LONDON—Oil prices fell on Thursday, hovering around two-month lows as the level of a proposed G7 cap on the price of Russian oil raised doubts about how much it would limit supply. A bigger than expected build in U.S. gasoline inventories and widening COVID-19 controls in China also added downward pressure on crude prices. Brent…
Oil Drops as Price Cap Proposal Eases Supply Concerns
November 24, 2022
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Dollar Nears 3-month Low, Shares Climb After Fed Tests the Brakes
November 24, 2022
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LONDON—World shares touched a two-month high and the dollar swooped towards a three-month low on Thursday, after Federal Reserve meeting minutes pointed to a slower pace of U.S. interest rate rises from next month. With Wall Street shut for Thanksgiving, it was up to Europe to continue the rebound in market confidence that has been…
US Crude Oil Inventories Down, SPR Still at Historic Lows, But Other Petroleum Inventories Up: EIA
November 24, 2022
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APIBusiness & Marketseconomic policieseconomyEIAenergyExecutive BranchGold and CommoditiesInvestmentMarketsNational SecurityOilPolicies & ImpactsPoliticsrecessionStrategic Petroleum ReserveUSUS News
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With Thanksgiving approaching, the Nov. 23 weekly report from the Energy Information Administration (EIA) shows that commercial crude oil inventories in the United States fell by 3.7 million barrels–yet inventories of motor gasoline, distillate fuel, and other petroleum products increased, for an overall rise of 3.3 million in total commercial petroleum inventories. The EIA’s latest…
Mortgage Rates Drop to 2-Month Low Sending Demand Up
November 23, 2022
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U.S. mortgage rates declined for a second straight week, hitting a two-month low while mortgage applications increased 2.2 percent for the week ending Nov. 18 from a week earlier, according to an industry association, reflecting a slight improvement in the constrained housing market. “The 30-year fixed-rate mortgage fell for the second week in a row…
Federal Reserve Braces for Smaller Rate Hikes Ahead, Talks Recession Risks: Minutes
The Federal Reserve does not believe inflation pressures are easing, according to minutes from the November Federal Open Market Committee (FOMC) policy meeting. Meeting participants noted that inflation risks were “skewed to the upside,” adding that “a persistent reduction in inflation could require a greater-than-assumed amount of tightening in financial conditions.” With risks to real…
More Americans on Unemployment as Weekly Jobless Claims Jump to Highest in Months
More Americans hit unemployment lines last week than markets expected, with a government report showing first-time jobless claims filings rising to their highest level since August, which comes amid broader economic uncertainty. First-time filings for unemployment insurance jumped to 240,000 for the week ended on Nov. 19, the Department of Labor said in a report…
Easing Eurozone Downturn Offers Hope of Milder Recession
LONDON—The downturn in eurozone business activity eased slightly in November offering a glimmer of hope the expected recession may be shallower than feared, but consumers still cut spending amid a cost of living crisis, a survey showed on Wednesday. There has been mounting evidence the bloc is entering a recession and in a Reuters poll…
Wall Street Opens Lower Ahead of Fed Minutes, Apple Falls
November 23, 2022
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Business & MarketsCompanieseconomic policieseconomyinflationMarketsMedia & Big TechrecessionstocksUS
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Wall Street’s main indexes opened lower on Wednesday, as Apple shares fell, while investors awaited the minutes of the Federal Reserve’s November meeting for a clearer picture of its monetary tightening policy. The Dow Jones Industrial Average fell 6.5 points, or 0.02 percent, at the open to 34091.57. The S&P 500 fell 3.3 points, or…
Dollar on Edge Ahead of Fed Minutes, Kiwi Gains
LONDON—The U.S. dollar held firm on Wednesday ahead of the release of closely-watched minutes from the Federal Reserve’s latest policy meeting, while the New Zealand dollar strengthened on the back of a record rate rise to curb rampant inflation. The U.S. dollar index, which measures the currency against a basket of six counterparts, was broadly…
Oil Prices Fall Over $1 a Barrel on Russian Oil Price Cap Talks
November 23, 2022
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LONDON—Oil prices fell by more than $1 a barrel on Wednesday as the Group of Seven (G7) nations looked at a price cap on Russian oil above where the crude grade is currently trading. Brent crude futures fell $2, or 2.26 percent, to $86.36 a barrel at 1153 GMT, while U.S. West Texas Intermediate (WTI)…
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