STOCKS closed higher on Wednesday as global crude oil prices eased and ahead of the release of Philippine gross domestic product (GDP) data. The Philippine Stock Exchange index (PSEi) went up by 39.86 points or 0.56% to close at 7,081.36 on Wednesday, while the broader all shares index added 16.28 points or 0.44% to end […]
Tag: crude
RCBC projects 2023 inflation average at 4.5-5.5%
RIZAL Commercial Banking Corp. (RCBC) said average inflation is expected to slow to 4.5% to 5.5% in 2023 as oil prices ease, with the lower end of his forecast in line with the government’s official projection of 4.5%. In an email, the bank’s Chief Economist Michael L. Ricafort said he sees inflation in the first quarter averaging […]
PSE index inches up as investors wait for leads
THE MAIN INDEX closed nearly flat on Monday after oil prices dropped on Friday and as investors look for catalysts ahead of central bank meetings this week. The 30-member Philippine Stock Exchange index (PSEi) inched up by 5.08 points or 0.07% to close at 6,585.20 on Monday, while the broader all shares index lost 0.41 […]
Latest look into the country’s oil and gas industry
In today’s economy, oil and gas are vital resources. They generate energy to power critical facets of the economy, such as transportation and electricity. Oil is also an important material to create products like plastics and chemicals. Thus, the stability of the oil supply, as the Department of Energy (DoE) said, is “of paramount importance […]
Opec, allies to raise production of oil as energy prices soar
THE Organization of the Petroleum Exporting Countries (Opec) oil cartel and allied producing countries including Russia will raise production by 648,000 barrels per day in July and August, offering modest relief for a global economy suffering from soaring energy prices.The cost of oil, which began to rise sharply to start of the year, spiked after […]
Oil prices surge $5 per barrel despite release of supplies
OIL prices surged another US$5 per barrel on Wednesday, March 2, 2022, after an agreement by the United States and other major governments to release supplies from strategic stockpiles failed to calm market anxiety over Russia’s attack on Ukraine.Benchmark US crude rose $5.24 per barrel to $108.60 in electronic trading on the New York Mercantile […]
As crude surges to over $100 a barrel, DBCC closely monitoring oil prices
By Luz Wendy T. Noble, Reporter and Jenina P. Ibañez, Senior Reporter GOVERNMENT ECONOMIC managers are keeping a close eye on oil price hikes as Brent crude surged over $100 for the first time since 2014 on Thursday after Russia’s attack on Ukraine, offering assistance to sectors affected most by the crisis. “The Development Budget […]
Metro Manila retail price growth slowest in five months in July
RETAIL PRICE growth of general goods in the National Capital Region eased to its slowest pace in five months in July, the Philippine Statistics Authority (PSA) reported on Friday. The general retail price index (GPRI) registered a 1.8% growth in July, decelerating from the 2% rise in June but faster than the 1.5% a year ago. The July performance marked […]
Coconut oil, crude coconut oil among top 3 US imports from PHL
COCONUT OIL and crude coconut oil make up two of the top three US imports from the Philippines, according to the Philippine Coconut Authority (PCA). The PCA said in a statement that the two products have maintained their standing among US imports over the past three years, citing estimates by the International Trade Center. Eric […]