ECONOMY

One week after Canada's Keystone pipeline spilled more than 14,000 barrels of oil in rural Kansas in the United States, the cause is still unknown, according to regulators.

Oil prices were largely unchanged in early Asian trade on Thursday as traders weighed optimism over China's demand outlook against the possibility of further interest rate hikes from global central banks.

Oil prices fell in early trade on Wednesday after industry data showed a surprise build in U.S.

Wheat, corn and palm oil futures have from dropped from record or multi-year highs but prices in the retail market remain elevated and tight supplies are forecast to support prices in 2023.

Oil prices rose for a second day on Tuesday as a key pipeline supplying the United States, the world's biggest crude consumer, remained shut and on expectations loosening COVID restrictions in China, the second-biggest user globally, will boost demand.

Oil prices rose more than 1% in early Asian trade on Monday as a key Canada-United States crude pipeline stayed shut while Russian President Vladimir Putin threatened to cut production in retaliation against a Western price cap on Russian oil exports.

Oil prices steadied in early Asian trade on Thursday after sinking to their lowest level this year as U.S.

Western officials are in talks with Turkish counterparts to resolve oil tanker queues off Turkey, a British Treasury official said, after the G7 and European Union rolled out new restrictions on Dec.

The Reserve Bank of India's key repo rate was raised by 35 basis points (bps) on Wednesday as widely expected, the fifth straight increase, with the central bank vowing there will be no let up in its fight to tame high inflation.

Oil prices were mixed in early Asian trade on Wednesday after falling to their lowest settlement levels this year as economic uncertainty and the prospect of higher interest rates pressured prices.

The dollar crept higher on Wednesday as top executives from the biggest U.S. banks warned of an impending recession, which dampened risk appetite and kept the greenback supported.

India is better placed than many other emerging economies to weather the impact of global headwinds, the World Bank said on Tuesday, revising up its growth forecast for the country to 6.9% for fiscal 2022 from an earlier estimate of 6.5%.

Venezuela's government expects oil exports to finance 63% of its national budget in 2023, a document seen by Reuters showed, a slightly higher proportion than this year, as U.S sanctions against the government are being reviewed.

Oil prices edged higher on Tuesday, after a G7 price cap on Russian seaborne oil came into force on Monday on top of a European Union embargo on imports of Russian crude by sea.

The S&P Global India services purchasing managers' index rose to 56.4 in November from 55.1 in October, beating the 55.4 estimate in a Reuters poll.

Turkey's inflation has risen steadily since reaching a low of 16.6 percent in May 2021.

The Indian economy is likely to grow 6.5% to 7% next fiscal year if the global environment does not worsen, a member of the prime minister's economic advisory council said on Thursday, giving a higher estimate than some economists.

OPEC+ is widely expected to stick to its latest target of reducing oil production by 2 million barrels per day (bpd) when it meets on Sunday, but some analysts believe that crude prices could fall if the group does not make further cuts.

Oil prices edged lower in early Asian trade on Friday as the U.S. dollar pared some losses, while easing COVID-19 curbs in two Chinese cities limited losses.

The Biden administration broke its silence on Wednesday on European Union deliberations over a $65-70 per barrel Russian oil price cap on Wednesday, warning far-lower prices cited for some Russian Urals crude shipments should be approached with caution.

In October, the IMF cut its projection for the world's number two economy to 3.2 percent this year as it is weighed down by Covid-zero policies, as well as a slowdown in the property sector.

Oil prices dropped in early trade on Tuesday, weighed down by concerns about slowing fuel demand in top crude importer China amid strict COVID-19 curbs.

Pakistan and the International Monetary Fund have begun talks online on a ninth review of a $7 billion loan programme, the Finance Ministry said on Monday, after a media outlet reported that the lender had asked the country to cut its expenses.

Russia's financial shift eastwards could boost cross-border commerce, present a growing economic counterweight to the dollar and limit Western efforts to pressure Moscow by economic means.

The Indian economy likely returned to a more normal 6.2% annual growth rate in July-September after double-digit expansion in the previous quarter, but weaker exports and investment will curb future activity, a Reuters poll showed.

Oil futures fell more than $1 early on Monday as protests in top importer China over strict COVID-19 curbs fuelled demand worries, while investors remained cautious ahead of an agreement on a Western price cap on Russian oil and an OPEC+ meeting.

Oil rose in early trade on Friday, trimming some of the week's losses which have been driven by worries about Chinese demand and expectations a high price cap planned by the Group of Seven (G7) nations on Russian oil will keep supply flowing.

Core consumer prices in Japan's capital, considered a leading indicator of nationwide trends, rose 3.6% in November from a year earlier, marking the fastest annual pace in 40 years in a sign of broadening inflationary pressure.

India's inflation is likely to ease in the coming months, partly due to fall in commodity prices, India's finance ministry said in a monthly economic report.