Oil Prices Rise After Russia, Saudi Arabia Deal – World News – African News Network | Latest African News | Nigerian News | Breaking News
Connect with us

World News

Oil Prices Rise After Russia, Saudi Arabia Deal

Published

on

Oil Prices Rise After Russia, Saudi Arabia Deal

Oil prices soared more than five percent on Monday after Russia and Saudi Arabia renewed a pact to cap output, while the US agreed to halt raising tariffs on Chinese imports.

Russian President Vladimir Putin said Saturday he and Crown Prince Mohammed bin Salman “have agreed to extend our agreement” to limit production as prices slump on global markets.

An existing deal committing OPEC and non-members to cuts expires this year.

While there was no announcement on how much would be cut and for how long, the pact between the world’s two biggest crude exporters was cheered by oil traders, with Brent jumping $2.82 to $53.75 and West Texas Intermediate up $2.98 at $62.44 on Monday.

READ:  China Offers Congratulations To New Brazil President

“While we still need to know by how much OPEC will curb its production, Putin’s comment does clear a barrier for OPEC in stabilising prices as Russia has been ambiguous about its stance,” Ahn Yea Ha, a commodities analyst at Kiwoom Securities told Bloomberg News.

Both main contracts have plunged by about a third since hitting four-year highs at the start of October, hit by a number of factors including easing demand, high production, softer-than-expected US sanctions on Iran and a global growth slowdown.

Another major reason for the sell-off has been the ongoing trade row between China and the US, which has seen the world’s top economies swap tariffs on imports worth hundreds of billions of dollars fuelling fears about the impact globally.

READ:  Donald Trump Arrives UK

However, Donald Trump and Xi Jinping on Saturday announced a deal that will see the US hold off raising levies on Chinese goods on January 1 and China promise to buy more from the US, while entering a 90-day period of talks to bring an end to the dispute.

Traders are now looking ahead to a weekend meeting of OPEC and key non-OPEC members in Vienna, where they will make an announcement on their cuts plans.

READ:  Asia Shares Plummet After Wall Street Rout; Shanghai At Near Four-Year Lows

Most analysts expect a cut of around one million barrels per day, but some say this may not be enough to arrest the decline in prices.

“It’s a huge week not only for oil markets but capital markets in general,” said Stephen Innes, head of Asia-Pacific trade at OANDA.

“Post-G20 sentiment is a bit more positive than expected but still very much work in progress, so perhaps the most crucial event in December next to (Britain’s) Brexit vote could very well be the OPEC summit.”

World News

Brexit Will Not Happen Next Week

Published

on

By

Brexit Will Not Happen Next Week

Brexit will not happen next week.  The United Kingdom has been granted a bit more time to figure out the terms of its departure from the European trading bloc.  The date could be April the twelfth or may the twenty-second.

European Council President, Donald Tusk, says he would push the departure date to May the twenty-second if the UK parliament approves a withdrawal agreement next week.

READ:  Shark Attacks Teenager In Australia

Parliament’s failure to approve the Brexit deal next week would mean deadline for departure from the European Union will be April the twelfth.

The decision to grant the delay came a day after may delivered a televised speech blaming parliament for the Brexit impasse. That speech angered the political spectrum.

READ:  Kremlin Denies Involvement In US Politics Through Social Media

May hopes with this European Council next decision, the House of Commons would pass a Brexit deal next week.  She says that would help bring an end to the uncertainty and would help the UK to leave Europe in a smooth and orderly manner.

READ:  Kim Jong-Un Visits China's Xi Jinping

Continue Reading

World News

Chemical Factory Explosion In China Kills 47, Injures Over 600

Published

on

By

Chemical Factory Explosion In China Kills 47, Injures Over 600

An explosion at a chemical plant that occurred on Thursday in China’s eastern Jiangsu province has killed 47 people and injured over 600, among which 90 are critically injured, state media reported.

The fire which happened at a plant that contained highly inflammable chemical owned by the Tianjiayi Chemical Company spread to neighbouring factories was finally brought under control at 3.00 a.m. on Friday.

President Xi Jinping, who is in Italy on a state visit, ordered all-out efforts to care for the injured and to “earnestly maintain social stability”, state television said.

Authorities must step up action to prevent such incidents and determine the cause of the blast as quickly as possible, Xi added.

Reuters disclosed that some police at the scene were wearing face masks, sealed off roads to the plant. The blast smashed windows in the village of Wangshang two kilometres (1.2 miles) away, and shocked villagers likened it to an earthquake.

READ:  Double Hard Court Blow For Trump, Implicated By Ex-Lawyer
Continue Reading

World News

New Zealand Bans Sale Of Assault Rifles, Semi-Automatic Weapons

Published

on

By

New Zealand Bans Sale Of Assault Rifles, Semi-Automatic Weapons

New Zealand has banned the sale of assault rifles and semi-automatic weapons after the country’s worst-ever attack in which fifty persons were killed in two mosques.

Prime Minister Jacinda Ardern told a news conference the ban is in the national interest and it’s about safety… To prevent an act of terror from ever happening again in New Zealand.

READ:  Israel Indirectly To Blame For Downing Of Plane Over Syria, Russia Says

Ardern said she expects the new law to be in place by mid-April.  Buy-back schemes will be established for banned weapons.

Ardern said the suspect arrested in the attacks had purchased his weapons legally and enhanced their capacity by using 30-round magazines “done easily through a simple online purchase.”

READ:  Indonesia Rushes In Aid As Quake Toll Passes 840

The changes in New Zealand’s gun laws are expected to curtail future acts of random violence like the mass mosques shootings in Christchurch.

Continue Reading

Trending

Subscribe to ANN News Alert

Be the first to receive the latest news from Africa and around the world.

%d bloggers like this: