Focus Taiwan
Date: 2017/04/22
By: Wei Shu and Frances Huang
Taipei, April 22 (CNA) Formosa Petrochemical Corp. (台塑石化), a privately owned fuel
supplier, said on Saturday it will lower its domestic gasoline and diesel prices next week after crude oil prices in the U.S. market fell below US$50 per barrel overnight.
Crude oil prices faced downward pressure this week amid rising concerns over a global glut, offsetting optimism that the Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC producers could extend a deal to cut output for another six months, analysts said.
For the week, Brent futures, the global benchmark, fell 2 percent in London, while U.S. crude futures ended down 2.2 percent. [FULL STORY]