Oil prices fell 4 percent to a four-month low yesterday as fierce fighting erupted in Baghdad, raising expectations of a quick end to the war with little damage to Iraq's oil infrastructure.
On the 19th day since Washington launched its attack, the US military said it had taken control of Saddam Hussein's main presidential palace and entered a second but met resistance from the Republican Guard.
"The expectations are that if Baghdad falls, there will be no need to fight for the oilfields. The fall of Baghdad signals a peaceful handover of the rest of Iraq's oilfields," said Sydney-based oil analyst Simon Games-Thomas.
"If war carries on and on, there's a greater risk of damage to oil infrastructure."
Benchmark Brent crude oil fell US$1.07 to US$23.61 per barrel, its lowest since mid-November. US crude futures lost US$1.19 to US$27.43 a barrel.
The value of oil has slumped by 30 percent in the last month as uncertainty over the war has lifted and some of the market's worst fears of destruction have not been realized.
"In the short-term, the combination of these bearish factors supports our forecast of a low of US$20 a barrel between now and the end of the quarter," SG economist Frederic Lasserre said in a research note.
South Korean President Yoon Suk-yeol yesterday declared emergency martial law, accusing the opposition of being “anti-state forces intent on overthrowing the regime” amid parliamentary wrangling over a budget bill. “To safeguard a liberal South Korea from the threats posed by North Korea’s communist forces and to eliminate anti-state elements plundering people’s freedom and happiness, I hereby declare emergency martial law,” Yoon said in a live televised address to the nation. “With no regard for the livelihoods of the people, the opposition party has paralysed governance solely for the sake of impeachments, special investigations, and shielding their leader from justice,” he
‘IMPORTANCE OF PEACE’: President Lai was welcomed by AIT Managing Director Ingrid Larson, Hawaii Governor Josh Green, Honolulu Mayor Rick Blangiardi and others President William Lai (賴清德) was feted with red carpets, garlands of flowers and “alohas” as he began his two-day stopover in Hawaii on Saturday, part of a Pacific tour. Looking relaxed in a Hawaiian shirt, Lai flitted around the US island state, visiting the Bernice Pauahi Bishop Museum, Hawaii’s leading museum of natural history and native Hawaiian culture, the Hawaii Emergency Management Agency and the USS Arizona Memorial in Pearl Harbor. Lai was given the “red carpet treatment” on the tarmac of Honolulu’s international airport, his office said, adding that it was the first time a Taiwanese president had been given such
The Mainland Affairs Council and lawmakers yesterday accused a visiting Chinese university student of denigrating Taiwan’s sovereignty by referring to the national baseball team that won a first-ever Premier12 title as “China, Taipei team” (中國台北隊). “We deeply regret the Chinese student’s words, that have hurt the feelings of Taiwanese... The Ma Ying-jeou Foundation, as the organizers, should remind group members not to use inappropriate words and behavior,” a council statement said. “We hope these young Chinese can accurately observe the true views of Taiwanese, which would be a positive development for interactions between young people on the two sides of the Taiwan
PHONE CALLS: Two US lawmakers told Lai about the US Congress’ bipartisan support for Taiwan to preserve its democracy and freedom, and for stronger bilateral ties US House of Representatives Speaker Mike Johnson said during a telephone call with President William Lai (賴清德) yesterday morning that recognition of Taiwan is at the core of the US’ Indo-Pacific strategy, Presidential Office spokesperson Karen Kuo (郭雅慧) said. The call marked the first time Lai had spoken directly with Johnson, of the Republican Party, since taking office in May. Lai also had a call with US House Minority Leader Hakeem Jeffries of the Democratic Party and a videoconference with Republican Senator Roger Wicker while in Guam, during a stopover on his way back from visiting the nation’s allies in the Pacific,
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