KUALA LUMPUR—Oil prices rose as much as nearly 3 percent on Wednesday before paring some gains as investors piled back into the market after a heavy rout in the previous session, with supply concerns returning to the fore even as worries about a global recession linger. Brent crude futures rose as much as $3.08, or…
Global Markets Steady but Recession Fears Remain
LONDON/SINGAPORE/TOKYO—Tentative calm returned to global markets on Wednesday, with the euro steadying after dropping to a two-decade low and oil back above $100 a barrel following a near 10 percent plunge a day earlier. The single currency traded at $1.025, a fraction above its weakest level since late 2002 touched overnight as fears of a…
Gold Collapses to Lowest Level Since December 2021 on US Dollar Strength
July 5, 2022
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Business & Marketscommoditieseconomic policieseconomygoldinflationInvestmentMarketsrecessionUSUS News
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Gold prices are plummeting, joining the broader market meltdown on growing recession fears. August gold futures plummeted more than 2 percent to around $1,765 per ounce on the COMEX division of the New York Mercantile Exchange. This is the lowest level since December 2021. The yellow metal is down more than 3 percent over the…
Norwegian Oil and Gas Output Falls as Workers Begin Strike
OSLO—Norwegian offshore oil and gas workers went on strike over pay on Tuesday, the first day of planned industrial action that could cut the country’s gas exports by almost 60 percent and exacerbate supply shortages in the wake of the Ukraine war. By Saturday, daily gas exports would be cut by 1,117,000 barrels of oil…
Oil Falls as Recession Fears Boost Demand Concerns
LONDON—Oil prices slipped on Tuesday, reversing earlier gains, as concerns of a possible global recession curtailing fuel demand outweighed supply disruption fears, highlighted by an expected production cut in Norway. Brent crude fell $1.49, or 1.3 percent, to $112.01 a barrel by 1020 GMT. U.S. West Texas Intermediate (WTI) crude fell 15 cents, or 0.1…
Global Shares Mixed as Inflation, Energy Weigh on Growth
TOKYO—Shares declined Tuesday in Europe after an upbeat session in Asia, while Wall Street futures slipped ahead of the reopening of U.S. markets from the Independence Day holiday. Benchmarks also fell in Paris, London, Frankfurt, and Shanghai. But stocks gained in Tokyo, Seoul and Hong Kong. The war in Ukraine and its impact on energy…
No Guarantees Swiss Will Always Have Enough Gas, Minister Says
ZURICH— Swiss businesses would be first to have energy rationed in the event of supply shortages, Energy Minister Simonetta Sommaruga told the SonntagsZeitung, warning that the government cannot guarantee there will always be enough gas to go around. Landlocked Switzerland gets its gas via trading hubs in neighboring countries in the European Union, so disruptions…
Others May Reject Japan Proposal on Oil Price Cap, Kremlin Says
July 4, 2022
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Asia & PacificBusiness & Marketscapcommoditieseconomic policiesEuropeJapanMarketsOilpriceRussiaRussia-Ukraine WarUkraineWorld
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MOSCOW—Russia needs to wait and see how proposals on capping the price of Russian oil exports are finalized, Kremlin spokesman Dmitry Peskov told reporters on Monday. Commenting on reports that Japan’s Prime Minister Fumio Kishida had proposed a cap at around half the current price, Peskov said that other countries may disagree with that. “This…
Oil Steadies as Recession Fears Balance Tight Supply
LONDON—Oil was little changed on Monday as fears of a global recession that would hit demand were balanced by concerns of tight supply amid lower OPEC output, unrest in Libya, and sanctions on Russia. Figures on Friday showed eurozone inflation hit yet another record high in June, firming the case for rapid European Central Bank…
World Shares Mostly Higher Ahead of July 4 Holiday in US
BANGKOK—World shares are mostly higher while U.S. futures fell ahead of the July 4 holiday in the U.S. Benchmarks rose in London, Paris, Frankfurt, and Tokyo but fell in Hong Kong and Seoul. Last week was the fourth losing week in the last five for Wall Street as investors fret over high inflation and the…
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