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Oil prices fall on tariffs and slowdown fears
The oil prices dropped for a second consecutive day on Tuesday as fears grew over a possible U.S. economic recession, the impact that tariffs would have on global growth, and OPEC+'s focus on increasing supply. Brent futures dropped 6 cents or 0.1% to $69.22 per barrel at 0402 GMT. U.S. West Texas Intermediate Crude futures declined 13 cents or 0.2% to $65.90 per barrel. Donald Trump's protectionist policy has roiled global markets. Trump imposed and then delayed tariffs on Canada and Mexico, his country's two largest oil suppliers. He also raised duties on Chinese products. China and Canada responded with their own tariffs. Trump has said that a "period" of transition is likely for the U.S. economy, but he declined to say whether it could be a recession due to stock market worries about his tariffs. Daniel Hynes is ANZ's senior commodity strategist. He said that Trump's remarks triggered a selling wave as investors began pricing in the possibility of a weaker demand growth. All three major U.S. indices suffered sharp drops on Monday. The S&P 500 experienced its largest one-day decline since December 18, and the Nasdaq dropped 4.0%, which was its largest single-day percentage decrease since September 2022. Howard Lutnick, the U.S. Secretary of Commerce, said that Trump will not ease off on his tariff pressure against Mexico Canada and China. Alexander Novak, the Russian Deputy Premier, said that the OPEC+ Group had agreed to increase oil production starting in April. However, the group could change its mind if market imbalances were found. Despite market noise, Brent oil at $70 a bar is a very strong support. Oil prices could stage a technical rebound at the current levels. Suvro Sarkar said, Energy Sector Team Lead at DBS Bank. He added that the OPEC+ response to market conditions will remain flexible. Our opinion is that if oil prices continue to fall below $70 per barrel for a prolonged period of time, production increases may be suspended. "OPEC+ is also keeping a close eye on Trump's Iran-Venezuela policies," he added. The U.S. already revoked Chevron's license to operate in Venezuela, and it is yet to be determined if Iran sanctions will intensify. In the meantime, concerns about global growth will be dominant. A preliminary poll on Monday showed that crude oil stocks in the U.S. were likely to have increased last week while gasoline and distillate inventories are expected to be down. The poll was conducted in advance of two weekly reports, one from the American Petroleum Institute at 4:30 pm EDT (2030 GMT), and another by the Energy Information Administration (the statistical arm of U.S. Department of Energy) at 10:30 am EDT (1430 GMT) Wednesday. Reporting by Nicole Jao and Emily Chow, both in Singapore. Editing by Jacqueline Wong.
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London copper slips due to US tariff woes, soft dollar limits fall
London copper fell on Tuesday due to concerns about the U.S. trade war and tariff policy affecting demand. However, a weaker dollar cushioned the decline. The price of three-month copper at the London Metal Exchange (LME), a major exchange in London, had fallen by 0.1% to $9.517.5 per metric ton as of 0358 GMT. The Shanghai Futures Exchange's most active copper contract fell by nearly 1%, to 77 710 yuan (10 721.58) per ton. Last week, the benchmark LME copper price reached a record high of $9 739 after U.S. president Donald Trump exempted automakers for a month from tariffs of 25% on Canada and Mexico. Trump refused to comment Sunday on the negative reaction of the market to his on and off again tariff actions against major U.S. trading partner, or whether the anxieties relating to his erratic policies could push a softening U.S. economy into recession. The longer-term effects of altered trade routes, and retaliation against tariffs, could be economic shocks and uncertainty for investment, and eventually headwinds for suites. This is especially true if tensions between the U.S.A. and China continue to rise. Here, you can see that the health of China has become more uncertain than it was during the previous tariff period. China consumes around half of the global copper supply annually. The yen, however, was the safe haven of choice for investors on Tuesday. It traded at near five-month-highs amid fears that a slowdown in U.S. economic growth could be due to tariffs. This has rattled U.S. stock markets and the dollar. The greenback is less expensive to buyers of other currencies. Other metals include LME aluminium, which fell by 0.5% to 2,681.5 per ton. Zinc also dropped 0.2%, to $2851, and nickel fell by 0.2%, to 16,515. Lead fell 0.7% to $2,035 while tin dropped 0.3% at $32,565. SHFE aluminium fell 0.6%, to 20,740 Yuan per ton. Zinc lost 0.8% at 23,670 Yuan. Lead gained 0.1% at 17,440 Yuan. Nickel rose 0.5% to 132.440 yuan, while tin fell 0.2% to 262,170.
