Despite the growing market share of domestic automakers, Teslas remain among the best-selling EVs in the Asian country
auto2 hours ago
Oil prices were steady on Thursday after supporters of President Donald Trump stormed the US Capitol, with investors focusing on the likelihood of tighter supplies after Saudi Arabia unilaterally agreed to cut output.
Brent crude was up 8 cents at $54.38 a barrel by 0125 GMT, after gaining 1.3 per cent overnight. US West Texas Intermediate (WTI) gained 11 cents to $50.74, having slipped earlier in the Asian session. The contract rose 1.4 per cent on Wednesday.
Saudi Arabia, the world’s biggest oil exporter, said it would voluntarily cut one million barrels per day (bpd) of output in February and March, after OPEC+, which groups the Organization of the Petroleum Exporting Countries and other producers, including Russia, met earlier this week.
“WTI crude seems poised to rise higher as the Biden administration will clamp down on U.S. crude production, the Saudis tentatively alleviated oversupply concerns with their 1-million bpd cut present, and as the dollar’s days seem numbered,” said Edward Moya, senior market analyst at OANDA.
A lower dollar makes oil cheaper because the commodity is mostly traded using the greenback.
US crude stocks dropped and fuel inventories rose, the Energy Information Administration said on Wednesday.
Crude inventories were down by 8 million barrels in the week to Jan. 1 to 485.5 million barrels, against a Reuters poll showing analysts expected a 2.1 million-barrel decline.
The drop in crude stocks is a typical year-end occurrence as energy companies take oil out of storage to avoid tax bills.
Trump supporters swarmed the US Capitol on Wednesday, sending it into lockdown, as Vice President Mike Pence refused a demand from the president to cancel his loss to Democrat Joe Biden before police declared the situation was secure and the certification of the election result resumed.
Despite the growing market share of domestic automakers, Teslas remain among the best-selling EVs in the Asian country
auto2 hours ago
The entire plan will see cow-breeding and poultry projects come up near the massive wheat farm and the dairy farm will form the third phase
uae2 hours ago
Modi, 73, remains resoundingly popular after a decade in office, and he is widely expected to win a third term
asia2 hours ago
With over seven years of experience in branding and social media, and three years in motion graphics and editing, Arkan's expertise spans a wide range of creative domains
kt network2 hours ago
Names of leading brands in various sectors revealed in a new report by Brand Finance
uae3 hours ago
Four workers died when the drone struck a condensate storage tank at Khor Mor Complex, Dana Gas said in a statement to the ADX
mena3 hours ago
Experience the future of comfort and convenience with innovative smart furniture, elevating your lifestyle through seamless integration of technology and design
business technology review4 hours ago
The device is equipped solely with an AI-powered personal assistant tasked with carrying out a multitude of practical tasks
business technology review4 hours ago