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economy

Global shipping industry sighs in relief as US East Coast dockworkers suspend strike
04 Oct 2024 The global shipping industry is breathing a sigh of relief after US East Coast dockworkers suspended a three-day strike that cost the sector an estimated $6.3 billion, according to Bloomberg.
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03 Oct 2024

economy

Middle East tensions pushed oil prices higher, supply concerns mount

Oil prices extended their upward trajectory for a third consecutive day on Wednesday, October 2, driven by intensifying conflict in the Middle East and heightening fears of disruptions to global crude supplies.
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03 Oct 2024

economy

EIA: US commercial crude inventory surprisingly built up amid reduced refinery run rates

This increase comes as a result of a modest uptick in domestic oil production, which rose to 13.3 million barrels per day from the previous week’s 13.2 million, and decreased demand from refineries.
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02 Oct 2024

economy

Oil prices surge 3% amid Middle East tensions and supply concerns

Oil prices surged by approximately 3% on Tuesday, marking a second consecutive of gains as escalating tensions in the Middle East heightened concerns about potential supply disruptions.
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02 Oct 2024

economy

Indonesia imposed anti-dumping duties on the import of BOPP end-products from two countries

Indonesia’s Finance Ministry, through Circular No. 60/2024, has imposed anti-dumping duties (ADD) on the import of Biaxially Oriented Polypropylene (BOPP) products originating from Malaysia and China, effective September 6, 2024.
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02 Oct 2024

economy

Freightos: Weekly Ocean Freight Index Update

The strike, led by the International Longshoremen’s Association (ILA) and its 47,000 members across major Eastern US and Gulf Coast ports, is primarily driven by demands for higher wages and safeguards against automation. As a result, most ports in these regions have effectively shut down.
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01 Oct 2024

economy

Oil prices steady despite geopolitical tensions, posting a 17% quarterly loss

Brent suffered a 9% drop in September, its steepest monthly decline since November 2022, and recorded a 17% quarterly slump, marking its largest in a year as prices fell for a third consecutive month.
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01 Oct 2024

economy

Daily losses of about $4 billion are anticipated from US port strike

Bloomberg estimates the strike will cost the US shipping industry between $3.8 billion and $4.5 billion per day. Other projected effects of the strike include worsening traffic at US West Coast ports.
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