World Bulletin / News Desk
Asian energy firms retreated Tuesday after a plunge in oil prices, while the pound's troubles mounted on worries about Britain's plans to leave the European Union.
The deal sent the cost of a barrel surging last month towards $60 on hopes the cuts could reduce a global glut that had sent prices to near 13-year lows last February.
However, Iraq’s oil minister said exports from its southern ports reached a record high in December, leading to suspicion it will not stick to the cuts, which came into effect on January 1.
"The Iraqi headlines have raised concerns about compliance," John Kilduff, a partner at New York-based hedge fund Again Capital LLC, told Bloomberg News.
"We need to see compliance outside of Saudi Arabia, Kuwait and the other Gulf states."
While both contracts edged up Tuesday, regional energy firms fell although they pared early losses. Sydney-listed Woodside Petroleum lost 0.1 percent and BHP Billiton was down 0.4 percent.
Inpex lost 1.5 percent in Tokyo and CNOOC was down 1.3 percent in Hong Kong. PetroChina was flat.
Flynas chairman Ayed al-Jeaid said at the signing ceremony in Riyadh that the deal includes an option for 40 more of the short to medium-haul planes in what airline executives said is a growing domestic market.
Central Bank skips repo auctions for third trading day to stem sharp decline in lira value against other currencies
Oxfam pointed to a link between the vast gap between rich and poor and growing discontent with mainstream politics around the world.
US dollar/Turkish lira exchange rate fell to stand at 3.7630
Chancellor Philip Hammond says if Britain is 'closed off' from EU markets, it will be forced to be 'something different'
Government plans to claw back lost VAT revenues splits opinion in austerity-hit country
"It would probably be right if the ECB starts daring to head for the exit this year," Schaeuble told the Sueddeutsche Zeitung newspaper -- although he acknowledged it would be a "difficult task".
There was muted reaction to end-of-the-year data from China showing the world's number-two economy was still struggling on the trade front, with uncertainty over Trump's upcoming presidency.
Education, infrastructure spending can help in current environment, observer says.
Erol Bilecik, head of Index Group, to lead Turkish Industrialists’ and Businessmen’s Association
Traders had hoped the real estate tycoon would flesh out some of his campaign promises such as tax cuts and infrastructure spending, but he gave very little away, fuelling uncertainty about his aspiration to boost the US economy.
Samsung Vice Chairman Lee Jae-yong summoned for questioning on corruption charges related to presidential office scandal
A total of 129,360 vehicles registered in November
Both main crude contracts sank almost four percent on Monday as traders fret over Iraq's commitment to stick to output cuts agreed amid much fanfare by OPEC and other key producers in November.