New York (CNN Business)Hopes are building for a truce in the brutal oil price war between Saudi Arabia and Russia, setting off a record spike in the oil market Thursday.
MELBOURNE (Reuters) - Crude oil futures jumped nearly 5% in early trading on Thursday after U.S. President Donald Trump said he expected Saudi Arabia and Russia to reach a deal in the next few days to end their oil price war.
U.S. oil prices retreated Wednesday, erasing gains from the previous session in a move that underscored how traders are bracing themselves for further declines ahead. West Texas Intermediate futures fell 0.8% to to $20.31 a barrel on Wednesday, while Brent, the global gauge of prices, fell 6.1% to $24,74 a barrel.
JAKARTA, April 1 (Xinhua) -- Indonesia cut economic growth prediction for this year as the COVID-19 pandemic has rapidly spread in the country.
SINGAPORE (ICIS)--Asia’s synthetic rubber (SR) market remained in the doldrums as players grapple with falling feedstock butadiene (BD) costs and a collapse in demand amid heavy production cuts at downstream tyre and car sectors globally.
Commodity prices, as measured by the IHS Materials Price Index (MPI), fell 4.7% last week, in yet another large broad-based retreat tied to the deepening global recession. The MPI is now down 22.1% from the start of the year with no sign of a bottom forming.