Oil prices dipped on Wednesday as a soaring dollar made barrels more expensive and Europe’s biggest economy Germany was speeding up plans to wean itself off Russian oil while coronavirus outbreaks clouded China’s economic outlook. Erasing earlier gains, Brent crude futures dipped 54 cents, or 0.5 percent, to $104.45 a barrel by 1259 GMT. U.S….
Euro Hits 5-year Low After Russia Halts Gas; Stocks Stage Small Rebound
LONDON—The euro dropped to its weakest since 2017 on Wednesday after Russia halted gas supplies to Bulgaria and Poland amid rising investor concerns for the regional economy, while stocks staged a small rebound after a mixed bag of corporate earnings. Russia’s decision to cut the gas flow to Bulgaria and Poland for rejecting its demand…
Russia’s Gazprom Cuts Gas Exports to Poland, Bulgaria After They ‘Failed to Pay in Roubles’
Poland and Bulgaria have had their gas supplies cut off by Russia’s energy giant Gazprom after the two E.U. countries did not pay in roubles, the state-owned company announced on Wednesday. “As of the end of the working day on 26 April, Gazprom Export had not received rouble payments for gas deliveries in April from the companies ‘Bulgargaz’…
Elon Musk Wants Tesla to Mine Lithium Due to 359 Percent Year-on-Year Price Hike
April 26, 2022
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Billionaire entrepreneur Elon Musk has proposed that Tesla might have to begin mining lithium, a critical element in electric vehicle batteries, given the skyrocketing prices of the chemical element. In 2012, a ton of lithium cost $4,450. A decade later, in 2022, the price surged to $78,032 per ton, an increase of more than 1,650…
Oil Rebounds on China Demand Concerns in See-Saw Trading
April 26, 2022
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LONDON—Oil prices rose modestly in volatile trading on Tuesday as the market weighed concerns over Russian supply and Chinese demand. Brent crude futures were up 41 cents, or 0.4 percent, at $102.73 a barrel at 1117 GMT, while U.S. West Texas Intermediate contracts were up 18 cents, or 0.2 percent, at $98.72 per barrel. Both…
Shares Fragile, Dollar Soars on Growth Scare and Fed Bets
MILAN—World shares steadied on Tuesday after a late revival on Wall Street, although global growth fears stoked by China’s COVID-19 curbs and fears of aggressive Fed tightening sapped risk appetite, lifting the dollar to new two-year highs. The MSCI world equity index was up 0.2 percent from six-week lows at 1117 GMT, helped by a…
Oil Slides as Shanghai Lockdowns Stoke Demand Fears
LONDON—Oil slumped nearly 5 percent to its lowest in almost two weeks on Monday, extending last week’s decline as concern grew that prolonged COVID-19 lockdowns in Shanghai and potential increases to U.S. interest rates would hurt global growth and oil demand. “It seems that China is the elephant in the room,” said Jeffrey Halley, analyst…
Stocks, Oil Tumble Amid Interest Rate, Earnings Worries
LONDON—European stocks declined Monday, tracking losses in Asia as worries over interest rate hikes dominated an array of investor concerns. Asian markets suffered their worst session in over a month as worries that Beijing could soon be back in lockdown sent Chinese shares back to 2020 lows, and as the effects of Wall Street’s 2.5…
Soyoil Surges to Record High as Indonesia Bans Palm Oil Exports
April 23, 2022
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LONDON—Soybean oil prices soared to a record high on Friday as Indonesia’s decision to effectively ban exports of palm oil heightened concerns about already depleted global supplies of alternative vegetable oils. The loss of shipments from Ukraine, the world’s top supplier of sunflower oil, and drought in the world’s top soybean oil exporter Argentina had…
EU May Allow Gas Payments Under New Russian Ruble Exchange Decree Without Breaching Sanctions
April 23, 2022
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Business & EconomycommoditiesEuropeEuropean UnionMarketsRussia-Ukraine Warrussian gasRussian sanctionsWorld
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The European Commission sent new guidance to its member states on April 21, admitting that it “appears possible” for European buyers of Russian gas to pay according to the terms of Moscow’s decree on ruble conversion without violating international sanctions. Many European countries in the Euro bloc are heavily dependent on 40 percent of their…
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