LONDON—Global shares were little changed on Wednesday, pausing after a six-day slump amid a mixed inflation picture, while supply concerns after Russia’s ongoing invasion of Ukraine helped push oil prices higher. U.S. stock futures pointed to a 0.5 percent-0.7 percent higher open on Wall Street. Hawkish moves from the world’s top central banks in response…
Oil Prices Drop Amid China COVID-19 Worries, Reserve Release
April 12, 2022
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Brent crude oil fell below $100 per barrel on April 11 due to concerns about COVID-19 lockdowns lowering Chinese demand, as well as fresh supplies pouring into the market from global oil reserves. Brent oil futures were trading at $98.59 per barrel as of 16:08 coordinated universal time (12:08 p.m. Eastern time) on April 11,…
Oil Rises on OPEC Warning and Easing of Shanghai COVID-19 Curbs
LONDON—Oil prices climbed on Tuesday as Shanghai’s relaxation of some COVID-19 restrictions eased concerns about Chinese demand and as OPEC warned it would be impossible to replace potential supply losses from Russia. Brent crude futures rose by $3.26, or 3.31 percent, to $101.74 a barrel at 1002 GMT while U.S. West Texas Intermediate was up…
Top Canadian Banks Have Increased Financing for Oil Sands Production
April 11, 2022
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The five largest Canadian banks have doubled their funding for oil sands production and related projects in Canada to $16.8 billion last year, amid a global energy shortage, according a April 11 report by the Financial Times. This is despite the five leading Canadian banks’ agreement last year to join the U.N.’s Net-Zero Banking Alliance, led…
EU Meets OPEC Amid Calls for Oil Output Increase
April 11, 2022
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BRUSSELS—European Union officials will hold talks in Vienna with OPEC representatives on Monday amid calls for the producer group to increase output and as the EU considers potential sanctions on Russian oil. OPEC has resisted calls by the United States and the International Energy Agency to pump more crude to cool prices which reached a…
Hungary Says Rubles-for-Russian Gas Plan Breaches No EU Sanctions
April 11, 2022
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BUDAPEST—Hungary plans to pay for Russian gas in euros through Gazprombank, which will convert the payment into rubles to meet a new requirement set by President Vladimir Putin, Foreign Minister Peter Szijjarto said on Monday. Putin has warned Europe it risks having gas supplies cut unless it pays in rubles as he seeks retaliation over…
US Yields Near 3-year High, Euro Stronger After French Election
LONDON—U.S. Treasury yields rose to multi-year highs on Monday, while the euro strengthened and the spread between French and German bond yields narrowed after French President Emmanuel Macron won a larger than expected vote share in Sunday’s election. With 97 percent of the votes counted for Sunday’s presidential election first round, Macron garnered 27.6 percent…
White House’s Plan to Lower Cost of Gas Largely Symbolic: Expert
April 10, 2022
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President of Whaley Energy Consulting, Don Whaley, said the White House’s recent plan to bring down gas prices, while bold, lacks substance. He said invoking the Defense Production Act (DPA) and releasing oil from the national reserves is largely symbolic. “So, this announcement, while it’s a bold step … I’m not sure how much substance…
Russia’s Central Bank Says It Will Stop Buying Gold at a Fixed Price
April 8, 2022
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Russia’s central bank said on Thursday that due to a “significant change in market conditions” it would buy gold from commercial banks at a negotiated price from April 8. On March 25, the bank had said it would buy gold at a fixed price of 5,000 rubles a gram until June 30. Since that announcement,…
Russia Says Ruble Appreciations Poses No Threat to Fiscal Policy
April 8, 2022
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The recent sharp strengthening of the ruble “does not pose a risk to Russia’s fiscal policy,” the finance ministry said on Thursday. The ruble firmed sharply in Moscow trade on Thursday to levels last seen before Russia sent tens of thousands of soldiers to Ukraine. The appreciation of the ruble “impacts oil and gas revenues…
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