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Oil prices edge up After steep slump

Oil prices edged up Thursday amid bargain-hunting after the prior day’s sell-off on concerns about the US “fiscal cliff” and the European public debt crisis.

Bahar Karaman

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Oil prices edged up Thursday amid bargain-hunting after the prior day’s sell-off on concerns about the US “fiscal cliff” and the European public debt crisis.

New York’s main contract, West Texas Intermediate crude for December, rose 65 cents from Wednesday to settle at $85.09 a barrel. Brent North Sea crude for delivery in December gained 43 cents to $107.25 a barrel in London trade.

via After steep slump, oil prices eke out tiny gains.

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commodities

Gold rush hits Thailand as prices surge

The value of gold has rocketed by Bt7,000 per baht weight since the beginning of this year, generating returns of over 20 per cent.

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Photo : Adam Jones

People flocked to sell their gold at China town. The Gold Traders Association announced the buying and selling prices of gold has increased by 50 baht to a historic high.

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Thailand’s rice exports slump to decade low

Thailand could drop to the world’s third largest rice exporter, after Vietnam and India, as Thai rice exports slump to a decade low of 6.5 million tonnes.

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The strong baht makes it harder for Thai exporters to compete with other top producers like Vietnam and India.

The Thai Rice Exporters Association cut its projection for 2020 rice exports from 7.5 million tonnes to 6.5 million tonnes, the lowest in a decade.

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US oil down more than 9% in Asian trade

Prices have collapsed in recent weeks as demand for the commodity evaporated owing to lockdowns and travel restrictions imposed worldwide to fight the virus.

Agence France-Presse

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US oil prices fell heavily Monday on renewed concerns over storage capacity as the coronavirus throttles demand, even as producers start slashing output to boost markets.

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