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Data shows that only seven countries will meet WHO standards for air quality in 2024.
Data showed that only seven countries met the World Health Organization's (WHO) standards for air quality last year. Researchers warned, however, that the fight against smog will become even more difficult after the United States stops its global monitoring. According to data compiled by Swiss air monitoring firm IQAir, Chad and Bangladesh had the highest average smog levels in 2024. These levels were more than 15-times higher than WHO guidelines. IQAir stated that only Australia, New Zealand and the Bahamas made the cut, as did Barbados, Grenada Grenada, Estonia, and Iceland. There are significant data gaps in Asia and Africa that cloud the global picture. Many developing countries rely on air quality sensors installed on U.S. Embassy and Consulate buildings to track smog levels. The State Department, citing financial constraints, has ended the program. Last week, more than 17-years of data were removed from airnow.gov, the official U.S. Government air quality monitoring website, including readings taken in Chad. Christi Chester-Schroeder is IQAir’s air quality scientist. She said that most countries have other data sources. However, these data are often the only ones available to the public. Data concerns prevented the Chad from being included in IQAir's list for 2023. However, it was ranked as the most polluted nation in 2022 due to Sahara dust and uncontrolled crop burns. The average concentration of dangerous airborne particles, known as PM2.5, was 91.8 micrograms/cubic metre (mg/cu/m2) in the United States last year, a little higher than 2022. Only 17% of cities met the WHO standard of 5 mg/cu.m. India, which is ranked fifth in smog rankings, behind Chad (the top smog country), Bangladesh, Pakistan, and the Democratic Republic of Congo saw the average PM2.5 drop 7% over the past year to 50.6mg/cu m. Byrnihat in the heavily industrialised northeast of the country, was the first city to register a PM2.5 average of 128mg/cu m. Chester-Schroeder warns that climate change plays a greater role in pollution. Higher temperatures have caused more intense and longer forest fires to rage through South East Asia and South America. Christa Hasenkopf of the Clean Air Program of the University of Chicago Energy Policy Institute (EPIC) said that after the U.S. program is closed, at least 34 other countries will no longer have access to reliable data on pollution. Hasenkopf stated that the State Department program improved air quality and increased life expectancy in cities where monitors were installed. It also reduced hazard allowances to U.S. diplomatic staff, meaning it paid for itself. She said, "It is a huge blow to efforts around the world to improve air quality." (Reporting and editing by David Stanway)
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MWCC Partners with W-Industries On A Multi-Million Dollar Project to Further Enhance Offshore Well Control Capabilities
Houston, Texas – [March 10, 2025] – Marine Well Containment Company (MWCC), a leader in deep water well control, has awarded a multimillion contract to W-Industries for the engineering, fabrication, and delivery of its new drill-ship deployed containment system. This new equipment will further strengthen MWCC’s ability to respond to potential deep water well control incidents—an essential safeguard for the offshore oil and gas industry.Under this contract, W-Industries will leverage its industry expertise to design, manufacture, and integrate the seven key flowback modules of MWCC’s new MODU Deployed Containment System (MDCS). This new equipment will further enhance MWCC’s already extensive capabilities to capture and keep hydrocarbons out of the environment in the event an incident well cannot be immediately shut-in. Designed to operate reliably in challenging offshore environments, the flowback solution will provide dependable performance for up to six months, allowing sufficient time for relief wells to be drilled to permanently plug the well.