Breaking News

Oil Incurs Biggest First-Of-Year Losses Since 2016

Image Credit: Ship & Bunker

Repost: Oil prices finished the first week of 2023 incurring a weekly loss due to familiar fears that gripped traders throughout 2022, namely, recession concerns brought about by world banks raising interest rates to curb inflation.

Brent fell 12 cents, or 0.2 percent, to settle at $78.57 per barrel, while West Texas Intermediate rose 10 cents, or 0.1 percent, to settle at $73.77; for the week, both commodities were down by over 8 percent, their biggest first-of-the-year weekly losses since 2016.

However, a host of elements suggested that demand is resilient, despite headwinds: Washington posted data showing that U.S. employers were robust in adding jobs throughout December; plus, stock markets in China reported a five-day winning streak due to expectations that the country would soon recover economically from the 2022 Covid lockdowns imposed by the Chinese Communist Party.

Ed Moya, senior market analyst at Oanda Corp., said, “This was a very good [U.S. jobs] report for oil as the labour market remains robust and wage pressures are coming down, which will allow the [Federal Reserve] to stop hiking fairly soon.”

Moya added, “For oil to keep this rally going, energy traders need to see China showing progress with their current COVID outbreak.”

For the record, countries around the world are demanding that visitors from China, who have remained largely homebound for three years, take virus tests before crossing borders, to ensure the outbreak in that country doesn’t spread.

For his part, respected hedge fund manager Pierre Andurand said on Friday that crude prices could exceed $140 per barrel if China fully reopens, and he added that the “market is underestimating the scale of the demand boost that it will bring.”

In other oil related news on Friday, the first week of the New Year also saw energy giants obliged to absorb new tax hikes from the European Union and the U.K.

Shell on Friday said it expects to pay $2 billion for the fourth quarter as a result of the taxes: “The Q4′22 earnings impact of recently announced additional taxes in the EU [the solidarity contribution] and the deferred tax impact from the increased UK Energy Profits Levy is expected to be around $2 billion.”

The EU in September stated that oil and gas companies will pay a levy on surplus profits made in 2022 or 2023, with the “solidarity contribution” obliging these companies to pay 33 percent of profits above their average taxable profits.

In the U.K., the energy industry must pay an expanded windfall levy of 35 percent, which is expected to raise over $40 billion over the next six years.

Source:
Ship & Bunker

Marine Online Media Team
Please email us at marketing@marineonline.com to contact the author for this article.

Check Also

Declining Trade Tests Shippers’ Patience, Pockets And Commitment, According To New Report

Image Credit: Maritime Fairtrade Repost: As global trade declined during the second half of 2022, …

?>

slot gacor

slot88

https://fatamorgana.co.id/

https://season8.org

situs slot gacor

slot gacor

info slot gacor

situs slot gacor

slot gacor

info slot gacor

https://diafrica.org/

https://diafrica.org/

http://diafrica.org/

https://advy.ac.id/

slot

slot gacor

slot online

https://instiper.ac.id/

slot gacor

slot online

slot

situs slot gacor

https://kyani.ac.id/

https://pelitanusa.ac.id

slot gacor

https://lsgi.org/

https://lsgi.org/

https://lullabies-of-europe.org/

https://saint-lazarus.org/

https://gregkeyes.com/

slot gacor

slot

slot88

slot online

slot besar

slot88

situs slot gacor

slot gacor

slot online

slot

slot

slot88

slot gacor

slot88

slot gacor

slot hoki

slot gacor

slot gacor

slot88

slot

slot gacor

slot77

slot gacor

slot gacor

slot-gacor

slot gacor

slot gacor

slot gacor

slot gacor

slot gacor

slot gacor

slot gacor

https://bdijournal.bekasikab.go.id/public/

slot gacor

slot777

slot gacor hari ini

slot777

slot777

slot88

rtp slot

slot gacor

slot88

slot

slot88

slot gacor

slot gacor

slot gacor

slot88

slot88

slot gacor

slot online

slot

rtp slot

slot gacor

slot

slot online

slot gacor

slot88

slot

slot gacor

slot online

slot

slot88

slot gacor

slot88

slot gacor

slot gacor

slot

slot maxwin

slot88

slot gacor

slot online

slot777

slot gacor

slot

slot online

slot

slot gacor

slot gacor

slot

slot online

slot

slot gacor

slot777

slot

slot88

http://bdpsjournal.org/slot-gacor/

slot gacor

slot online

slot gacor

slot88

slot online

slot88

slot gacor

slot

slot88

slot gacor

slot online

slot88

slot gacor

slot

slot gacor

slot88

slot gacor

slot gacor hari ini

slot online

slot88

slot gacor

slot

slot online

http://pameran.perpusnas.go.id/slot-tergacor/

slot dana

slot dana

slot gacor

slot

slot online

slot gacor

slot online

slot

slot

slot gacor

slot online

slot gacor

slot88

slot gacor

slot88

slot gacor

slot online

slot

slot online

slot gacor

slot gacor

slot

slot777

slot gacor

https://perfilman.perpusnas.go.id/slot-gacor/

slot online

slot

slot gacor

slot88

slot88

slot88

slot gacor

slot gacor

slot

slot online

slot online

slot

slot gacor

https://pplpdispora.sumutprov.go.id/slot-gacor/

slot gacor

slot online

slot

slot gacor terbaru

slot gacor

slot

slot online

http://pplpdispora.sumutprov.go.id/upload/file/

slot gacor

slot

slot online

slot gacor

slot

slot online

slot online

slot

slot gacor

slot gacor

slot777

http://bkddiklat.boalemokab.go.id/slot-gacor/

http://book.iaincurup.ac.id/slot-gacor/

slot gacor

slot online

slot777

slot

slot gacor

slot online

https://cms-dev.nyfw.com/

https://dpmptsp.jabarprov.go.id/slot-gacor/

https://ketahananpangan.semarangkota.go.id/situs-slot-gacor/

slot gacor

slot gacor hari ini

link slot gacor

situs slot gacor

https://sipsakato.sumbarprov.go.id/slot-gacor/

slot gacor

https://www.pasca.unr.ac.id/slot88/

slot gacor

slot88

slot online

slot

https://on0373.iss.it/

https://ketahananpangan.semarangkota.go.id/login/

https://ketahananpangan.semarangkota.go.id/slot-gacor/

https://translation.meddra.org/

https://disdik.pemkomedan.go.id/slot-gacor/

https://instiper.ac.id/slot88/

https://dishub.semarangkab.go.id/wp-content/uploads/slot-gacor/

slot-gacor

slot online

slot gacor hari ini

https://bringin.semarangkab.go.id/-/

slot gacor

slot online

slot gacor hari ini

https://samdalang.malangkota.go.id/nyoba/slot-gacor/

http://span-um.iaincurup.ac.id/slot-gacor/

http://book.iaincurup.ac.id/js/

https://ojs.ubharajaya.ac.id/docs/-/

https://perfilman.perpusnas.go.id/slot/

slot88

slot online

slot gacor

slot gacor

slot online

slot gacor

slot

slot

slot gacor

slot gacor terbaru

slot gacor

slot

slot online

slot pulsa

slot gacor

slot gacor

slot gacor

slot gacor

slot gacor hari ini

slot online

slot88

slot gacor terpercaya

slot gacor

slot

slot online

slot88

slot gacor

slot gacor terpercaya

slot gacor hari ini

slot88

slot gacor

slot gacor

slot88

slot88

slot gacor

slot online

slot88