The Biden administration has claimed it drained the heavily depleted U.S. Strategic Petroleum Reserve (SPR) in order to save the “global economy.” The White House’s International Energy Affairs adviser, Amos Hochstein, told CNBC “Squawk Box” host Joe Kernen on Dec. 5: “I had conversations—as did others, my colleagues—with CEOs and other senior executives in the oil…
Biden Admin Drained Strategic Petroleum Reserve to Save ‘Global Economy’: White House Adviser
December 5, 2022
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Closing Prices for Crude Oil, Gold and Other Commodities (Dec. 5)
December 5, 2022
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Benchmark U.S. crude oil for January delivery fell $3.05 to $76.93 a barrel Monday. Brent crude for February delivery fell $2.89 to $82.68 a barrel. Wholesale gasoline for January delivery fell 8 cents to $2.20 a gallon. January heating oil fell 17 cents to $3 a gallon. January natural gas fell 70 cents to $5.58…
Industry Group Calls for More US Investment in Chip Design
December 5, 2022
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boston consulting groupBusiness & MarketsCHIPS and Science ActCompaniesInvestmentMarketsSemiconductor Industry AssociationsemiconductorsTech
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The U.S. government enacted a massive bill earlier this year directing more than $52 billion in federal investment into semiconductor research and manufacturing, with the goal of strengthening local supply chains and countering China’s rising clout in the important high-tech sector. But an industry group is calling for tens of billions in additional funding, saying…
G7 Price Cap on Russian Oil Kicks In, Russia Will Only Sell at Market Price
December 5, 2022
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Business & Marketseconomic policieseconomyenergyEuropeG7Gold and CommoditiesMarketsOilRussia-Ukraine WarRussianUkraineWorld
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BRUSSELS—The Group of Seven price cap on Russian seaborne oil came into force on Monday as the West tries to limit Moscow’s ability to finance its war in Ukraine, but Russia has said it will not abide by the measure even if it has to cut production. The price cap, to be enforced by the…
Wall Street Opens Lower Ahead of Service Data
Wall Street’s main indexes opened lower on Monday as investors maintained a cautious stance ahead of data, including a report on the U.S. services sector, to gauge the Federal Reserve’s next move at its rate-setting meeting later this month. The Dow Jones Industrial Average fell 94.1 points, or 0.27 percent, at the open to 34335.73….
Sam Bankman-Fried Says He ‘Will Testify’ to Congress on FTX Collapse
December 5, 2022
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Business & MarketsCompaniescongresscryptocurrencyeconomyFTXMarketsPoliticsSam Bankman-FriedTechUSUS News
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Sam Bankman-Fried, the former CEO of bankrupt crypto platform FTX, said Sunday that he “will testify” before Congress on the circumstances around the collapse, though his statement left open the possibility that it could be a while before he actually appears before lawmakers—if ever. Bankman-Fried made the remarks in a response to a Twitter post…
Russia Says Oil Price Cap Won’t Stop It From Financing Ukraine War Effort
December 5, 2022
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Business & Marketscrisiseconomic policieseconomyenergyEuropeGold and CommoditiesMarketsOilRussiaRussia-Ukraine WarUkraineWorld
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LONDON—Russia said on Monday that a Western price cap on its oil would destabilize global energy markets but would not affect its ability to sustain what it calls its “special military operation” in Ukraine. Kremlin spokesman Dmitry Peskov said Russia was preparing its response to Friday’s move by the G7 and allies, which was aimed…
Dollar Slips as Easing COVID-19 Curbs in China Lift Sentiment
SINGAPORE—The dollar slid across the board on Monday as traders piled into riskier assets after more Chinese cities eased some of their COVID-19-related restrictions, stoking hopes of an eventual reopening of the world’s second-biggest economy. Financial hub Shanghai and Urumqi in the far west were among the cities that announced an easing of coronavirus curbs…
Oil Prices Rise After OPEC+ Keeps Output Steady, Russian Price Cap Imposed
December 5, 2022
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LONDON—Oil prices rose on Monday after OPEC+ nations held their output targets steady ahead of a European Union ban and a G7 price cap which kicked in on Russian crude. At the same time, in a positive sign for fuel demand in the world’s top oil importer, more Chinese cities eased COVID-19 curbs over the…
World Shares Mixed, Oil Higher After Russia Price Cap Pact
December 5, 2022
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Business & Marketseconomic policieseconomyenergyglobalGold and CommoditiesinflationMarketsrecessionstocks
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World shares were mixed and oil prices rose Monday after the European Union and the Group of Seven democracies agreed on a boycott of most Russian oil and committed to a price cap of $60 per barrel on Russian exports. Germany’s DAX slipped 0.3 percent to 14,490.99 and the CAC 40 in Paris lost 0.2…
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