LONDON—Oil prices edged up in volatile trade on Monday, as Russia halted exports to Poland via a key pipeline ahead of a hefty supply cut announced for March, but a stronger dollar and fears of recession capped gains. West Texas Intermediate U.S. crude futures (WTI) traded at $76.68 a barrel, 36 cents, or 0.5 percent…
Oil Rises on Russian Supply Jitters
February 27, 2023
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World Shares Mixed After Latest Wall Street Retreat
February 27, 2023
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Business & MarketsCompanieseconomic policieseconomyenergyglobalGold and CommoditiesinflationMarketsrecessionstocks
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BANGKOK—Shares gained Monday in Europe after retreating in Asia, where they tracked Wall Street’s latest decline. Last week, U.S. shares suffered their worst setback since early December. Reports on inflation, the jobs market, and retail spending have come in hotter than expected, leading analysts to raise forecasts for how high the Federal Reserve will have…
US Judge Permits Lawsuit Claiming NBA Top Shot NFTs Are Securities
NEW YORK—The creator of a marketplace for National Basketball Association Top Shot non-fungible tokens must face a lawsuit claiming that the tokens are securities, a U.S. judge ruled on Wednesday. U.S. District Judge Victor Marrero in Manhattan rejected Dapper Labs Inc.’s bid to dismiss a proposed class action by purchasers of NBA Top Shot Moments,…
Russia Halts Pipeline Oil Supplies to Poland, PKN Orlen Says
February 25, 2023
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WARSAW—Russia has halted supplies of oil to Poland via the Druzhba pipeline, the chief executive of Polish refiner PKN Orlen said on Saturday, adding that the company would tap alternative sources to plug the gap. The halt in supplies via the pipeline—which has been exempted from EU sanctions imposed on Russia following its full-scale invasion…
Food Makers, Feeling Squeezed, Pull the Plug on Slow-Selling Products
February 25, 2023
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BOCA RATON, Florida/LONDON—Major consumer companies including Kraft Heinz Co. and Conagra Brands Inc. are culling product lines to combat sky-high costs and falling consumer demand, their executives said this week. Many companies started slimming their offerings during the pandemic and are aggressively renewing those efforts, eliminating less-popular items to focus on products on which they…
Aluminum Prices Shrug Off 200 Percent US Import Tariffs for Russia
LONDON—Aluminum prices on the London Metal Exchange shrugged off a decision by the United States to impose steep tariffs on Russian metal on Friday, though traders said prices would have jumped if the U.S. had imposed sanctions instead. One year on from Russia’s invasion of Ukraine, the United States said it would impose a 200…
Closing Prices for Crude Oil, Gold and Other Commodities (Feb.24)
February 24, 2023
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Benchmark U.S. crude oil for April delivery rose 93 cents to $76.32 a barrel Friday. Brent crude for April delivery rose 95 cents to $83.16 a barrel. Wholesale gasoline for March delivery fell 2 cents to $2.36 a gallon. March heating oil rose 9 cents to $2.80 a gallon. March natural gas rose 14 cents…
Stocks Drop, Send Wall Street to Its Worst Week of the Year
NEW YORK—Another cold reminder that inflation remains hotter than hoped sent Wall Street skidding Friday, and stocks closed out their worst week since early December. The S&P 500 fell 1.1 percent to cap its third straight weekly loss. The Dow Jones Industrial Average dropped as many as 510 points before closing down 336 points, or…
White House Announces First Offshore Wind Lease Sale
February 24, 2023
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The White House announced its first offshore wind lease sale in the Gulf of Mexico, to open up those waters for companies to bid construct wind energy facilities, after curbing gas and oil company drilling. The Biden administration said that this sale is an opportunity to contribute to America’s transition to “clean energy.” The Feb. 22…
IMF Opposes Making Cryptocurrency Legal Tender
February 24, 2023
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Business & MarketsCBDCscryptocurrenciescryptocurrencyeconomic policieseconomyIMFInternationalMarketspersonal financeUSWorld
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The International Monetary Fund (IMF) recommended that cryptocurrencies like Bitcoin should not be legal tender, and issued an action plan to member states. The IMF released a nine-point action plan on Feb. 24 on how countries could suppress the popular use of crypto assets. On Feb. 8, the financial agency’s executive board provided guidance to IMF…
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