Oil prices fall nearly 2% on China data, trade war jitters
October 15, 2019, 10:15 am

Oil prices fall nearly 2% on China data, trade war jitters

Oil prices fell on Tuesday following two days of weak Chinese data and ongoing concerns over US-China trade tensions. (File photo Reuters)

Oil prices fell further on Tuesday, after heavy losses in the previous session following two days of weak Chinese data and as investors continued to fret over prospects for a US-China trade deal despite signs of a truce last week.

Brent crude fell $1.04, or 1.75 percent, to $58.31 a barrel by 0905 GMT, while US West Texas Intermediate (WTI) crude dropped 98 cents, or 1.83 percent, to $52.61.

The National Bureau of Statistics (NBS) reported on Tuesday that China’s factory gate prices declined at the fastest pace in more than three years in September.

That followed customs data on Monday that showed Chinese imports had contracted for a fifth straight month.

The US-China trade dispute also continued to cast a shadow on the global economy.

US President Donald Trump on Friday outlined the first phase of a deal to end the trade war with China and suspended a threatened tariff hike, however an agreement has remained elusive and questions loom over future oil demand.

“The oil market saw sharp losses as the first steps taken by the US and China were seen with caution,” global oil strategist at BNP Paribas in London Harry Tchilinguirian told the Reuters Global Oil Forum.

“Concerns over the fallout of a negative outcome to these negotiations on the global economy and thus oil demand are running high.”

Providing some support, OPEC Secretary-General Mohammad Barkindo said on Tuesday the Organization of the Petroleum Exporting Countries and its allies “will do whatever (is) in its power” to sustain oil market stability beyond 2020.

OPEC, Russia and other producers have since January implemented a deal to cut oil output by 1.2 million bpd to support the market.

On Monday, US President Trump imposed sanctions on Turkey and demanded the NATO ally stop a military incursion in northeast Syria that is rapidly reshaping the battlefield of the world’s deadliest ongoing war.

The move highlights increasing instability in the Middle East amid months of attacks on tankers and oil sites in and around the oil-exporting Gulf region.

Prices could yet get a boost this week as investors are expecting a drawdown in crude inventories in the United States.

“This week ... markets are expecting to see a draw (on) US stockpiles and possibly further escalations in the Middle East,” said Edward Moya, senior market analyst at OANDA.

The next weekly US oil inventory reports are due out from industry group the American Petroleum Institute and the US Energy Information Administration on October 16.

source:Reuters

UK to review arms sales to Turkey: Financial Times EU keeps hopes of Brexit deal alive, for now

BENEFIT, the Kingdom’s innovator and leading company in Fintech and electronic financial transactions service, has sponsored the BuildHer CityHack 2025 Hackathon, a two-day event spearheaded by the College of Engineering and Technology at the Royal University for Women (RUW).
Aimed at secondary school students, the event brought together a distinguished group of academic professionals and technology experts to mentor and inspire young participants.
More than 100 high school students from across the Kingdom of Bahrain took part in the hackathon, which featured an intensive programme of training workshops and hands-on sessions. These activities were tailored to enhance participants’ critical thinking, collaborative problem-solving, and team-building capabilities, while also encouraging the development of practical and sustainable solutions to contemporary challenges using modern technological tools.
BENEFIT’s Chief Executive Mr. Abdulwahed AlJanahi, commented: “Our support for this educational hackathon reflects our long-term strategic vision to nurture the talents of emerging national youth and empower the next generation of accomplished female leaders in technology. By fostering creativity and innovation, we aim to contribute meaningfully to Bahrain’s comprehensive development goals and align with the aspirations outlined in the Kingdom’s Vision 2030—an ambition in which BENEFIT plays a central role.”
Professor Riyadh Yousif Hamzah, President of the Royal University for Women, commented: “This initiative reflects our commitment to advancing women in STEM fields. We're cultivating a generation of creative, solution-driven female leaders who will drive national development. Our partnership with BENEFIT exemplifies the powerful synergy between academia and private sector in supporting educational innovation.”
Hanan Abdulla Hasan, Senior Manager, PR & Communication at BENEFIT, said: “We are honoured to collaborate with RUW in supporting this remarkable technology-focused event. It highlights our commitment to social responsibility, and our ongoing efforts to enhance the digital and innovation capabilities of young Bahraini women and foster their ability to harness technological tools in the service of a smarter, more sustainable future.”
For his part, Dr. Humam ElAgha, Acting Dean of the College of Engineering and Technology at the University, said: “BuildHer CityHack 2025 embodies our hands-on approach to education. By tackling real-world problems through creative thinking and sustainable solutions, we're preparing women to thrive in the knowledge economy – a cornerstone of the University's vision.”