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Oil slumps 6% to four-week low on recession worries, strong dollar
ADMIN posted a blog entry in Geo News Blog
Global central bankers who quickly loosened monetary policy during the pandemic to avoid a recession, are now tightening to fight inflation -
Clarity on talks with IMF officials, rising international oil prices keeps the market buoyant
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Bitcoin slides 14 percent on crackdown fears, hits four-week low
ADMIN posted a blog entry in Geo News Blog
A collection of Bitcoin (virtual currency) tokens are displayed in this picture illustration taken December 8, 2017 - Reuters File Photo LONDON: Bitcoin slid as much as 14 percent on Tuesday to hit a four-week low below $12,000, as fears grew of a regulatory crackdown after reports that South Korea?s finance minister had said banning trading in cryptocurrencies was still an option. South Korean news website Yonhap reported that Finance Minister Kim Dong-yeon had told a local radio station that the government would be coming up with a set of measures to clamp down on the ?irrational? cryptocurrency investment craze. Bitcoin slid on the news, trading as low as $11,730 on the Luxembourg-based Bitstamp exchange, down 13.6 percent on the day. The latest tumble leaves bitcoin more than 40 percent down from the record highs of around $20,000 reached in mid-December, wiping about $125 billion from its ?market cap? - the price of bitcoin multiplied by the total number of bitcoins that have been ?mined?, or released into the market. -
Oil hovers near four-week high on Saudi pledge to end glut
ADMIN posted a blog entry in Geo News Blog
Oil prices were largely steady in early Asian trade on Wednesday, hovering near a four-week high hit a day earlier after top exporter Saudi Arabia said it was determined to end a supply glut. Brent crude, the global benchmark, was up 10 cents at $58.43 a barrel by 0103 GMT, after settling on Tuesday up 96 cents, or 1.7 percent. US West Texas Intermediate crude was trading down 4 cents at $52.43 a barrel, having risen 57 cents on Tuesday. Saudi Arabia?s energy minister said the focus remained on reducing oil stocks in industrialized countries to their five-year average and raised the prospect of prolonged output restraint once an OPEC-led supply-cutting pact ends. The Organization of the Petroleum Exporting Countries, plus Russia and nine other producers, have cut oil output by about 1.8 million barrels per day (bpd) since January. The pact runs to March 2018, but they are considering extending it. ?We are very flexible, we are keeping our options open. We are determined to do whatever it takes to bring global inventories down to the normal level which we say is the five-year average,? Falih told Reuters. US crude stocks fell by 519,000 barrels last week, industry group the American Petroleum Institute said on Tuesday after settlement. That compared with analysts? expectations for a decline of 2.6 million barrels. Gasoline stocks fell by 5.8 million barrels, compared with analysts? expectations in a Reuters poll for a 17,000-barrel decline. Distillate fuels stockpiles, which include diesel and heating oil, fell by 4.9 million barrels, compared with expectations for a 860,000-barrel drop, the API data showed. The US government?s Energy Information Administration releases its report later in the day.