Malaysian palm oil futures ended lower for a second consecutive session to log its worst day in two weeks as rival edible oils fell, with oversupply worries denting investor sentiment on Tuesday. The benchmark palm oil contract for August delivery on the Bursa Malaysia Derivatives Exchange slid 141 ringgit, or 3.98%, to 3,405 ringgit a tonne, its largest daily drop since May 16.
European prompt power prices fell on Tuesday as renewable power supply was seen rising throughout the region, eclipsing the growing demand following the Whit Monday holiday. German baseload power for Wednesday delivery fell 8.8% to 73 euros per megawatt hour at 0920 GMT.
Oil prices fell more than 4% on Tuesday on concerns about whether the U.S. Congress will pass the U.S. debt ceiling pact and as mixed messages from major producers clouded the supply outlook ahead of the OPEC+ meeting this weekend. Brent crude futures settled down $3.53, or 4.6%, at $73.54 a barrel.
Oil prices rose on Tuesday as the expectations the debt ceiling deal in U.S., the world's biggest oil user, will spur more demand but fears of further interest rate rises and that OPEC+ will leave output quotas unchanged capped gains. Brent crude futures climbed 35 cents, or 0.5%, to $77.42 a barrel by 0145 GMT after gaining 12 cents on Monday.
Oil prices edged higher in choppy trading on Monday, as markets weighed a tentative U.S. debt ceiling deal that would avert a default by the world's top oil consumer against further Federal Reserve interest rate hikes that could curb energy demand.
Oil prices edged higher in choppy trading on Monday, as markets weighed a tentative U.S. debt ceiling deal that would avert a default by the world's top oil consumer against further Federal Reserve interest rate hikes that could curb energy demand.
Oil prices rose in early Asian trade on Monday after U.S. leaders reached a tentative debt ceiling deal, possibly averting a default in the world's largest economy and oil consumer.
Oil prices rose in early Asian trade on Monday after U.S. leaders reached a tentative debt ceiling deal, possibly averting a default in the world's largest economy and oil consumer.
U.S. natural gas futures fell about 6% to a three-week low on Friday as global gas prices collapsed, a
U.S. contract expired and on record U.S. output, rising Canadian exports and forecasts for ...
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