Oil prices up by 20% on worries of ‘dangerous’ climate change
Oil prices have risen sharply this week as a global oil glut is set to tighten further and as the world prepares to kick off the world’s hottest summer.
The dollar, which has traded at around 70 cents a barrel since early April, hit its highest level since January.
In Sydney, the dollar strengthened to a fresh three-week high against the greenback as investors took comfort in the fact that the Trump administration’s energy policy has put pressure on the US economy.
“There is no doubt that the US has seen the most serious increase in global oil demand in the last five years,” said Mark Fitzpatrick, head of commodities research at Commonwealth Bank of Australia.
“The Trump administration is pushing the market towards tighter production levels, which will have a positive impact on US energy prices.”
While the impact of the Trump presidency on the global oil market is difficult to gauge, the Trump Administration’s policy of tighter oil production and oil imports will likely result in higher oil prices for many of the world.
Zhu Yu, the head of Jilins group, said many companies were focusing on China’s infrastructure and business environment and were looking for a diversified approach.””
We see the global economic situation as being stable and we are looking forward to the growth of our economy and to the continued development of our industries,” said Zhu Yu, head business development at Jilin Group.
Zhu Yu, the head of Jilins group, said many companies were focusing on China’s infrastructure and business environment and were looking for a diversified approach.
“We expect China to become a leading manufacturing power and a world leader in the development of high-tech manufacturing,” he said.
In the US, stocks have recovered from the steep drop in March and are currently trading around $30 a barrel, the highest since April.
The Dow Jones Industrial Average (DJIA) is up 18.8% to 20,087.
The S&P 500 (SPX) is off 21.3% to 2,890.
The Nasdaq Composite (VIX) is down 9.7% to 5,938.