LONDON/SYDNEY—The dollar inched higher on Monday as investors set their sights on inflation data later in the week which is expected to show that price pressures remain strong. Meanwhile, sterling slipped for the fourth straight session even after the Bank of England (BoE) expanded its support for markets. U.S. data due on Thursday is forecast…
Dollar Rises as Case for US Rate Hikes Firms
October 10, 2022
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Oil Falls as China Demand Concerns Fuel Recession Fears
October 10, 2022
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LONDON—Oil prices fell on Monday, ending five straight days of gains, as investors looked to slowing economic activity in China, the world’s biggest crude importer, which revived concerns about a global recession and falling global fuel demand. Brent crude futures for December settlement fell by as much as 1.1 percent, and was last down 77…
Stocks Fall After Ukraine Attacks and Rate Outlook Spark Flight to Safety
October 10, 2022
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LONDON—Global shares fell on Monday after a series of explosions in the Ukrainian capital and renewed concern about the economic outlook sent investors into safe-haven assets such as the dollar and bonds. Any belief that the Federal Reserve will shift to a softer stance towards monetary policy was extinguished on Friday by data that showed…
OPEC Oil Cuts Bad for Global Economy, Says Yellen
Treasury Secretary Janet Yellen said a decision by the OPEC+ grouping to cut oil production was “unhelpful and unwise” for the global economy, especially emerging markets, the Financial Times said on Sunday. “We’re very worried about developing countries and the problems they face,” Yellen told the newspaper in an interview. She also criticized allies for…
Closing Prices for Crude Oil, Gold and Other Commodities (Oct. 7)
October 7, 2022
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Benchmark U.S. crude oil for November delivery rose $4.19 to $92.64 a barrel Friday. Brent crude for December delivery rose $3.50 to $97.92 a barrel. Wholesale gasoline for November delivery rose 5 cents to $2.73 a gallon. November heating oil rose 16 cents to $4.02 a gallon. November natural gas fell 22 cents to $6.75…
Oil Heads for Weekly Gain After OPEC+ Cut Despite Economy Headwinds
October 7, 2022
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LONDON—Oil rose about 1 percent on Friday and was headed for a second consecutive weekly gain supported by OPEC+’s decision to make its largest supply cut since 2020 despite concern about recession and rising interest rates. The cut from the Organization of Petroleum Exporting Countries and allies including Russia, known as OPEC+, comes ahead of…
Global Stocks Mixed Ahead of US Employment Update
October 7, 2022
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BEIJING—Global stock markets were mixed Friday ahead of U.S. employment data investors hope will show the economy is weakening and persuade the Federal Reserve to ease off plans for more interest rate hikes. London and Frankfurt opened higher. Tokyo and Hong Kong declined. Oil prices rose. The future for Wall Street’s S&P 500 index was…
Closing Prices for Crude Oil, Gold and Other Commodities (Oct. 6)
October 6, 2022
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Benchmark U.S. crude oil for November delivery rose 69 cents to $88.45 a barrel Thursday. Brent crude for December delivery rose $1.05 to $94.42 a barrel. Wholesale gasoline for November delivery rose 1 cent to $2.68 a gallon. November heating oil rose 17 cents to $3.86 a gallon. November natural gas rose 4 cents to…
Gas Crisis Set to Worsen After Europe Burns Through Winter Stocks
October 6, 2022
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HELSINKI/BRUSSELS—Europe may face an even more acute energy crunch next year after draining its natural gas tanks to get through the cold of this winter, the head of the International Energy Agency said on Wednesday, as the EU looks for ways to ease the crisis. European countries have filled storage tanks to around 90 percent…
Weaker Refining, Gas Trading to Hit Shell’s Third-Quarter Results
LONDON—Shell said on Thursday its third-quarter profit would be pressured by a near halving of oil refining margins, crumbling chemical margins, and weaker natural gas trading. The British energy giant reported two consecutive quarters of record profit in the first half of the year amid soaring oil and gas prices, and stellar earnings from its…
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