NEW YORK (Reuters) - Oil prices rose more than 2% on Thursday, turning positive as OPEC and its allies said the producer group would crack down on countries that failed to comply with output cuts and planned to hold an extraordinary meeting in October if oil markets weaken further. After falling early in the session amid bearish jobs numbers and a ramp up in Gulf of Mexico oil output following Hurricane Sally, crude benchmarks reversed course to gain on the day, bolstered by comments from OPEC. "Although no amendments to the current supply-cut deal have been proposed by OPEC+ today, the producers group gave the impression that it does not sweep troubles under the carpet," said Rystad Energy's Head of Oil Markets, Bjornar Tonhaugen. Brent oil futures extended gains to settle up $1.08 or 2.56% at $43.30 a barrel. U.S. crude futures settled higher by 81 cents, or 2.02% at $40.97 a barrel. Both contracts rose more than 4% on Wednesday. The panel of major producers, including Saudi Arabia and Russia, did not recommend any changes to their current output reduction target of 7.7 million barrels per day (bpd), or around 8% of global demand, according to a draft press release and an internal report. The panel pressed laggards such as Iraq, Nigeria and the United Arab Emirates to cut more barrels to compensate for overproduction in May-July, while extending the compensation period from September to the end of December, according to three OPEC+ sources. "They were coming down hard on the UAE," said Phil Flynn, senior analyst at Price Futures Group in New York. The expectation that output could fall as the UAE and others trim production bolstered prices, he said. The OPEC news overshadowed the restart of U.S. offshore production after Hurricane Sally passed through the Gulf of Mexico and bearish U.S. economic news. U.S. energy companies were starting to return crews to offshore oil platforms in the Gulf of Mexico after Sally halted operations for five days, shutting down nearly 500,000 bpd of output. Prices were also under pressure from the slow economic recovery from the pandemic. Global coronavirus cases are expected to pass 30 million on Thursday, according to a Reuters tally. The U.S. Labor Department's report showed the number of Americans filing new claims for unemployment benefits fell last week, but remained at extremely high levels as the labor market recovery shifts into low gear and consumer spending cools. Even OPEC+ cautioned that the pandemic could continue to curb demand. An OPEC+ technical panel warned that a rise in coronavirus cases in some countries may curb oil demand despite signs of economic recovery and initial indications of a decline in oil stocks, according to an internal document seen by Reuters.
Good news, perikatan nasional has won the Sabah election by 38 seats out of 73 seats ! So that our politic will be stable for another 3 years till 2023 election !
TRANSACTIONS (CHAPTER 10 OF LISTING REQUIREMENTS) : NON RELATED PARTY TRANSACTIONS LION INDUSTRIES CORPORATION BERHAD ("LICB" OR THE "COMPANY") Proposed disposal by Amsteel Mills Sdn Bhd ("Seller"), a 99% owned subsidiary of the Company, of the hot-briquetted iron plant and business in Labuan by disposing of the entire 100% equity interest in Antara Steel Mills Sdn Bhd ("Antara") to Esteel Enterprise Pte Ltd ("Buyer") for a cash consideration of USD128.00 million (equivalent to RM546.56 million)
PETALING JAYA: Budget 2021, which will be tabled in November, will be expansionary though narrower than Budget 2020, with economists projecting a budget deficit of 4% to 6% next year.
The government, they said, would need to revitalise the economy with appropriate measures due to the uncertainties arising from the Covid-19 and the weak global economy, which has caused many nations to fall into recession.
The World Bank expects Malaysia’s fiscal deficit to gross domestic product (GDP) to widen to 7% this year, underpinned by increased expenditure and downward pressure on revenue. The government, however, expects the fiscal deficit to be at 5.8% to 6% this year.
Economists expect the government to look into some core areas to ensure Malaysia is on the right track to achieve economic sustainability post-pandemic.
Socio-Economic Research Centre executive director Lee Heng Guie told StarBiz that the federal government is torn between managing a tight fiscal space and keeping the country’s sovereign rating intact.
"In our view, the government should go for another year of fiscal deficit targeted at public spending and programmes as well as the provision of tax incentives and allowances to boost private investment, creating jobs and income.
Oh My goodness ! Mahsing closed at RM1.24 (0.295) (+31.2 %) ! Tommorrow Mahsing probably will continue spike up and opened at=> RM1.40 (+0.16) (+12.9 %) and closed at RM1.60 (+0.36) (+29 %) ! Keep it up Mahsing !
Oh My goodness ! LSTEEL closed at 0.34 (0.065) (+23.6 %) ! Tommorrow LSTEEL probably will continue spike up and opened at=> RM0.40 (+0.06) (+17.6 %) and closed at 0.50 (+0.16) (+47.1 %) Keep it up LSTEEL !
because both also involved in steel industry lar bro... you didn't read through their company portfolio meh ?
So, since LSTEEL also spike up like mad, other steel counters like Lionind, Masteel, Hiaptek, Mycron, Melewar and etcs will also follow and spike up to sky high !
So, wanted to making big profits please be sailang faster on these counters ! Later no more cheap cheap steel counters to buy already lor !
GEORGE TOWN: A section of a steel factory at the Perai Industrial Park exploded this evening, hurting six workers and sending plumes of smoke that were visible from Penang island.
In the 4.28pm incident at the Ann Joo Steel Factory, a team of 15 firemen from the nearby Perai fire station put the flames out in 15 minutes.
Perai fire department operations chief Azrul Khairi Abu Bakar said the incident took place at the smelting section in a 3-storey building, where a 1,000 degrees Celsius furnace was located.
He said 30% of the section was damaged.
“We are now cooling down smelted steel. A forensic team would investigate the cause of the incident tomorrow after the metals cool down sufficiently,” he said when contacted.
Azrul said the six workers, all in their 40s, who sustained minor injuries were sent to the hospital for treatment.
This book is the result of the author's many years of experience and observation throughout his 26 years in the stockbroking industry. It was written for general public to learn to invest based on facts and not on fantasies or hearsay....
Benson88
3 posts
Posted by Benson88 > 2020-09-15 10:38 | Report Abuse
Trapped for few year d sad.