Commodities

19/04/2018           10:30 am

  • Oil prices rose on Thursday to their highest since the end of 2014 as U.S. crude inventories declined and as top exporter Saudi Arabia pushes for higher prices by continuing to withhold supplies.
  • Brent crude oil futures rose to as much as $74.02 a barrel, the highest since Nov. 27, 2014, and were at $73.93 per barrel at 0514 GMT, up 45 cents, or 0.6 percent, from their last close.
  • Prices of alumina, the raw material for making aluminum, have surged after Rio Tinto said it could not fulfil supply contracts because of U.S. sanctions on United Company Rusal, adding to a crunch rippling through the aluminum supply chain.
  • Brazil’s state-run oil company is nearing a deal in which China National Petroleum Corp Ltd (CNPC) would invest in an oil refinery in exchange for crude oil, two people with knowledge of the talks told Reuters, potentially giving China its first refining capacity in the Americas.
  • Natural gas rallied early in the session on Wednesday, but succumbed to heavy hedging pressure to finish only slightly better for the session. Speculators initially drove the market higher ahead of Thursday’s U.S. Energy Information Administration’s weekly storage report.
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