AED
USD 0.27
AFN
USD 0.01
ALL
USD 0.01
AMD
USD 0.00
ANG
USD 0.55
AOA
USD 0.00
ARS
USD 0.00
AUD
USD 0.65
AWG
USD 0.56
AZN
USD 0.59
BAM
USD 0.55
BBD
USD 0.50
BDT
USD 0.01
BGN
USD 0.55
BHD
USD 2.65
BIF
USD 0.00
BMD
USD 1.00
BND
USD 0.73
BOB
USD 0.14

Oil Hovers Near Three-Week High

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Oil prices rose on Tuesday, nearing their highest levels in three weeks due to escalating tensions in the Middle East and a recovery in Chinese demand. Crude oil rose to $78.40 per barrel in the morning.

The Houthi rebels continued their attacks on maritime routes in the Red Sea and the Bab el-Mandeb strait, where at least four other ships have been targeted by drone strikes and missiles since Friday. The Houthis stated that one of these ships, the cargo ship Robimar, flying the flag of Belize and registered in Britain, managed by Lebanon in the Gulf of Aden, is at risk of sinking, increasing the risks in their campaign to disrupt global shipping.

On another note, strong demand indicators in China also boosted morale. Tourism revenues in China increased by 47.3% on a yearly basis, surpassing pre-COVID-19 levels during the National Lunar New Year holiday, which ended on Saturday. China also made a record cut in the benchmark price for property loans on Tuesday, attempting to support the besieged real estate market and economy. However, the supporting factors for prices did not fully compensate for demand concerns.On the other hand The International Energy Agency adjusted down its oil demand growth forecasts for 2024 last week amid expectations that renewable energy will replace fossil fuel usage.

Reed More China’s Measures To Revive The Property Market.

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