LONDON—BP reported on Tuesday a record profit of $28 billion for 2022 and hiked its dividend, but infuriated climate activists by rowing back on plans to slash oil and gas output and reduce carbon emissions by 2030. The blockbuster profit follows similar reports from rivals Shell, Exxon Mobil, and Chevron last week after energy prices…
Dow, S&P 500 Open Lower Ahead of Powell Comments
The Dow and the S&P 500 opened lower on Tuesday as investors await Federal Reserve Chair Jerome Powell’s remarks for further clues on how long the U.S. central bank will keep interest rates higher. The Dow Jones Industrial Average fell 121.24 points, or 0.36 percent, at the open to 33,769.78. The S&P 500 opened lower…
Dollar Rally Pauses Ahead of Powell Speech; Aussie Lifted by Hawkish RBA
The dollar eased on Tuesday after its rally the previous day, but still hovered near a one-month peak as traders raised their bets on how high the U.S. Federal Reserve would need to raise interest rates to tame inflation. The big mover on Tuesday was the Australian dollar, which surged as much as 1 percent…
Oil Rises on China Outlook, Supply Worries After Turkey Earthquake
February 7, 2023
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Business & Marketseconomic policieseconomyenergyglobalGold and CommoditiesinflationMarketsOilrecessionstocks
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Oil prices rose for a second straight session on Tuesday, driven by optimism about recovering demand in China and concerns over supply shortages following the shutdown of a major export terminal after an earthquake in Turkey. Brent crude futures were up $1.78, or 2.2 percent, to $82.77 per barrel at 1042 GMT, while West Texas…
Global Stocks Mixed After Wall Street Sinks on Rate Fears
February 7, 2023
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Business & MarketsCompanieseconomic policieseconomyenergyglobalGold and CommoditiesinflationMarketsrecessionstocks
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BEIJING—Global stock markets were mixed Tuesday as traders looked ahead to a speech by Federal Reserve Chair Jerome Powell for clues to interest rate plans after Japanese wages rose and Australia’s central bank hiked its key rate again. London and Shanghai gained. Frankfurt, Tokyo, and Wall Street futures declined. Oil prices rose. Last week’s unexpectedly…
Japan Admits It Intervened in Forex Markets Twice Last October to Prop Up Yen
TOKYO—Japan confirmed on Tuesday that it made record interventions in the foreign exchange market in October, selling the dollar worth 6.35 trillion yen ($48 billion) to support the yen currency, Ministry of Finance (MOF) data showed. The quarterly data showed a steep drop in the yen to a 32-year low of 151.94 to the dollar on…
Closing Prices for Crude Oil, Gold and Other Commodities (Feb. 6)
February 6, 2023
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Benchmark U.S. crude oilBrightBusiness & MarketsgoldGold and CommoditiesinvestingMarketspersonal finance
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Benchmark U.S. crude oil for March delivery rose 72 cents to $74.11 a barrel Monday. Brent crude for April delivery rose $1.05 to $80.99 a barrel. Wholesale gasoline for March delivery rose 5 cents to $2.37 a gallon. March heating oil fell 1 cent $2.77 a gallon. March natural gas rose 5 cents to $2.46…
Big Pharma Set to Hit Sales Cliff as Demand for COVID Vaccine Is Set to Plummet in 2023
February 6, 2023
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Big Pharma is facing a reckoning as they face a sales cliff with demand for the COVID vaccine projected to plummet by the end of the year. The world’s largest pharmaceutical companies have raked in billions from the COVID-19 pandemic over the past two years, after governments around the world mandated vaccines for their populations….
Oil Production Faces ‘Serious Problem’ in 2024, With Implication for Prices, Says Goldman Sachs
Goldman Sachs Group predicts that oil will rise above $100 a barrel this year and that there could be a serious supply problem into 2024, as spare production capacity runs dry. The sanctions against Russian oil exports and rising demand from China, as it ends its zero-COVID lockdown policy, is expected to raise prices above its…
Russia’s Sechin Says Europe No Longer Sets Urals Price
February 6, 2023
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Business & MarketsCompanieseconomic policieseconomyenergyEuropeGold and CommoditiesIndiaMarketsOilRosneftRussiaWorld
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BENGALURU, India—Europe will no longer set the reference price for Russia’s flagship Urals crude, Igor Sechin, the CEO of Russia’s oil major Rosneft said on Monday, now Asia has emerged as the largest buyer of Russian oil since the West placed it under sanctions. Around 70 percent of January-loading cargoes of Russian Urals oil is…
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