Oil price rises

Published December 10, 2024

LONDON: World oil prices jumped on Monday on fresh moves by China to boost its economy and as traders tracked an uncertain future for Syria and the wider crude-rich Middle East.

Major stock markets diverged as investors reacted to political crises in South Korea and France, and tracked the perspectives for interest rate cuts. Gold, seen as a haven investment, gained around one per cent.

“The week has kicked off on a largely upbeat tone following the welcome announcement that Chinese authorities plan to enact further stimulus over the year ahead,” noted Joshua Mahony, analyst at traders Scope Markets.“This shift has already fuelled sharp gains in key assets, with the Hang Seng surging 2.8pc and commodities like copper, zinc, iron ore, and palladium rallying on expectations of increased demand.”

Oil prices rose around 2pc as traders tracked developments in Syria after president Bashar al-Assad fled the country over the weekend as Islamist-led rebels swept into Damascus.

Investors also reacted to developments in China where President Xi Jinping and other top leaders said on Monday they would adopt a more “relaxed” approach to monetary policy as they hashed out plans to boost the economy next year.

Published in Dawn, December 10th, 2024

Follow Dawn Business on Twitter, LinkedIn, Instagram and Facebook for insights on business, finance and tech from Pakistan and across the world.

Opinion

Editorial

More than words
04 Apr, 2025

More than words

WITH Balochistan in tumult, the political class needs to heal the province’s wounds with sagacity and...
Poor publicity
04 Apr, 2025

Poor publicity

FORTUNE does not seem to be favouring the PTI — at least not yet. With the party’s founder confined from public...
Party pooper
04 Apr, 2025

Party pooper

INDIA’s role of a spoilsport is tiresome. From pulling books from shelves, such as Wendy Doniger’s The Hindus: ...
Canal unrest
Updated 03 Apr, 2025

Canal unrest

With rising water scarcity in Indus system, it is crucial to move towards a consensus-driven policymaking process.
Iran-US tension
03 Apr, 2025

Iran-US tension

THE Trump administration’s threats aimed at Iran do not bode well for global peace, and unless Washington changes...
Flights to history
03 Apr, 2025

Flights to history

MOHENJODARO could have been the forgotten gold we desperately need. Instead, this 5,000-year-old well of antiquity ...