Adani Group denied the allegations as baseless, while Indian government officials haven't commented so far
business3 days ago
Oil fell on Monday, trailing a stock market selloff sparked by fears of a US recession, though declines were limited by Libyan supply losses and worries that a spreading conflict in the Middle East could further hit crude supplies.
Equities markets tumbled across Asia as investors rushed from risk assets while wagering that rapid interest rate cuts will be needed to drive U.S. economic growth.
Brent crude futures were down 66 cents, or 0.86%, at $76.15 a barrel by 9:58 a.m. CDT (1458 GMT), with prices earlier trading around their lowest since January. U.S. West Texas Intermediate crude was down 84 cents, or 1.14%, at $72.68.
Supply concerns limited losses. Libya's biggest oil field, Sharara, has fully halted output, Bloomberg reported. Two field engineers told Reuters on Saturday that local protesters had partially shut down the site.
U.S. recession concerns stoked by Friday's weak July jobs report weakened traders' confidence on Monday.
"The oil and product trade is going to be cautious as the market tries to get a handle on how bad the global market meltdown is going to be," wrote Phil Flynn, senior market analyst for Price Futures Group.
Slumping diesel consumption in China, the world's biggest contributor to oil demand growth, is also weighing on oil. The decline in oil prices closely trailed falls in European stock markets.
Oil's losses were also limited by geopolitical risks in the Middle East. Fighting in Gaza continued on Sunday, a day after an unsuccessful round of ceasefire talks in Cairo.
Israel and the U.S. are bracing for a serious escalation in the region after Iran and its allies Hamas and Hezbollah pledged to retaliate against Israel for the killings of Hamas leader Ismail Haniyeh and a top Hezbollah military commander last week.
"The risk of a wider regional war, while I still think is small, can't be ignored," said Tony Sycamore, a Sydney-based market analyst at IG.
Adani Group denied the allegations as baseless, while Indian government officials haven't commented so far
business3 days ago
Global philanthropists call for stronger networks, governance, and data-driven impact measurement
business3 days ago
Nasdaq-listed MakeMyTrip emerges as the market leader in UAE’s OTA air landscape
business3 days ago
Self-reliant India Mission showing striking results in the defence sector
business3 days ago
Parte Gulfeh is dedicated to upholding historic Chivalric traditions
business3 days ago
Revenues in Q3 2024 reached $1.86 billion, up 6.1% year on year
business3 days ago
Roundtable provides gateway to bilateral investment in green-tech and creative industries
business3 days ago
Several listed subsidiaries of the Adani empire, which spans coal, airports, cement and media, collapsed in early trade, with some losing as much as 20%
business4 days ago