“W-Industries is proud to partner with MWCC on this critical project,” said Michael Bain, SVP Integrated Systems at W-Industries. “With our extensive technical experience in offshore automation and modular fabrication, we are dedicated to delivering an efficient and robust solution that will significantly enhance MWCC’s containment response capabilities.” “MWCC is excited to work with W-Industries on this important enhancement to our current flowback capabilities, a great example of our never-ending focus on continuous improvement” said David Nickerson, CEO of MWCC. “W-Industries’ expertise in delivering highly automated modular processing systems is exactly what MWCC was looking for.”This partnership reinforces W-Industries’ leadership in offshore energy innovation, particularly in supporting industry safety initiatives and regulatory requirements. By contributing to MWCC’s continued advancements in well control capabilities, W-Industries is demonstrating its commitment to operational safety, regulatory compliance, and offshore risk mitigation. This positions the company as a trusted partner for offshore and subsea energy solutions, ensuring that well containment technology continues to keep pace with developments in offshore drilling practices. About MWCCMarine Well Containment Company (MWCC) is an independent company founded in 2010 to address the need for a deepwater well containment response capability in the U.S. Gulf of Mexico. MWCC is a not-for-profit operation, headquartered in Houston, Texas, consisting of nine member companies. The organizations’ members are some of the world’s largest offshore deepwater operators and make up roughly 70 percent of drilling activity in the deepwater U.S. Gulf of Mexico. More information about MWCC is available at marinewellcontainment.com.About W-IndustriesFounded in 1984, W-Industries is a leading engineering, automation, and fabrication company specializing in providing integrated solutions for the energy and industrial sectors. With expertise in automation and controls, power distribution, modular fabrication, and field services, W-Industries is dedicated to delivering innovative, turnkey solutions for complex offshore and onshore projects. Headquartered in Spring, Texas, with a global presence, W-Industries supports major energy companies and contractors worldwide with a commitment to safety, quality, and operational excellence.For more information:Commercial Partner Azam Jahangir [email protected]
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Singapore iron ore prices rise on the back of increased China demand
The price of Singapore Iron Ore Futures increased on Tuesday due to expectations that demand will increase as steelmakers from the north region of China, its largest consumer, plan to restart production after the conclusion of the annual parliament meeting. The gains, however, were limited by concerns about demand. A potential reduction in steel production in China this coming year, and the escalating trade friction caused by Donald Trump's latest tariffs, have all contributed to the lowering of the market. As of 0321 GMT the benchmark April iron ore traded on the Singapore Exchange rose 0.76%, to $100.65 per metric ton. Earlier in the session, the price had fallen to its lowest level since the 14th January, at $98.85. The May contract for iron ore on China's Dalian Commodity Exchange closed the morning trade at 773.5 Yuan ($106.73). This was 0.19% less than what it opened at. Analysts at Chaos Ternary Futures wrote in a report that "Hot Metal output has still room for growth in March, as some steelmakers will likely increase production in North China after the "Two Sessions"." The annual Chinese legislative meeting, Two Sessions, began on March 4, and will end later that day. Iron ore demand is usually gauged by the hot metal production. Prices of key steelmaking components fell on Monday due to a weak macro-sensation as expectations for more stimulus from China faded, and fears over the impact of Trump's new tariffs clouded demand. Coking coal and coke, which are both steelmaking ingredients, have also declined, by 1.39% apiece. The Shanghai Futures Exchange has seen a stagnation in the steel benchmarks. Rebar dropped 0.93%, while hot-rolled coils fell 0.48%. Wire rod also lost 1.33%. Stainless steel gained 0.11%.
