ECONOMY

Oil prices rose in early Asian trade on Wednesday as U.S. crude stocks were seen falling last week, while the dollar weakened, making oil less expensive for non-American buyers.

A local unit of the Russian energy giant Gazprom said on Tuesday that gas was being supplied to customers in full via parallel pipelines following a fatal explosion in a section of the Urengoi-Pomary-Uzhhorod pipeline.

Corporate earnings growth is expected to slow in the year ahead in many countries as higher inflation and rising interest rates take an even bigger toll and companies brace for the likelihood of a global economic downturn.

Qatar approved its 2023 fiscal year budget on Monday with revenue estimated to increase 16.3% next year, its finance minister said, thanks to rising average oil prices.

The aim of the cap on gas prices traded within the European Union is to mitigate an energy crunch brought on by Russia's invasion of Ukraine.

Oil prices rose in early trade on Tuesday, shored up by a weaker dollar and a U.S.

Oil prices reclaimed ground on Monday after tumbling more than $2 a barrel in the previous session as optimism from China's reopening and oil demand recovery outweighed concerns of a global recession.

Oil prices rose in early Asian trade on Friday after falling 2% in the previous session on central bank interest rates hikes, and is poised to end the week higher after a series of positive oil demand forecasts.

Japan's imports surged in November, outpacing exports and resulting in the 16th straight month of trade deficits, as the spectre of a global slowdown added to the country's worsening terms of trade.

One week after Canada's Keystone pipeline spilled more than 14,000 barrels of oil in rural Kansas in the United States, the cause is still unknown, according to regulators.

Oil prices were largely unchanged in early Asian trade on Thursday as traders weighed optimism over China's demand outlook against the possibility of further interest rate hikes from global central banks.

Oil prices fell in early trade on Wednesday after industry data showed a surprise build in U.S.

Wheat, corn and palm oil futures have from dropped from record or multi-year highs but prices in the retail market remain elevated and tight supplies are forecast to support prices in 2023.

Oil prices rose for a second day on Tuesday as a key pipeline supplying the United States, the world's biggest crude consumer, remained shut and on expectations loosening COVID restrictions in China, the second-biggest user globally, will boost demand.

Oil prices rose more than 1% in early Asian trade on Monday as a key Canada-United States crude pipeline stayed shut while Russian President Vladimir Putin threatened to cut production in retaliation against a Western price cap on Russian oil exports.

Oil prices steadied in early Asian trade on Thursday after sinking to their lowest level this year as U.S.

Western officials are in talks with Turkish counterparts to resolve oil tanker queues off Turkey, a British Treasury official said, after the G7 and European Union rolled out new restrictions on Dec.

The Reserve Bank of India's key repo rate was raised by 35 basis points (bps) on Wednesday as widely expected, the fifth straight increase, with the central bank vowing there will be no let up in its fight to tame high inflation.

Oil prices were mixed in early Asian trade on Wednesday after falling to their lowest settlement levels this year as economic uncertainty and the prospect of higher interest rates pressured prices.

The dollar crept higher on Wednesday as top executives from the biggest U.S. banks warned of an impending recession, which dampened risk appetite and kept the greenback supported.

India is better placed than many other emerging economies to weather the impact of global headwinds, the World Bank said on Tuesday, revising up its growth forecast for the country to 6.9% for fiscal 2022 from an earlier estimate of 6.5%.

Venezuela's government expects oil exports to finance 63% of its national budget in 2023, a document seen by Reuters showed, a slightly higher proportion than this year, as U.S sanctions against the government are being reviewed.

Oil prices edged higher on Tuesday, after a G7 price cap on Russian seaborne oil came into force on Monday on top of a European Union embargo on imports of Russian crude by sea.

The S&P Global India services purchasing managers' index rose to 56.4 in November from 55.1 in October, beating the 55.4 estimate in a Reuters poll.

Turkey's inflation has risen steadily since reaching a low of 16.6 percent in May 2021.

The Indian economy is likely to grow 6.5% to 7% next fiscal year if the global environment does not worsen, a member of the prime minister's economic advisory council said on Thursday, giving a higher estimate than some economists.

OPEC+ is widely expected to stick to its latest target of reducing oil production by 2 million barrels per day (bpd) when it meets on Sunday, but some analysts believe that crude prices could fall if the group does not make further cuts.

Oil prices edged lower in early Asian trade on Friday as the U.S. dollar pared some losses, while easing COVID-19 curbs in two Chinese cities limited losses.

The Biden administration broke its silence on Wednesday on European Union deliberations over a $65-70 per barrel Russian oil price cap on Wednesday, warning far-lower prices cited for some Russian Urals crude shipments should be approached with caution.