Crude oil price decrease continue

Noam Stiekema

The Crude oil price decrease today in Asian electronic trading. The November futures on the London Brent crude fell 87 cents to 82.91 USD per barrel, passing under the symbolic threshold of 83 USD per barrel. The American WTI light sweet crude for delivery in November also fell quotes in Asian electronic session on the […]

Crude oil

Crude oilThe Crude oil price decrease today in Asian electronic trading. The November futures on the London Brent crude fell 87 cents to 82.91 USD per barrel, passing under the symbolic threshold of 83 USD per barrel. The American WTI light sweet crude for delivery in November also fell quotes in Asian electronic session on the New York Mercantile Exchange by 1.07 USD to 80.71 USD per barrel. So for the last three months the price of Brent crude fell by 24% level of 108.77 USD per barrel. The crude oil market continues to have high supply as the oil cartel OPEC has not responded to the price drop of about 20% from June to reduce production. Meanwhile marketeering development remains unclear, but this may lead to a decrease in demand in the future.

Meanwhile, Kuwait tripled the price of diesel and kerosene, which became the first in the oil-rich country that subsidizes a significant consumer goods and public services. Minister of State for Planning and Development Assistant Hind Sabet said that the prices of diesel and kerosene used as fuel in Kuwait have increased from 0.19 USD to 0.59 USD per liter. It shall not affect the water, electricity and gas, which remains 22 cents cents per liter.

Minister, quoted by the official Kuwaiti agency Kuna, said that the government is considering removing subsidies for kerosene for foreign airlines that operate below 5000 flight to Kuwait a year. Country last year created commission charged to investigate the reduction of subsidies which cost about 18 billion Kuwait. Dollars annually, or one-fifth of the national budget. In April, the Kuwaiti government has warned that the subsidies may lead to a deficit in the budget for the 2017-2018 year. The crude oil Minister Ali al-Omair said that the removal of subsidies for diesel would bring the Treasury 1 billion USD annually.

Read this next

Digital Assets

BlackRock digs further into crypto with metaverse ETF

BlackRock, the world’s largest asset manager with almost $10 trillion in AUM, is set to launch a new metaverse ETF to help investors securely monetize on the booming immersive version of the internet.

Digital Assets

Binance wins license in New Zealand as rival Huobi shutters derivatives

Binance, the world’s largest crypto exchange by traded volume, has obtained licenses to operate in New Zealand, even after rival Huobi shutdown derivatives trading last month due to concerns about regulations.

Retail FX

Hong Kong busts perpetrators of ‘ramp and dump’ scam

Hong Kong’s financial watchdog, the Securities and Futures Commission (SFC), has charged thirteen suspects of market manipulation in a joint operation with the local police.

Institutional FX

TradingView integrates market data from German Tradegate exchange

TradingView announced that it ‎has increased data coverage to allow its users to receive information from ‎and get free access to the intra-day and tick data from Tradegate Exchange.

Retail FX

Spotware Systems introduces Custom Push Notifications for cTrader mobile apps

Spotware Systems, a technology provider for the electronic trading industry, is introducing a new push notification feature to alert mobile users of price swings and market fluctuations through their cTrader app.

Market News

The Week Ahead: 30 September from David Madden, Market Analyst at Equiti Group

Sterling dominated the headlines last week, as there were concerns the UK government might struggle to service its debt.

Inside View

How does the quality of signal providers affect your business?

A must-have onboarding process for brokers with investment services like PAMM, MAM, or copy trading

Technology

DBS deploys Nasdaq Trade Surveillance

“The confidence that markets and our clients have in DBS as a safe and trusted banking group is anchored on our ability to detect and respond to anomalous activity, which in turn calls for a robust surveillance and prevention infrastructure.”

Industry News

SEC charges Justin Costello and David Ferraro for securities fraud and posing as billionaire veteran

The Securities and Exchange Commission charged Cannabis executive Justin Costello and David Ferraro, an associate of Costello’s, for promoting the stock of several microcap companies on social media without disclosing their own simultaneous stock sales as market prices rose.

<