Benchmark U.S. crude oil for January delivery fell 44 cents to $71.02 a barrel Friday. Brent crude for February delivery fell 5 cents to $76.10 a barrel. Wholesale gasoline for January delivery rose 1 cent to $2.06 a gallon. January heating oil fell 9 cents to $2.79 a gallon. January natural gas rose 28 cents…
Closing Prices for Crude Oil, Gold and Other Commodities (Dec. 11)
December 9, 2022
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BlackRock Warns to Prepare for Recession ‘Unlike Any Other’
Investment fund BlackRock warned that 2023 may produce a worldwide recession “unlike any other” and said that what worked during previous recessions “won’t work now.” Analysts with BlackRock—a controversial investment fund that has pushed for environmental, social, and corporate governance, or ESG—say that the worldwide economy has entered a phase of higher volatility and that…
FTX Employees Paint Complex Picture of Bankman-Fried
December 9, 2022
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Alameda ResearchBusiness & MarketscryptocurrencyFTXInvestmentMarketsSam Bankman-FriedTechThe BahamasUS
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As with many notorious villains, Sam Bankman-Fried is a complex and contradictory character. In the public eye, he has gone from quirky financial genius and selfless philanthropist to liar, con artist, and thief. But his former employees describe a more nuanced person that is neither angel nor villain. “Of all the things I’ve heard and…
EU’s Gas Price Cap Scheme Could Backfire, Raise Volatility: ECB
December 9, 2022
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Business & MarketsECBeconomic policieseconomyenergyEUEuropeGasGold and CommoditiesinflationMarketsRussia-Ukraine WarWorld
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FRANKFURT—Proposed European Union rules aimed at tempering natural gas price spikes may actually jeopardize financial stability and need to be redesigned, the European Central Bank said on Thursday in a formal opinion. The EU proposed a “market correction mechanism” last month aimed at tempering natural gas prices and market volatility after a spike in energy…
FTX’s Sam Bankman-Fried Agrees to Testify Before Congress
FTX founder Sam Bankman-Fried confirmed Friday that he would testify before Congress, responding to recent demands from the House Financial Services Committee about the crypto exchange’s collapse. This week, House Financial Services Committee Chair Maxine Waters (D-Calif.) wrote that a subpoena for Bankman-Fried to testify next week “is definitely on the table.” A subpoena has not yet been issued,…
Wall Street Slips as Inflation Remains Hotter Than Expected
NEW YORK—Stocks are slipping on Wall Street after a report showed inflation is still hotter than expected, even though it is slowing. The S&P 500 was 0.3 percent lower and on pace for its sixth loss in the last seven days. The trigger was data showing prices at the wholesale level were 7.4 percent higher…
Dollar Dips Ahead of US Inflation Data, Fed Meeting Next Week
LONDON—The dollar edged lower against major currencies on Friday as concerns resurfaced about the health of the U.S. economy, and ahead of producer inflation data later in the day and a Federal Reserve meeting on interest rates next week. After a lull in market-moving news, investors are looking towards rate decisions next week—including from the…
Oil Set for 10 Percent Weekly Drop as Demand Worries Dominate
December 9, 2022
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Business & Marketseconomic policieseconomyenergyglobalGold and CommoditiesinflationMarketsOilrecessionstocks
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Oil prices were stable on Friday, although both benchmarks headed for a weekly loss on worries over weak economic outlook in China, Europe, and the United States weighing on oil demand. Brent crude futures were at $76.20 a barrel, up 5 cent, at 1216 GMT. Brent hit a 2022 low this week. U.S. West Texas…
World Shares Higher Ahead of US Inflation Update
December 9, 2022
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Business & Marketseconomic policieseconomyenergyglobalGold and CommoditiesinflationMarketsrecessionstocks
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BANGKOK—Shares were higher in Europe and Asia ahead of an update Friday on U.S. wholesale prices that will provide insights into how businesses are coping with inflation. Germany’s DAX added 0.2 percent to 14,295.30 while the CAC 40 in Paris was nearly unchanged at 6,649.30. Britain’s FTSE 100 also was little changed, gaining less than…
Closing Prices for Crude Oil, Gold and Other Commodities (Dec. 8)
December 8, 2022
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Benchmark U.S. crude oilBrightBusiness & MarketsgoldGold and CommoditiesinvestingMarketspersonal finance
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Benchmark U.S. crude oil for January delivery fell 55 cents to $71.46 a barrel Thursday. Brent crude for February delivery fell $1.02 to $76.15 a barrel. Wholesale gasoline for January delivery fell 3 cents to $2.05 a gallon. January heating oil rose 10 cents to $2.88 a gallon. January natural gas rose 24 cents to…
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