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London copper slips due to US tariff woes, soft dollar limits fall
London copper fell on Tuesday due to concerns about the U.S. trade war and tariff policy affecting demand. However, a weaker dollar cushioned the decline. The price of three-month copper at the London Metal Exchange decreased by 0.4%, to $9.494.5 per metric ton as of 0155 GMT. The Shanghai Futures Exchange's most active copper contract fell by 1.1%, to 77610 yuan (10,694.80 dollars) per ton. Last week, the benchmark LME copper price reached a record high of $9 739 after U.S. president Donald Trump exempted automakers for a month from tariffs of 25% on Canada and Mexico. Trump refused to comment Sunday on the negative reaction of the market to his on and off again tariff actions against major U.S. trading partner, or whether the anxieties relating to his erratic policies could push a softening U.S. economy into recession. The longer-term effects of altered trade routes, and any retaliation against tariffs, could be economic shocks and uncertainty for investment, and eventually headwinds for suites. This is especially true if tensions between the U.S.A. and China continue to rise. Here, you can see that the health of China has become more uncertain than it was during the previous tariff period. China consumes around half of the global copper supply annually. The yen, however, was the safe haven of choice for investors on Tuesday. It traded at near five-month-highs amid fears that a slowdown in U.S. economic growth could be due to tariffs. This has rattled U.S. stock markets and the dollar. The greenback is less expensive to buyers of other currencies. Other metals include LME aluminium, which fell by 0.7% to 2,674 per ton. Zinc also declined, falling 0.6% to 2,840, and nickel, which fell 0.8% to 16,425. Lead fell 0.6% to $2,037 while tin dropped 0.5% at $32,500. SHFE aluminium fell 0.8%, to 20,700 Yuan per ton. Zinc lost 0.9%, to 23,640 Yuan. Lead gained 0.2% at 17,455 Yuan. Nickel fell 0.2% to 131 500 yuan, and tin dropped 0.3% to 261,940.
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Asian stocks fall as the market selloff intensifies on US growth fears
Asian stocks followed Wall Street's lead and plunged sharply on Monday as fears mounted that a wide range of trade wars could dent U.S. growth and cause a recession. This led investors to seek refuge in the Japanese yen, a safe haven currency. Investors' concerns over a potential economic slowdown have been exacerbated since President Donald Trump, in an interview with Fox News, talked about a "period" of transition while declining to say whether his tariffs will result in a U.S. economy recession. These comments and concerns shook the risk-taking sentiment and sent stocks tumbling, weighing down on the U.S. Dollar and Treasury yields. S&P 500 dropped 2.7% Monday, the biggest drop of this year. Nasdaq fell 4.0% on Monday, its largest percentage drop in a single day since September 2022. S&P 500 and Nasdaq Futures fell 1% during Asian hours on Monday. In Asia it was a sea red, with Japan's Nikkei index and Taiwan's stocks falling about 3%. They reached their lowest levels since September. MSCI's broadest Asia-Pacific share index outside Japan dropped more than 1%. Even Chinese stocks that have had a great year were not immune from the negative mood. The blue-chip index dropped about 1% while Hong Kong's Hang Seng Index fell 1.5%. The European futures market also indicated a lower opening, with DAX Futures down by 0.8%, and Eurostoxx Futures down by 0.9%, suggesting that the selloff still had room to run. Prashant Nnewnaha, a senior Asia-Pacific rate strategist at TD Securities said that the consensus was that Trump would be swayed if stocks plummeted. The markets have understood that the administration intends to remove the bandage. Tariffs and recession could be the remedy to disinflation, and get that 10-year yield down. "For now, it's controlled demolition." The yield on the benchmark 10-year U.S. notes dropped 5 basis points during Asian hours on February 2, after falling 10 bps the previous day, which was the biggest daily drop in nearly a month. The yield on the two-year bond, which moves typically in line with expectations of interest rates for the Federal Reserve fell by 5 basis points to a new five-month-low. LSEG data shows that traders now price in 88 bps easing by the Fed for this year. This is up from 75 bps Monday. The Japanese yen rose 0.3% versus the dollar. The yen was last seen at 146.65 against the dollar, after reaching its highest level for five months in earlier session. In 2025, the yen will be up 7% compared to the dollar. It also strengthened, and hovered near the three-month high reached on Monday. In early trading, it last purchased 0.87755 per US dollar. Market sentiment has quickly shifted from optimism following the election to serious recession concerns, fuelled by policy uncertainty and a continuous stream of weak economic data, said Tony Sycamore. Trump said that the possibility of reciprocal tariffs against Canadian lumber and dairy could be imminent. The dollar index (which measures the U.S. money against six other currencies) was hovering near a 4-month low. The index is down over 4% this year. Oil prices dropped for a second consecutive day on Tuesday, as traders worried that U.S. Tariffs could slow down economies in other countries and reduce energy demand. Meanwhile, OPEC+ increased its supply. Brent futures dropped 0.65% to $68.83 per barrel while U.S. West Texas Intermediate Crude futures declined 0.82% to $55.49 per barrel. (Reporting and editing by Ankur Banerjee, Singapore.
