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Bacolod City, Philippines Tuesday, August 18, 2020
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Oil prices to go up

 

Prices of oil products at retail stations will slightly increase starting today.

In separate advisories, Chevron, Cleanfuel, Flying V, Petro Gazz, Seaoil, and Shell announced that they will hike diesel prices by P0.10 per liter and P0.60 per liter on gasoline prices.

There is no adjustment in the prices of kerosene this week.

As of this posting, OilPrice.com data show that both West Texas Intermediate and Brent crude prices improved to USD42.41 a barrel and USD45.16 a barrel, respectively.

The market started trading higher this week ahead of the meeting of the Organization of the Petroleum Exporting Countries (OPEC) tomorrow.

According to S&P Global Platts, OPEC and its allies are expected to maintain their current production after easing the cut to 7.7 million barrels a day for this month.

The peso, meanwhile, ended sideways against the US dollar yesterday but the main equities index finished on the red ahead of the Bangko Sentral ng Pilipinas’ (BSP) rate meeting.

It finished the day at 48.71 from 48.765 Friday last week.

Volume totaled to USD423.3 million, lower than the previous session’s USD599.65 million.

The Philippine Stock Exchange index (PSEi) shed 0.13 percent, or 8.13 points, to 6,068.78 points.

All Shares followed with a drop of 0.05 percent, or 1.85 points, to 3,594.34 points.

Most of the sectoral indices also finished the day down, led by the Industrial, which fell 0.90 percent.

It was trailed by the Financials, 0.88 percent; Services, 0.54 percent; and Mining and Oil, 0.43 percent.

Property counter rose by 0.49 percent and Holding Firms by 0.23 percent.

Volume totaled to 3.07 billion shares amounting to P5.76 billion.

Losers surpassed gainers at 104 to 73, while 62 shares were unchanged.

Luis Limlingan, Regina Capital Development Corp. head of sales, said investors are on a wait-and-see stance for the July 2020 balance of payments (BOP) position report this week and the rate decision of the central bank’s policy-making Monetary Board (MB) on Thursday.

Other major factors for the week include the Philadelphia Fed manufacturing index, the minutes of the July Federal Open Market Committee meeting minutes, the August 2020 flash Purchasing Managers Index from across Europe, and the publication of the account of the European Central Bank monetary policy meeting in July.*PNA

 

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