LONDON—Oil prices were stable on Monday, struggling to reverse last week’s losses as the market balanced tightening supplies with concerns about slowing global economic growth. Brent crude futures were down 38 cents, or 0.3 percent, at $112.74 a barrel by 1022 GMT. Front-month prices tumbled 7.3 percent last week, their first weekly fall in five….
Oil Prices Stable as Market Balances Recession Fears With Tight Supply
World Shares Mixed; Bitcoin Holds Steady Near $20,000
TOKYO—European benchmarks were higher Monday after most Asian markets retreated, while the price of bitcoin hovered near $20,000. U.S. futures advanced and oil prices fell back early Monday. The price of the world’s most popular cryptocurrency remained near the psychological benchmark of $20,000 after bouncing during the weekend. At one point, bitcoin plunged nearly 10…
Germany to Increase Burning of Coal Amid Cut in Gas Supplies From Russia
BERLIN—Germany’s economy minister said Sunday that the country will limit the use of natural gas for electricity production amid concerns about possible shortages caused by a cut in supplies from Russia. Economy Minister Robert Habeck said that Germany will try to compensate for the move by increasing the burning of coal. “That’s bitter, but it’s…
US Average Gas Prices Drop 56 Cents In Past Week, While Falling Below $5 A Barrel
June 18, 2022
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Business & Marketscommoditieseconomic policieseconomygas pricesinflationMarketsu.s. energy productionUSUS economy
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U.S. gas prices dropped below $5 on June 17, alleviating pain at the pump for drivers across the nation after the average price per gallon hit an all-time high in the first half of this month. “LIVE: WE DIVE UNDER FIVE! The national average has fallen back under $5 per gallon and stands at $4.99 per gallon. For the first…
US Average Gas Prices Drop Below $5 Per Gallon
June 18, 2022
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Business & Marketscommoditieseconomic policieseconomygas pricesinflationMarketsu.s. energy productionUSUS economy
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U.S. gas prices dropped below $5 on June 17, alleviating pain at the pump for drivers across the nation after the average price per gallon hit an all-time high in the first half of this month. “LIVE: WE DIVE UNDER FIVE! The national average has fallen back under $5 per gallon and stands at $4.99 per gallon. For the first…
Australian Stock Market Drops to 19-Month Low
The Australian Securities Exchange (ASX) has plummeted to the lowest level since November 2020 as international markets fell due to intensified worries about the world economy. As of noon on June 17, the benchmark S&P/ASX200 index dropped 2.23 percent to 6,452.9, while All Ordinaries went down 2.12 percent to 6,641.7. “The backdrop for equities right…
Biden Bashes Oil Companies for Going Along with His Plan to ‘End Fossil Fuel’
June 17, 2022
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American fossil fuel companies responded on Wednesday to President Joe Biden’s June 14 letter that accused them of profiteering and driving up gas prices during a “time of war.” Biden’s letter blamed gas prices, which have skyrocketed from $2.53 per gallon when he took office to $5.00 today, on “Putin’s war of aggression” and greedy…
Chevron, More Oil Companies Push Back on Biden’s Warning Letter
June 17, 2022
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Chevron this week released a statement addressing President Joe Biden’s letter to oil companies that suggested he may take executive action amid record-high gas prices. “We understand the significant concerns around higher fuel prices currently faced by consumers around the country, and the world. We share these concerns, and expect the Administration’s approach to energy…
US Refiners Boost Heavy Crude Imports as Biden Threatens Executive Action
The United States has increased heavy crude imports amid Western sanctions on Russia and President Joe Biden’s letter calling on U.S. energy producers to make more gasoline and diesel. Customs data shows that U.S. refiners last month imported the highest number of crude barrels in nearly two years, with refiners importing 33.5 million barrels of heavy crude…
Oil Rises on Tight Supply Though Interest Rate Hikes Weigh
LONDON—Oil rose on Friday, supported by supply tightness and new sanctions on Iran, but prices were on track for a weekly decline amid interest rate hikes from major central banks that fuelled worries about a sharp economic slowdown. Brent crude was up $1.13, or 0.9 percent, to $120.94 a barrel at 1016 GMT, and U.S….
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