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Australia's Brickworks falls as North America operations hit causes investor anxiety
Brickworks shares fell on Tuesday, after the Australian company warned of a reduction in its interim results. The firm cited ongoing revenue pressures for its North American operations as a result of challenging market conditions during the last six months. The stock dropped as much as 10% to A$22.92 - its lowest level since Sept. 2023. Brickworks, a company in which Washington H Soul Pattinson owns a stake of nearly 43%, was one of the biggest decliners among the ASX 200, which fell 1.3% for the day. The company expects to record a noncash impairment charge in the amount of A$55,000,000 ($34.5 Million) for its North America operations when it releases its half-year financial results. Brickworks warned about difficult trading conditions at its annual general meeting held in November 2024. Brickworks reported in a Tuesday filing that "these challenging conditions continued throughout the remainder of 1H25 and drove a 13% decrease in revenue as compared to the previous corresponding period." In order to manage excess inventory the company had to close several plants in the period. This led to increased manufacturing costs as well as a decrease in EBITDA (earnings before interest, tax, depreciation, and amortization) for the first six months. Brickworks' outlook was impacted by the continued uncertainty about when the market would recover. It cited labour shortages, high material costs, rising interest rates and geopolitical instability as factors. The company has therefore moderated its expectations for short- and medium-term sales. Jessica Amir is a market strategist for trading platform Moomoo. She said that the demand for the company's products has slowed down due to the fact that interest rates are staying the same in the U.S. and tariffs have increased their price. "(Brickworks') dividend history is strong and this appears to be a trend that will continue. "But the road ahead could be bumpy," added she. The company was unable to provide an estimate of its net profit after taxes, as it would include the investment earnings from Washington H Soul Pattinson's 25.65% share. (1 Australian dollar = 1.5924 dollars) (Reporting and editing by Alan Barona in Bengaluru, Nikita Maria Jio from Bengaluru)
3 missing out on from bulk carrier off Yemen after incident reported - delivering source
Three crew members were missing out on from the Barbadosflagged bulk carrier True Self-confidence and 4 others have actually been badly burned after the vessel was damaged off Yemen on Wednesday, a shipping source stated on Wednesday.
A British monitoring agency had reported previously that a. merchant vessel had actually been harmed in an attack south of Yemen and. coalition forces were supporting it. The ship's owner said it. had been struck by a rocket presumed to have originated from Yemen's. Houthi militants.
The shipping source, who declined to be determined, said the. vessel appeared to have actually been deserted.
There was no immediate claim of responsibility for any. attack. Houthi militants in Yemen have actually repeatedly introduced. drones and rockets versus global industrial shipping. because mid-November, stating they are acting in uniformity with. Palestinians against Israel's military actions in Gaza.
The United Kingdom Maritime Trade Operations (UKMTO) agency. stated it had received a report of an incident 54 nautical miles. southwest of Yemen's port city of Aden. It stated authorities are. examining the incident but offered no additional details.
A U.S. defence authorities said smoke was seen originating from the. True Self-confidence. The authorities, who decreased to be named, informed. a lifeboat had likewise been seen in the water near the. ship.
The Houthi attacks have disrupted international shipping, requiring. companies to re-route to longer and more expensive journeys around. southern Africa.
(source: Reuters)