Oil prices eased yesterday but remained at elevated levels after a long US holiday weekend, as traders mulled an offer from crude producer Iran to hold talks on its nuclear drive.
Brent North Sea oil for next month delivery slid US$0.17 to US$144.25 a barrel in electronic deals. That was not far off the record high US$146.69 that was struck last Thursday.
New York’s main oil contract, light sweet crude for delivery next month, shed US$1.66 to US$143.63 yesterday. The contract had punched a life-time high of US$145.85 last Thursday.
US floor trading was shut on Friday but electronic trade continued over the Independence Day holiday.
Oil blazed a record-breaking trail last week, driven by geopolitical tensions over Iran, the weak US dollar and tightening global supplies, traders said.
Sky-high oil prices — which ramp up the cost of petrol, jet fuel, and domestic electricity and gas — have triggered fears about higher inflation and slower economic growth. They have also sparked protests around the world.
Over the weekend, Iran offered to negotiate on its nuclear drive but without a freeze on uranium enrichment, in its first comments since responding to an international package aimed at ending the standoff.
EU foreign policy chief Javier Solana said yesterday he hoped to meet later this month with Iran’s top nuclear negotiator, after Tehran gave its response to a package of incentives to halt uranium enrichment.
“There is some kind of relaxing on the part of Iran,” said Tony Nunan, a manager with Mitsubishi Corp’s international petroleum business in Tokyo.
“So any kind of reduction in tension there will take some of the price pressure off,” he said.
ANNOUNCEMENT: People who do not comply with the ban after a spoken warning would be reported to the police, the airport company said on Friday Taoyuan International Airport Corp on Friday announced that riding on vehicles, including scooter-suitcases (also known as “scootcases”), bicycles, scooters and skateboards, is prohibited in the airport’s terminals. Those using such vehicles should manually pull them or place them on luggage trolleys, the company said in a Facebook post. The ban intends to maintain order and protect travelers’ safety, as the airport often sees large crowds of people, it said, adding that it has stepped up publicity for the regulation, and those who do not comply after a spoken warning would be reported to the police. The company yesterday said that
QUIET START: Nearly a week after applications opened, agencies did not announce or promote the program, nor did they explain how it differed from other visitor visas Taiwan has launched a six-month “digital nomad visitor visa” program for foreign nationals from its list of visa-exempt countries who meet financial eligibility criteria and provide proof of work contracts. To apply, foreign nationals must either provide proof that they have obtained a digital nomad visa issued by another country or demonstrate earnings based on age brackets, the Bureau of Consular Affairs said. Applicants aged 20 to 29 must show they earned an annual salary of at least US$20,000 or its equivalent in one of the past two years, while those aged 30 or older must provide proof they earned US$40,000 in
UNITY MESSAGE: Rather than focusing on what Trump said on the campaign trail about Taiwan, Taipei should be willing to engage with the US, Pompeo said Taiwan plays a key role in Washington’s model of deterrence against China, former US secretary of state Mike Pompeo said in a speech in Taipei yesterday. During US president-elect Donald Trump’s first term, “we had developed what we believe was a pretty effective model of deterrence against adversaries who wanted to undermine the set of rules and values that the people of Taiwan and the people of the US hold dear,” Pompeo said at a forum organized by the Formosa Republican Association. “Succeeding in continuing to build this model will not solely rest at the feet of president Trump and his team,
TECH CORRIDOR: Technology centers and science parks in the south would be linked, bolstering the AI, semiconductor, biotech, drone, space and smart agriculture industries The Executive Yuan yesterday approved a “Southern Silicon Valley” project to promote the development of an artificial intelligence (AI) and semiconductor industry in Chiayi County, Tainan, Pingtung County and Kaohsiung. The plan would build an integrated “S-shaped semiconductor industry corridor” that links technology centers and science parks in the south, Executive Yuan spokesperson Michelle Lee (李慧芝) said yesterday after a Cabinet meeting. The project would bolster the AI, semiconductor, biotech, drone, space and smart agriculture industries, she said. The proposed tech corridor would be supported by government efforts to furnish computing power, workforce, supply chains and policy measures that encourage application and integration
RSS