Oil Prices fall to six weeks lows, Alibaba shares drop after disappointing earnings call [Video]
|Oil Prices fall to 6-weeks lows, as China set to access reserves
Oil prices hit their lowest level in the last 6-weeks, as reports confirmed that China would join the U.S. in increasing oil output.
It has been said that during their summit earlier this week, President Biden asked China’s leader Xi Jinping to join the U.S. in releasing oil reserves.
The move comes as the U.S. looks to decrease oil prices, which recently climbed to 7-year highs.
OPEC, and its allies which includes Russia, opted to keep output levels unchanged, despite calls from President’s Biden to raise production.
WTI crude fell to an intraday low of $77.49, its lowest since October 7th.
Alibaba shares drop, after disappointing earnings call
Shares in Chinese tech giant Alibaba were trading lower during Thursday's session, as the company’s Q2 earnings report disappointed.
The company, which has been impacted by China’s crackdown on technology company’s, reported that revenue for the quarter came in at 200.69 billion yuan vs. 204.93 billion yuan expected.
Although the number missed expectations, it was 29% higher than the same period a year ago.
Alibaba’s earning per share for the quarter also failed to meet expectations, coming in at 11.20 yuan vs. 12.36 yuan estimated, a 38% annual rate of decline.
$BABA was 10.95% lower as of writing.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.