SINGAPORE: Oil prices slid more than 2% on Friday on concerns that a global supply surplus could swell in the first quarter following a US-led coordinated release of crude reserves among major consumers and as a new Covid-19 variant spooked investors.
Oil prices slid more than 1% on Friday on concerns that a global supply surplus could swell in the first quarter following a coordinated release of crude reserves among major consumers, led by the United States.
Japanese refiners are dusting off unused supply chains for fuel oil and getting coastal vessels and storage tanks ready after receiving requests from electric utilities to supply more fuel oil this winter amid a global crunch for power generation fuels. Japan narrowly averted blackouts last winter as liquefied natural gas (LNG) demand and prices soared .