MOSCOW—Russia’s January-November oil and gas condensate production rose 2.2 percent from a year earlier to 488 million tonnes, the Interfax news agency said on Tuesday, citing Deputy Prime Minister Alexander Novak, who expects a slight output decline following new sanctions. European Union countries that have been primary buyers of Russian crude for decades stopped buying…
Russia’s January-November Oil Output up 2 Percent Ahead of EU Ban, Price Caps
December 6, 2022
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UK Rail Union’s Christmas Strike Plan ‘Incredibly Disappointing’: Downing Street
The decision by the UK’s biggest rail workers’ union to stage strikes over the Christmas period is “incredibly disappointing,” Prime Minister Rishi Sunak’s spokesman has said. The Rail, Maritime, and Transport union (RMT) confirmed on Tuesday that its 40,000 members will walk out from 6 p.m. on Dec. 24 until Dec. 27, one day after…
Energy Groups Are Suing Biden Administration for Not Holding Oil and Gas Lease Sales
Two energy groups have filed a lawsuit challenging the Department of Interior (DOI) for its failure to hold natural gas and oil lease sales in the third quarter of this year. The lawsuit was filed by the Western Energy Alliance (WEA) and the Petroleum Association of Wyoming (PAW) on Monday at the State of Wyoming…
Wall Street Inches Lower at Open After Selloff on Fed Worries
U.S. stock indexes inched lower at open on Tuesday after a selloff in the prior session on fears the Federal Reserve could persist with interest rate hikes for longer, while focus shifted to Georgia runoff election that could decide the fate of the Senate. The Dow Jones Industrial Average fell 10.23 points, or 0.03 percent,…
Gavin Newsom’s Reparations Plan for Black California Residents Could See $223,000 Payments per Person
December 6, 2022
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Business & MarketsCaliforniaeconomic policiesLocal NewsNorthern CaliforniaPolicies & ImpactsRegional-Local NewsReparations Task ForceSocial IssuesSouthern CaliforniaUS
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Gov. Gavin Newsom’s proposed reparations plan for black residents in California may deliver handouts of $223,000 in cash per person for past housing discrimination, Fox News Digital reported. California currently faces a $25 billion budget deficit, despite reporting a nearly $100 billion surplus for the current fiscal year in May. Nearly 6.5 percent of California residents,…
Australia Central Bank Raises Rates to 10-year High, Says More Needed
SYDNEY—Australia’s central bank on Tuesday raised interest rates to a 10-year high and stuck with its projection that more hikes are needed to cool inflation, a stance taken as slightly hawkish by markets that were looking for signs of a pause in the near term. Wrapping up its last policy meeting this year, the Reserve…
Dollar Kept Aloft by Higher Fed Rates Bets, RBA Rate Hike Lifts Aussie
LONDON—The U.S. dollar index edged lower on Tuesday but stuck close to levels reached this week in the wake of strong services data in the United States which fuelled expectations for higher interest rates than recently forecast. The Australian dollar perked up from near one-week lows after the Reserve Bank of Australia (RBA) raised rates…
Oil Prices Fall on Higher US Dollar, Economic Fears
December 6, 2022
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Business & Marketseconomic policieseconomyenergyglobalGold and CommoditiesinflationMarketsOilrecessionstocks
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LONDON—Oil prices fell in a volatile market on Tuesday, as a stronger U.S. dollar and economic uncertainty offset the bullish impact of a price cap placed on Russian oil and prospects of a demand boost in China. Brent crude futures fell 90 cents, or $1.09 percent, to $81.78 a barrel by 1055 GMT. West Texas…
Stocks Slip, Dollar up as Data Challenges Fed Pause Hopes
December 6, 2022
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SINGAPORE/LONDON—Global stocks headed for a third straight day of losses on Tuesday and the dollar rose after more U.S. data reinforced the belief among investors that the Federal Reserve might stick longer with aggressive interest rate rises. MSCI’s world index fell 0.3 percent, led by tech stocks which are often more sensitive to broader shifts…
‘The Mother of All Economic Crises Looms,’ Warns Economist Nouriel Roubini
December 6, 2022
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Business & Marketsdebt burdenseconomic crisiseconomic policieseconomic recessioneconomyglobal economic crisisInvestmentNouriel RoubinirecessionUSUS News
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Economist Nouriel Roubini has warned about an impending economic crisis in the global economy that policymakers will likely not be able to handle. Following the explosion of leverage, borrowing, and deficits in recent decades, the world economy is now moving towards an “unprecedented confluence” of financial, debt, and economic crises, Roubini warned in a Dec….
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