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Tag: Oil prices

Chinese company Sinopec reports profit increase of 2.6 percent in the first half of the year

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Chinese company Sinopec reports profit increase of 2.6 percent in the first half of the year

BEIJING (Reuters) – Chinese group Sinopec increased its net profit by 2.6 percent in the first half of the year, the company said on Sunday. The rise in oil prices led to higher earnings. China Petroleum & Chemical Corp, as Sinopec is officially called, reported on Sunday a net profit of 37.1 billion yuan (5.21 […]

Oil prices fall for fifth day in a row due to demand concerns

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Oil prices fall for fifth day in a row due to demand concerns

By Irina Slav – August 22, 2024, 3:07 am CDT Oil prices extended their losing streak to a fifth day on weak demand expectations and speculation about a reversal of OPEC+ production cuts. The main reasons for demand concerns are the economic slowdown in China and weak oil import data. Geopolitical risks […]