OPEC cuts demand forecast; prices mixed

Vinson

Oil prices were mixed overnight, as Brent crude rose modestly while US futures ended unchanged at an 18-year-low after some European countries said they would relax coronavirus restrictions even though OPEC lowered its global oil demand forecast. Brent futures gained 13 US cents, or 0.5 per cent, to settle at […]

Bubs’ record quarter amid Chinese demand

Vinson

Australian baby formula producer Bubs has reported its highest quarterly gross revenue thanks to booming demand in China for infant formula. Bubs’ $19.7 million revenue for the quarter ended March 31 was helped by sales in China more than doubling on the same period last year. Chief executive Kristy Carr […]

Oil mixed as demand worries offset gains

Vinson

Oil prices were mixed as the historic production-cut deal inked by major global oil producers was not enough to assuage existing worries about the demand destruction brought on by the coronavirus pandemic. Brent futures rose 26 US cents, or 0.8 per cent, to settle at $US31.74 a barrel, while US […]

Low demand pushes aluminium to 4-year low

Vinson

Aluminium prices slipped to their lowest level in more than four years as falling demand due to the new coronavirus and expectations of a large surplus this year were reinforced by rising stocks. Benchmark aluminium on the London Metal Exchange was down 0.8 per cent at $US1,465 a tonne, a […]

US jobless claims lift safe-haven demand

Vinson

Gold prices jumped more than on per cent as record high US jobless claims for a second week in a row intensified fears of economic damage due to the coronavirus and drove investors towards the safe-haven metal. Spot gold gained 1.3 per cent to $US1,610.68 per ounce, while US gold […]

Oil falls more than $US1 as demand falls

Vinson

Oil prices lost more than $US1 a barrel overnight as restrictions on travel worldwide slashed fuel demand. US crude futures plunged more than six per cent after the United States scrapped plans to buy domestic oil for its emergency reserve. The head of the International Energy Agency said global oil […]