Oil prices
The decision entails a one-Egyptian pound increment in both gasoline and diesel prices.
The decision comes amid rising global oil prices, compounded by conflicts such as the Gaza war and the Russo-Ukrainian war.
Egypt is planning to lower the oil price by 15% at $80 per barrel in the 2023/2024 fiscal year’s budget,
Oil fell on Monday as concerns about economic growth combined with signs of ample global supplies pressured prices
Oil fell on Monday as concerns about economic growth combined with signs of ample global supplies pressured prices
Oil prices rose on Monday on concerns that Iran’s seizure of a British tanker last week may lead to supply disruptions in the Middle East Gulf, although gains were capped as Libya resumed output at its largest oil field.
Oil prices were near 2019 highs on Tuesday, supported by supply cuts led by producer club OPEC.
Oil prices were steady on Monday as support from OPEC-led supply restraint was countered by an uptick in U.S. drilling and concerns about demand due to the slow progress in U.S.-Chinese trade talks.
Oil prices rose by around 1 percent on Tuesday amid supply cuts led by producer club OPEC and Russia, although a darkening economic outlook may soon weigh on growth in fuel demand.
Oil prices edged up on Monday after evidence that a recent fall to 15-month lows may be affecting output in the United States
Oil prices edged up on Thursday on optimism that trade talks at the upcoming G20 meeting could help the global economy and improve demand, but gains were curbed after U.S. crude inventories hit their highest in a year.
Oil prices slipped on Monday, pulled down by rising Russian production and the highest U.S. drilling activity in more than three years
A wrap-up of the most prominent business news of the day.
A wrap-up of the most prominent business news of the day.
OPEC started its meeting Thursday at the headquarters in the Austrian capital.
A wrap-up of the most prominent business news of the day.
The S&P and the Dow were higher on Wednesday, as oil prices rise, while Apple's 1 percent drop limited gains on the Nasdaq.
Italian oil major Eni swung to a profit in the third quarter thanks to stronger oil prices and higher production, but fell short of expectations.
Oil prices fell on Friday and were set for a weekly loss as investors sought to book profits, despite tensions in the Middle East that have slashed supplies of crude.
Oil prices steadied on Thursday, holding onto most recent gains, supported by OPEC-led supply cuts, tension in the Middle East and lower U.S. production.
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