Report claims more Hong Kong protesters now banned from China
Price of Brent crude oil drops almost $40 per barrel in past five months, hits the lowest point in four years in November.
The price of Brent crude oil has declined almost $40 per barrel in the last five months on weak global demand.
The price of brent crude dropped to $76,74 per barrel in November -- the lowest point in four years -- from $115,67 per barrel in June.
The resumption of oil production in Libya has also increased supplies and pushed the price lower.
Europe and Asia are both suffering from slow economic growth, and that means less demand for oil. Further, the rising value of the U.S. dollar has put a damper on oil consumption, as oil is priced in dollars. Countries that must exchange low-valued currencies for dollars are finding oil purchases more expensive.
The U.S. has also reduced its imports of foreign oil as domestic oil production of unconventional shale oil has ramped up to make the country a net exporter of petroleum products.
OPEC and the U.S.
A dispute about the price of oil divides the the Organization of the Petroleum Exporting Countries, the Middle Eastern oil cartel that unites many major producers.
Saudi Arabia, world's biggest oil producer, reduced its selling price to preserve market share.
But OPEC has signaled that it will not cut production at the cartel's meeting on Nov. 27.
Consequently, the International Energy Agency is revising downward projections for global demand.
Energy-hungry states, like Turkey benefit from the price decline, which helps them to resist inflation and to narrow their current account deficits.
Oil prices will continue to fall if demand stays weak, according to oil analysts, who warn of a continuing decline below the $80 per barrel mark. Now $74.5 per barrel and $70.4 per barrel are support levels, while $80 per barrel has become the new resistance level.
In financial markets, the resistance level is the price level at which demand weakens, so that the price does not rise above that level. When a price falls to a support level, demand rises and maintains the price at that level. Sing Tao Daily - citing unnamed sources - reports that list includes past and present leaders of student protest movement
By Benjamin Garvey
The day after student protest leaders were informed their permits to travel to mainland China had been canceled, a report claims that more than 500 students and other activists have been similarly blacklisted.
The Chinese language Sing Tao Daily - citing unnamed sources - reported Sunday that the list includes past and present leaders of the Hong Kong Federation of Students and student activist group Scholarism.
The student leaders stopped from travelling to the Chinese mainland Saturday had planned to go to Beijing to press their demands for real universal suffrage, but were prevented from boarding a flight to Beijing by the when their permits were revoked.
The trio had been instrumental in a campaign that has seen thousands take to the streets to call for genuine universal suffrage for the 2017 chief executive election.
Nathan Law, one of the three student leaders, told The Anadolu Agency Sunday that he was "very sad” to discover that his home-return permit had been canceled.
"I feel it's unreasonable,” he said, adding that in the short term he would not be trying to enter mainland China again.
Scholarism has called on the Hong Kong government Sunday to explain why the travel documents were invalidated, according to public broadcaster Radio Television Hong Kong.
Movement founder Joshua Wong said that tension between the protesters and the government would rise if the administration ignored the matter.
Separately, the former British colony's financial secretary, John Tsang, has repeated calls for the protesters occupying streets to end their demonstrations, saying they would "lose the moral high ground" if they didn't.
Writing on his blog, Tsang said it was time for the protesters to be rational.
He added it was not right for protesters to violate court orders as it would undermine the rule of law.
The protests, in their eighth week, are seen as the biggest challenge to Beijing's grip on the semi-autonomous territory since the handover in 1997.
Last Modified: 2014-11-16 17:55:33
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