Oil prices rose on Tuesday, buoyed by overnight gains in industrial commodities,...
SINGAPORE - Oil prices rose on Tuesday, buoyed by overnight gains in industrial commodities, while unrest in oil-producing countries Iraq and Ecuador raised concerns of supply disruption, adding to support.
“Copper and aluminum traded very strongly in London and given the weakness we saw in manufacturing data last week, that suggests that there’s some correction going on in industrial commodities generally,” said Michael McCarthy, chief market strategist at brokerage CMC Markets in Sydney. Protests in Iraq and Ecuador over poor economic conditions are threatening to disrupt output from the members of the Organization of the Petroleum Exporting Countries .
Ecuador, one of the smallest OPEC members, is pulling out of the bloc next year because of fiscal problems.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Oil prices slip again amid gathering gloom over global economyOil prices fell on Monday, extending last week's heavy losses, with traders...
Read more »
Iran will use every means possible to export its oil: SHANAIran will not succumb to U.S. pressure and will use every possible way to export...
Read more »
Iran says Chinese state oil firm withdraws from $5B dealBREAKING: Iran's oil minister says China's state oil company has pulled out of a $5 billion deal to develop its massive offshore natural gas field, an agreement from which France's Total SA earlier withdrew.
Read more »
How oil traders are using satellites to keep an eye on an increasingly unpredictable marketOil traders had the benefit of a growing number of eyes in the sky following last month’s crippling attacks on Saudi Arabia’s crude processing facilities.
Read more »
Big brands accused of buying illegal palm oil in 'orangutan capital'“The environmental group has been investigating mills illegally growing palm oil in protected reserves in Sumatra, Indonesia — one of the most important sanctuaries to the densest population of orangutans in the world. ”
Read more »
Angolan oil production is in declineAngola's state-owned energy giant is trying to sell off some of its bizarre assets, including a convent in Portugal
Read more »