Factories in Japan took another hit in December with the second-straight month of shrinking output, underlining a warning by the central bank about growing risks to the economy from slowing global growth and a Sino-US trade war.
OPEC and allied oil producers are ready to hold an extraordinary meeting and will do what is needed if the current cut in oil output by 1.2 million barrels per day does not balance the market next year, the United Arab Emirates’ energy minister said on Sunday.
Oil rose by more than one percent on Monday, set for its largest one-day increase in a month after Saudi Arabia said OPEC and its partners believed demand was softening enough to warrant an output cut of one million barrels per day.
China's Shanxi Province, the country's major coal mining hub, has pledged to cut coking capacity and annual coke output, according to a government statement on Tuesday, in line with a long-term drive to reduce toxic emissions from heavy industry.
Oil prices rose on Tuesday after Saudi Arabia said it cut production in July, adding to concerns over global supply as US sanctions against Iran curb its exports, though concerns over a slowdown in global economic growth kept a lid on markets.