World oil prices plunged more than five per cent on Monday, reaching the lowest levels since January, on forecasts of a hit to Chinese demand. Brent North Sea crude slumped 5.5pc to $82.84 per barrel and WTI shed 5.7pc to $75.55 as China’s first coronavirus death in six months triggered fears of renewed strict lockdowns in the world’s second biggest economy. “Crude oil prices have slipped ba
QatarEnergy announced a 27-year natural gas supply deal with China on Monday, calling it the “longest” ever seen as it strengthened ties with Asia while Europe scrambles for alternative sources. The state energy company will send four million tonnes of liquefied natural gas annually from its new North Field East project to China Petroleum and Chemical Corporation (Sinopec), it said. The deal
The business community has appeared sceptical about the petition filed by the Sui Southern Gas Company Ltd (SSGCL) to the Oil and Gas Regulatory Authority (Ogra) seeking an increase of Rs667.44 per mmBtu in its prescribed prices for FY23. Businessmen said that industries should not be overburdened and gas price hikes should be applied to fertiliser, commercial and domestic sectors as well. T
Twitter’s new owner Elon Musk said on Monday the social media company is holding off the relaunch of its blue check subscription service, a delay from his initial tentative timeline to bring back the service on the platform. “Holding off relaunch of Blue Verified until there is high confidence of stopping impersonation,” Musk said in a tweet. “Will probably use different color check for orga
Oil prices rose slightly in early Asian trade on Tuesday, a day after Saudi Arabia denied a media report that it was discussing an increase in oil supply with the Organisation of Petroleum Exporting Countries (Opec) and its allies. Brent crude futures rose 17 cents, or 0.2 per cent, to $87.62 by 0007 GMT. US West Texas Intermediate (WTI) crude futures for January began trading Tuesday, rising s