Asian markets mixed as oil prices surge
Monday, September 16, 2019, 8:24 PM
Asian stock markets were mixed on Monday after crude prices surged following an attack on Saudi Arabia's biggest oil processing facility. Hong Kong's benchmark tumbled 1.1% while Seoul advanced and Shanghai and Sydney were little-changed. Japanese markets were closed for a holiday. The S&P 500 index slipped 0.1% to 3,007.39. The Dow Jones Industrial Average rose 0.1% to 27,219.52.
Goldman Sachs cuts 2019 oil demand growth forecast to 1 million bpd
Wednesday, September 11, 2019, 7:59 AM
Goldman Sachs has lowered its forecast on 2019 oil demand growth, citing reduced demand from India, Japan, other non-OECD Asian regions, the Middle East and Latin America. The Wall Street bank revised its forecast down to 1 million barrels per day (bpd), from 1.1 million bpd but left its 2020 demand growth estimate broadly unchanged at 1.4 million bpd.
Indian Oil goes up value chain, signs fuel supply deal with US
Tuesday, February 19, 2019, 7:48 PM
To ensure a steady inflow of crude oil at a time imports from Iran are falling, state-run Indian Oil Corp (IOC) has become the first domestic company to sign a long-term supply contract with the US. The oil marketing company, in a statement released on Monday, said the annual deal is worth $1.5 billion and will be effective for FY20.