Categorie
Oil Prices

Oil price starts to drop after China looks to tame coal prices (Al Jazeera)

Oil prices turned down after the Chinese government flagged it was looking for ways to tame record high coal prices and that it would ensure coal mines operate at full capacity as Beijing moved to ease a power shortage.

Chinese coal prices and other commodity prices slumped in early trade, which in turn pulled oil prices down from an uptick earlier in the day.

Oil price starts to drop after China looks to tame coal prices | Business and Economy News | Al Jazeera

Categorie
Oil Prices

Oil prices hit highest levels in years (Al Jazeera)

Oil prices hit their highest level in years on Monday as demand recovers from the COVID-19 pandemic, boosted by more custom from power generators turning away from expensive gas and coal to fuel oil and diesel.

Shortages of natural gas and coal from Asia to Europe are driving additional demand for oil products in power generation. That has coincided with key economies rebounding from the pandemic, leading to a significant tightening of the market.

Oil prices hit highest levels in years | Business and Economy News | Al Jazeera