Changing Scenario at the Turn of Events
Team Veye | 05-May-2025
The return of Prime Minister Anthony Albanese and his center-left Labor party in the Australian election results on Saturday could herald marked change in the situation held for long in the nations politics.
According to political analysts, besides many other factors, his handling of the situation after imposition of the 10% tariffs by U.S. President Trump was the turning point. The tariffs were later paused.
In another unrelated news, Crude oil prices tumbled last week, raising concerns over weakening global demand in the face of surging supply as OPEC agreed to boost production by 411,000 barrels per day in June.
Oil prices recorded the biggest monthly fall in almost more than three years after Saudi Arabia indicated producing more and expanding its market share, with the global trade war eroding the outlook for fuel demand.
The ensuing global uncertainty due to the prospects of an oversupplied oil market and tariffs tensions is further dampening the oil price environment, leading to investments drying in exploration and production.
(Source: Reuters)
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