Oil prices fell to near four-month lows on Monday after a steep drop in Chinese stock markets and on more evidence of a global oil supply glut that has halved prices over the past year.
Chinese stocks tumbled more than 8 per cent
Chinese shares tumbled more than 8 per cent on Monday amid renewed fears about the outlook for the world's No 2 economy, reviving the spectre of a full-blown market crash that prompted unprecedented government intervention earlier this month
Chinese authorities plan to start a second cruise ship link to the disputed Paracel Islands in the South China Sea, state media reported on Monday, in a move that may irk Vietnam, which also claims the islets.
China began cruises on the
Brent and US crude futures settled on Friday at their lowest since March and posted their fourth straight weekly decline as weak economic data from China and a rise in US oil drilling rigs applied pressure.
US energy firms added 2
Oil prices edged up on Friday after closing at their lowest in months in the previous session as oversupply and disappointing Chinese factory activity dragged on the market.
Oil prices in the US have slumped more than 20 per cent
Gold bounced back above $1,100 an ounce on Thursday from the previous session's five-year low, as a retreat in the dollar prompted some investors to take advantage of the price drop to buy back into the market.
Many remained w
Gold edged up from a five-year low on Thursday as the dollar weakened, but the modest gains suggest bearish investors are still hovering in the market after an early-week rout led to bullion's deepest loss in nearly two years.
Gold fell on Wednesday for a seventh session in eight, reflecting sustained downward pressure on the metal days after its steepest drop in almost two years, with more losses seen ahead as the demand outlook dims.
A looming hike in
China-based Honghua Group, a leading global land drilling rig manufacturer, said it has entered into an agreement worth $26 million with an Iraqi firm to provide oilfield drilling services for the company.
The deal signed early th
As Rio Tinto and BHP Billiton ship more iron ore than ever to China, the Australia mining giants face a fightback from Brazil's Vale for market share that threatens to drive already weak prices even lower.
The Australian compa