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Tesla drops cheapest variants, pushing up prices in China

  • BEIJING: Tesla Inc. has dropped the standard-range variants of its Model X and Model S from its product lineup and adjusted prices across its range, in a sales push that comes days after the US electric vehicle maker reported record deliveries. To simplify its offerings, the automaker on Tuesd...

Oil jumps on OPEC+ omicron contingency plan, trimming weekly drop

  • LONDON: Oil rose for a second day on Friday after OPEC+ said it would meet again to review output if the omicron COVID-19 variant impacts demand. Prices were still headed for a sixth week of declines on concern a steady increase in supply from the Organization for Petroleum Exporting Countries...

Emirates warns omicron could cause ‘significant traumas’ for aviation industry

  • DUBAI: A major hit to the peak December travel season because of the omicron variant of the coronavirus would cause “significant traumas” in the global aviation business, Emirates airline President Tim Clark said on Tuesday. Clark said Emirates was working on the basis the newly discovered va...

Oil prices slide toward weekly loss as COVID-19 uncertainty weighs

  • LONDON: Oil prices slid on Friday, heading for a slight decline over the week, on concern curbs to slow the spread of the omicron COVID-19 variant could hit demand. Brent crude futures declined 1.5 percent to $73.88 a barrel at 1.10 p.m. Riyadh time, while US West Texas Intermediate (WTI) crud...

Oil prices drop after OPEC+ decision despite omicron fears: Daily Virus Update

  • DUBAI: Oil prices dropped on Thursday as OPEC+ decided to stick to plans to increase production by 400,000 barrels per day in January. The drop came after Brent crude futures rose $1.24, or 1.8 percent, to $70.11 by 0748 GMT, having eased 0.5 percent in the previous session. ...

Australia’s consumers’ sentiment drops slightly despite omicron worries

  • Australian consumers appear to have fewer concerns over the omicron variant compared to other COVID-19 strains, according to a recent report by an Australian bank. Australia’s Westpac-Melbourne Institute Index of Consumer Sentiment went down by only 2 percent in January, in what was deemed as...

Davos World Economic Forum called off due to COVID: Sky News

  • The planned World Economic Forum in the Swiss mountain resort of Davos has been called off due to surging cases of the omicron variant of COVID-19, Sky News reported on Monday, citing communication from organizers to delegates. “Next month’s gathering of global business and political leader...

Oil price rises as Kazakhstan turmoil adds to supply concerns

  • Oil prices rose and were heading for their biggest weekly gains since mid-December on Friday as unrest in Kazakhstan and outages in Libya spurred concerns over supply, according to Reuters. Brent crude climbed 70 cents, or 0.9 percent, to $82.69 a barrel at 1229 GMT. US West Texas Intermediat...

Markets bullish on continuing uncertainty surrounding omicron

  • LONDON: Is everyone buying the dip? Global equity markets have bounced back, recovering last week’s omicron-driven losses, as fears about the impact of the latest coronavirus variant on economic growth ease. Oil prices joined the party after plunging last week on omicron fears. Gas prices a...

OPEC+ likely to be cautious on oil demand at upcoming meeting, Vitol says

  • RIYADH: The OPEC+ group is likely to take a cautious stance when deciding next week whether to go ahead with planned production increases following the discovery of a new COVID-19 variant has emerged, Geneva-based oil trader Vitol Group said.  The new variant, named Omicron, has rat...