{"id":269442,"date":"2020-09-22T03:35:52","date_gmt":"2020-09-22T07:35:52","guid":{"rendered":"https:\/\/canadianinquirer.net\/v1\/?p=269442"},"modified":"2020-09-22T03:35:52","modified_gmt":"2020-09-22T07:35:52","slug":"oil-prices-up-this-week","status":"publish","type":"post","link":"https:\/\/canadianinquirer.net\/v1\/2020\/09\/22\/oil-prices-up-this-week\/","title":{"rendered":"Oil prices up this week"},"content":{"rendered":"<figure id=\"attachment_269450\" aria-describedby=\"caption-attachment-269450\" style=\"width: 4592px\" class=\"wp-caption alignnone\"><a href=\"https:\/\/canadianinquirer.net\/v1\/wp-content\/uploads\/2020\/09\/pexels-johannes-rapprich-1051397.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-269450\" src=\"https:\/\/canadianinquirer.net\/v1\/wp-content\/uploads\/2020\/09\/pexels-johannes-rapprich-1051397.jpg\" alt=\"\" width=\"4592\" height=\"3448\" srcset=\"https:\/\/canadianinquirer.net\/v1\/wp-content\/uploads\/2020\/09\/pexels-johannes-rapprich-1051397.jpg 4592w, https:\/\/canadianinquirer.net\/v1\/wp-content\/uploads\/2020\/09\/pexels-johannes-rapprich-1051397-300x225.jpg 300w, https:\/\/canadianinquirer.net\/v1\/wp-content\/uploads\/2020\/09\/pexels-johannes-rapprich-1051397-768x577.jpg 768w, https:\/\/canadianinquirer.net\/v1\/wp-content\/uploads\/2020\/09\/pexels-johannes-rapprich-1051397-1024x769.jpg 1024w\" sizes=\"auto, (max-width: 4592px) 100vw, 4592px\" \/><\/a><figcaption id=\"caption-attachment-269450\" class=\"wp-caption-text\">In separate statements, Cleanfuel, Petro Gazz, Seaoil, and Shell said they will raise diesel prices by PHP0.20 per liter and PHP0.60 per liter in prices of gasoline. (File: Pexels Photo)<\/figcaption><\/figure>\n<div dir=\"auto\"><strong>MANILA<\/strong>\u00a0\u2013 After a big-time rollback last week, oil companies will implement a price hike starting Tuesday morning.<\/div>\n<div dir=\"auto\"><\/div>\n<div dir=\"auto\">In separate statements, Cleanfuel, Petro Gazz, Seaoil, and Shell said they will raise diesel prices by PHP0.20 per liter and PHP0.60 per liter in prices of gasoline.<\/div>\n<div dir=\"auto\"><\/div>\n<div dir=\"auto\">Seaoil and Shell will also increase kerosene prices by PHP0.55 per liter.<\/div>\n<div dir=\"auto\"><\/div>\n<div dir=\"auto\">Juwai IQI Global chief economist Shan Saeed said the global oil market in 2020 and 2021 would remain \u201cvery volatile and fragile\u201d as \u201cmacroeconomic stability becomes dubious and recovery looks questionable\u201d.<\/div>\n<div dir=\"auto\"><\/div>\n<div dir=\"auto\">\u201cIn my view, oil prices would meander around USD45 to USD55 per barrel in 2020 and prices would meander around USD50 to USD65 per barrel in 2021,\u201d Saeed said.<\/div>\n<div dir=\"auto\"><\/div>\n<div dir=\"auto\">He cited global developments that would impact the future of global oil prices, including performance of US currency that is heading for tail-end risk and deeper impact of geopolitics into the markets.<\/div>\n<div dir=\"auto\"><\/div>\n<div dir=\"auto\">\u201cProductions are possible as GCC (Gulf Cooperation Council) takes pressure from declining prices, while shale gas is totally bankrupt,\u201d he added.<\/div>\n<div dir=\"auto\"><\/div>\n<div dir=\"auto\">The Kuala Lumpur-based economist said that between June 2019 and June 2020, capital expenditure of oil industry players went down by USD100 billion to USD150 billion.<\/div>\n<div dir=\"auto\"><\/div>\n<div dir=\"auto\">\u201cIt\u2019s massive and illustrates a gloomy picture of the industry. Oil companies don\u2019t have confidence in the outlook and cutting back on their investment expenditure,\u201d he said.<\/div>\n","protected":false},"excerpt":{"rendered":"<p>MANILA\u00a0\u2013 After a big-time rollback last week, oil companies will implement a price hike starting Tuesday morning. In separate statements, &hellip;<\/p>\n","protected":false},"author":33,"featured_media":269450,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[19],"tags":[],"class_list":["post-269442","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business","mauthors-kris-crismundo","mauthors-philippine-news-agency"],"_links":{"self":[{"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/posts\/269442","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/users\/33"}],"replies":[{"embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/comments?post=269442"}],"version-history":[{"count":1,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/posts\/269442\/revisions"}],"predecessor-version":[{"id":269451,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/posts\/269442\/revisions\/269451"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/media\/269450"}],"wp:attachment":[{"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/media?parent=269442"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/categories?post=269442"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/tags?post=269442"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}