Tue, November 29, 2022

Commodities

Oil

Petroleum and Oil Prices Fall Against Stockpiles Buildup

Petroleum and oil prices went tumbling down in today’s trading after a huge buildup in US crude stockpiles. The American Petroleum Institute or API reported earlier this Thursday the sharp rise in crude stocks. Following that news, WTI crude or West Texas Intermediate oil dropped 1.03% or 0.55 points in Thursday’s trading. A barrel of …

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Wibest – Grain Market: Soybeans

Grain Markets React to Trade War News | Wibest

Grain markets and futures went down in trading sessions following US-China trade war news. Corn, rice, and wheat futures all declined on Wednesday’s trading, while the US soybeans contract steadied. The United States corn futures lost 0.58% or 2.26 points in today’s session. A bushel of corn currently trades for $390.62, sliding lower from its …

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Wibest – OPEC Countries: A silhouette of an oil production worker.

OPEC Countries Gives Nigeria New Target

OPEC Countries and its allies just allowed Nigeria’s plea to increase its oil production output under the organization’s quota. The new deal will grant Nigeria to produce 1.774 million barrels per day, over the OPEC’s original quota. As agreed by OPEC countries in December 2018, Nigeria’s first target was just 1.685 million barrels per day. …

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Wibest – EDF Paris: An aerial shot of a nuclear power plant.

EDF Paris Adds Funds to Flamanville Nuclear Plant | Wibest

Electricite de France SA or EDF Paris added more funds to its nuclear project in Flamanville, France. Reports say the French energy giant added €1.5 billion to its long-running troubled project in Manche department, north-western France.   The company released an official statement on Wednesday morning to announce the new funds for the site. EDF …

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Wibest – Pig: Pork manufacturing facility and its workers.

USDA’s Pig Slaughtering Rules Sued by Union

  An organization of food workers filed a lawsuit against the US president’s move towards pig slaughter lines. The United Food and Commercial Workers International Union says that the rule results in more injuries to employees of slaughterhouses. The case is 19-cv-02660 and is in the US District Court in Minnesota. According to the report, …

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Wibest – Crude: Crude oil refineries over the sunset.

Crude Oil Prices Rise Against Global Economy Concerns

WTI crude oil and Brent oil prices rallied this Monday’s trading sessions as traders fear about the global economy. Aside from that, crude prices also received support from the biggest weekly selloff for more than two months. Crude prices are attempting to bounce back from the biggest weekly fall since-mid July. Oil traders are now …

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Wibest – WTI crude: Crude oil barrels stacked on top of each other.

WTI Crude Prices Rally After Inventory Drop | Wibest

After a few days of continuous contraction, WTI crude oil prices finally go up. The upsetting weak economic data from the United States pushed down global stock markets thus triggering oil to go up. As traders feel some concern for supplies, WTI crude and Brent oil jump over one percent in sessions. West Texas Intermediate …

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Wibest – Oil Prices: Oil pump-jack over the sunset.

Oil Prices Fall Against Weak Chinese Data | Wibest

Oil prices contract in today’s trading as the Chinese economic outlook continues to falter despite improvement in other sectors. Traders remain worried about China’s economy and its performance in the long run as the trade war continues. The prolonged dispute between the US and China have dented the demand growth of one of the largest …

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Wibest – Tanker Ship: A tanker ship in the middle of the sea.

Tanker Ship from UK Finally Leaves Iranian Port

The British tanker ship finally left Iran after suffering from capture two months ago. The tanker ship flagged Stena Impero sailed away from Iran’s Bandar Abbas port on Friday. The departure of the Stena Impero from the Iranian port was confirmed by a local Iranian shipping organization on Friday. According to reports, the British tanker …

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