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Concerns about demand have become the main market tone. Brent crude oil fell to a six-month low at one point, while US oil fell more than 4% during trading hours.
Despite the significant escalation of geopolitical tensions in the Middle East this week, which once briefly pushed up crude oil prices, the concern about economic recession has become the main market sentiment, and investors are worried about the demand for crude oil. Oil prices fell sharply on Friday, falling for four consecutive weeks, marking the longest decline since December last year.
Oil: Recent Price Action Is Associated With Global Macro Flows – TDS
Century En Intl (08132.HK): Leung Wing Cheong resigned as Chairman of the Board of Directors and Non-Executive Director.
Century En Intl (08132.HK) announced on August 1 that Leung Wing Cheong resigned as chairman of the board of directors and non-executive director due to retirement, effective from July 31, 2024. The board of directors also announced that Lim Haw Kuang resigned as an independent non-executive director, chairman and member of the company's remuneration committee, and member of the audit and nomination committees due to other reasons, effective from August 1, 2024.
Express News | Century Energy International - Leung Wing Cheong, Eric Tendered Resignation as Chairman
The Biden administration is seeking additional funds to bolster the petroleum reserves. The energy department only has 1.2 billion US dollars left in its account to purchase crude oil products.
The US Department of Energy has been slowly replenishing its global strategy petroleum reserves, which have decreased to an unprecedented low since the Russia-Ukraine conflict, reaching the lowest level in forty years.
Wall Street determines: Trump's bearish on oil prices.
Goldman Sachs and Citigroup both believe that Trump's tariff policy may bearish for oil prices. Goldman Sachs said that if tariffs severely affect the global economy, oil prices may fall by $11 to $19 per barrel next year.
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