Business News of Saturday, 7 January 2023Source: dmarketforces.comCrude oil prices rebounded early Thursday, recovering from a steep decline at the start of the year 2023, after a United States (US) pipeline shut operations for unscheduled maintenance. US pipeline operator Colonial Pipeline said Wednesday it has halted operations at its Line 3, with a restart scheduled for Jan. 7, Reuters reported. Prior to the pipeline shutdown, oil prices had been hit by uncertainty in the near-term economic prospects for China as COVID-19 cases rise. The falling value of the US dollar supported higher oil prices by encouraging traders using other currencies. Adding more on demand worries, the world’s second-largest economy, China, significantly increased its first batch of 2023 export quotas for refined oil products.

Source: GhanaWeb January 08, 2023 05:22 UTC