• Login
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
  • Home
  • News
    • General
    • Political
  • Economy
  • Business
    • Agribusiness
    • Aviation
    • Banking & Finance
    • Energy
    • Insurance
    • Manufacturing
    • Markets
    • Maritime
    • Real Estate
    • Tourism
    • Transport
  • Technology
    • Telecom
    • Cyber-security
    • Cryptocurrency
    • Tech-guide
    • Social Media
  • Features
    • Interviews
    • Opinions
  • Reports
    • Banking/Finance
    • Insurance
    • Budgets
    • GDP
    • Inflation
    • Central Bank
    • Sec/Gse
  • Lifestyle
    • Sports
    • Entertainment
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video
No Result
View All Result
No Result
View All Result
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
No Result
View All Result
Home Business Energy

Oil slips on China growth worries, EU weighs Russian crude ban

3 years ago
in Energy, Features, highlights, Home, home-news, latest News, Markets
2 min read
0 0
0
79
VIEWS
Share on FacebookShare on TwitterShare on Linkedin

Oil slips on China growth worries, EU weighs Russian crude ban

Oil prices fell on Monday as concerns about weak economic growth in China, the world’s top oil importer, outweighed fears of potential supply stress from a potential European Union ban on Russian crude.

Brent crude futures fell 71 cents, or 0.6%, to $106.43 a barrel at 0801 GMT, while U.S. West Texas Intermediate (WTI) crude futures fell 70 cents, or 0.6%, to $103.99 a barrel. Markets in Japan, India and across Southeast Asia were closed for public holidays on Monday.

Prices fell after China released data on Saturday showing that factory activity in the world’s second-largest economy contracted for a second month to its lowest since February 2020 because of COVID lockdowns.

“A slowing to that extent, when China is already suffering from a property bust and worries about its (until recently) increased regulation, is potentially a major issue for commodity markets and the world economy,” said Tobin Gorey, a Commonwealth Bank commodities analyst, in a note.

Read: Scrapping taxes on petroleum products not sustainable – Prez Akufo-Addo

On the supply side, Libya’s National Oil Corp (NOC) said on Sunday it would temporarily resume operations at the Zueitina oil terminal to reduce stockpiles in storage tanks to avert an “imminent environmental disaster” at the port.

RelatedPosts

GRA Refutes NIA’s Debt Claims, Cites Lack of Regulatory Approval and Service Agreement

Tullow Oil Posts $61 Million Loss for H1 2025 on Lower Oil Prices, Reduced Output

A Turning Point for Ghana’s Payments Industry: Why Clara’s Appointment at GHiPSS is Exactly What the Future Demands 

NOC in late April declared force majeure on some shipments at Zueitina as political protesters forced a number of oil facilities to suspend operations.

Limiting the downside for oil prices is the EU’s leaning towards a ban on imports of Russian oil by the end of the year, two EU diplomats said, after talks between the European Commission and EU member states over the weekend.

Around half of Russia‘s 4.7 million barrels per day (bpd) of crude exports go to the EU, supplying about one-fourth of the EU’s oil imports in 2020.

“In the absence of an immediate EU total oil embargo, eliminating mobility restrictions in China is necessary to drive oil out of its current range,” said SPI Asset Management Managing Partner Stephen Innes.

While Western countries have curbed buying Russian oil as sanctions have hit shipping and insurance for the country’s exports, the impact on global supply has been cushioned as India has been picking up heavily discounted Russian cargoes.

Tags: EU weighs Russian crude banLibya’s National Oil Corp (NOC)Oil slips on China growth worriesU.S. West Texas Intermediate (WTI) crude futures
No Result
View All Result

Highlights

Appiah Adomako Writes: Why Government Must Take Interest in Who Acquires Shoprite Stores in Ghana

Cocoa Farmers to Protest Against GHS 3,228 New Farmgate Price on August 11, Demand GHS 4,000 per Bag

Top 10 African Countries With the Weakest Currencies in July 2025

U.S. Demands $15,000 Deposit for Visa Applicants From Zambia and Malawi

BoG Governor Urges Banks to Rethink Business Models as Interest Rates Decline

GSE-CI Climbs to 7,040.46 Points as Market Cap Rises by GHS294.3m Despite Trade Slowdown

Trending

Business

GRA Refutes NIA’s Debt Claims, Cites Lack of Regulatory Approval and Service Agreement

August 6, 2025

GRA Refutes NIA's Debt Claims, Cites Lack of Regulatory Approval and Service Agreement The Ghana Revenue Authority...

Tullow Oil Posts $61 Million Loss for H1 2025 on Lower Oil Prices, Reduced Output

August 6, 2025

A Turning Point for Ghana’s Payments Industry: Why Clara’s Appointment at GHiPSS is Exactly What the Future Demands 

August 6, 2025

Appiah Adomako Writes: Why Government Must Take Interest in Who Acquires Shoprite Stores in Ghana

August 6, 2025

Cocoa Farmers to Protest Against GHS 3,228 New Farmgate Price on August 11, Demand GHS 4,000 per Bag

August 6, 2025

Who we are?

NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World

NorvanReports is a unique data, business, and financial portal aimed at providing accurate, impartial reporting of business news on Ghana, Africa, and around the world from a truly independent reporting and analysis point of view.

© 2020 Norvanreports – credible news platform.
L: Hse #4 3rd Okle Link, Baatsonaa – Accra-Ghana T:+233-(0)26 451 1013 E: news@norvanreports.com info@norvanreports.com
All rights reserved we display professionalism at all stages of publications

No Result
View All Result
  • Home
  • Business
    • Agribusiness
    • Aviation
    • Energy
    • Insurance
    • Manufacturing
    • Real Estate
    • Maritime
    • Tourism
    • Transport
    • Banking & Finance
    • Trade
    • Markets
  • Economy
  • Reports
  • Technology
    • Cryptocurrency
    • Cyber-security
    • Social Media
    • Tech-guide
    • Telecom
  • Features
    • Interviews
    • Opinions
  • Lifestyle
    • Entertainment
    • Sports
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
NORVANREPORTS.COM | Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.