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commodities

Oil down in Asia after Greece budget vote

Crude Oil sank in Asia after Greek parliament approved a new austerity budget which the government presented as a condition to the release of foreign aid.

Aishwarya Gupta

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Crude Oil sank in Asia after Greek parliament approved a new austerity budget which the government presented as a condition to the release of foreign aid.

oil offshore platform

Crude Oil sank in Asia after Greek parliament approved a new austerity budget which the government presented as a condition to the release of foreign aid.

New York’s main contract, light sweet crude for delivery in December, fell five cents to $86.02 a barrel and Brent North Sea crude for December delivery shed 34 cents to $109.06.

“European markets are not showing any positive signs of economic recovery as they struggle to fight the fires burning in Greece and Spain currently,” IG Markets said in a report.

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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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commodities

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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commodities

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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