Oil sinks over 5pc as Trump predicts Middle East de-escalation
LONDON, March 10 (Reuters): Oil prices plummeted over 5 per cent on Tuesday after soaring to a more than three-year high in the previous session as US President Donald Trump predicted the war in the Middle East could end soon, easing concerns about prolonged disruptions to oil supplies.Brent futures were...
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Gold rises 1pc on easing inflation worries
Gold rose 1 per cent on Tuesday, as inflation fears receded after oil fell following US President Donald Trump's remarks that the Middle East war could "end soon", while a weaker US dollar and easing Treasury yields also provided support, reports Reuters.Spot gold rose 0.8 per cent to $5,178.60 per...
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Airlines hike ticket prices as Iran war propels fuel costs
Australia's Qantas Airways, Scandinavia's SAS and Air New Zealand announced airfare hikes on Tuesday, blaming an abrupt spike in the cost of fuel caused by the Middle East conflict, reports Reuters.Jet fuel prices, which were around $85 to $90 per barrel before US-Israeli strikes on Iran, have soared to between...
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Traders raid LME aluminium stockpiles as shortages loom
Almost 40 per cent of London Metal Exchange aluminium inventories have been cancelled, or earmarked for delivery out of approved warehouses, as industry sources say the metal could be shipped to countries left short by the closure of the Strait of Hormuz, reports Reuters.A total of 98,150 tons of warranted...
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India's small steelmakers face production cuts amid LNG shortages
NEW DELHI, March 10 (Reuters): Scores of small Indian steel producers have warned of production cuts as the escalating Middle East conflict disrupts gas supplies to the world's biggest producer of the alloy after China, industry officials said."We are looking at a 50 per cent production cut as of now...
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