Oil prices sank below US$59 per barrel this week for the first time since late May on renewed concerns about weak demand for energy, dealers said.
One week earlier they had hit eight-month peaks above US$73, while one year ago they recorded record highs above US$147 — emphasizing the volatility of oil markets in recent times.
“Crude oil is heading for its biggest weekly decline since January, as the US dollar gained against the euro, reducing the appeal of commodities as a hedge against inflation,” said David Evans, an analyst at BetOnMarkets.com. “Oil has fallen about 10 percent this week amid concerns a prolonged global recession may sap energy demand.”
OIL: Crude oil prices closed below the psychological barrier of US$60 a barrel in New York on Friday as the market focused on weak demand and risks of deflation amid a steep global downturn.
New York’s main contract, light sweet crude for delivery in August settled at US$59.89 a barrel, shedding US$0.52 from its Thursday close, from US$66.26 a barrel last Friday. In intraday trading the futures contract sank to US$58.72, the lowest level since May 18 and nearly US$15 below last week’s peaks.
In London, Brent North Sea crude for August delivery dropped US$0.58 to close at US$60.52 a barrel, from US$66.13 a week earlier.
PRECIOUS METALS: Gold dived to US$905.10 per ounce, hitting a nadir last seen on May 6.
By late Friday on the London Bullion Market, gold dipped to US$913 an ounce from US$932.50 a week earlier.
Silver fell to US$12.63 an ounce from US$13.44.
On the London Platinum and Palladium Market, platinum sank to US$1,095 an ounce at the late fixing on Friday from US$1,185.
GRAINS AND SOYA: Grains and soya prices fell as economic recovery hopes dimmed.
By Friday on the Chicago Board of Trade, maize for delivery in December sank to US$3.28 a bushel from US$3.57 the previous week. November-dated soybean meal — used in animal feed — fell to US$8.94 from US$10.06.
Taiwan moved clear of Mexico to be the only country at No. 2 in the World Baseball Softball Confederation (WBSC) Men’s Baseball World Rankings. Meanwhile, draft bills to set up a ministry of sports were approved at a joint session at the legislature in Taipei yesterday. After previously being tied with Mexico for second on 4,118 points, Taiwan moved clear on 5,498 points after they defeated Japan in the final of the WBSC Premier12 tournament on Sunday. Mexico (4,729) dropped to fourth, behind Venezuela (4,846), who finished fourth at the tournament. Taiwan narrowed the gap to first-placed Japan to 1,368 points from 1,638, WBSC
GLOBAL SUPPORT: The Ministry of Foreign Affairs said that the motion highlighted the improper exclusion of Taiwan from international discussion and cooperative mechanisms Taiwan yesterday thanked the British parliament for passing a motion stating that UN Resolution 2758 does not involve Taiwan, making it the latest body to reject China’s interpretation of the resolution. The House of Commons on Thursday debated the international status of Taiwan and unanimously passed a pro-Taiwan motion stating that the House “notes that UN Resolution 2758 does not address the political status of Taiwan or establish PRC [People’s Republic of China] sovereignty over Taiwan and is silent both on the status of Taiwan in the UN and on Taiwanese participation in UN agencies.” British Foreign, Commonwealth and Development Office Parliamentary
HIGH ALERT: The armed forces are watching for a potential military drill by China in response to the president’s trip, with the air force yesterday conducting an exercise President William Lai (賴清德) is to make stopovers in Hawaii and the US territory of Guam during his seven-day trip to the South Pacific, his first official visit since taking office in May, the Presidential Office said yesterday. Lai, accompanied by a delegation, is scheduled to depart for the South Pacific on a chartered flight at 4:30pm tomorrow, stopping first in Hawaii for a two-night layover before traveling to the Marshall Islands, an office official said. After wrapping up his visits to the Marshall Islands and Tuvalu, the president is to transit through Guam, spending a night there before flying to Palau,
‘IMPORTANCE OF PEACE’: President Lai was welcomed by AIT Managing Director Ingrid Larson, Hawaii Governor Josh Green, Honolulu Mayor Rick Blangiardi and others President William Lai (賴清德) was feted with red carpets, garlands of flowers and “alohas” as he began his two-day stopover in Hawaii on Saturday, part of a Pacific tour. Looking relaxed in a Hawaiian shirt, Lai flitted around the US island state, visiting the Bernice Pauahi Bishop Museum, Hawaii’s leading museum of natural history and native Hawaiian culture, the Hawaii Emergency Management Agency and the USS Arizona Memorial in Pearl Harbor. Lai was given the “red carpet treatment” on the tarmac of Honolulu’s international airport, his office said, adding that it was the first time a Taiwanese president had been given such
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