tariff on all steel imports is expected to place Taiwan-made steel, which already has a 25 percent tariff, on an equal footing, the Taiwan Steel & Iron Industries Association said yesterday. Speaking with CNA, association chairman Hwang Chien-chih (黃建智) said such an equal footing is expected to boost Taiwan’s competitive edge against other countries in the US market, describing the tariffs as "positive" for Taiwanese steel exporters. On Monday, Trump signed two executive orders imposing the new metal tariffs on imported steel and aluminum with no exceptions and exemptions, effective