LONDON—Oil prices dipped in a choppy trading session on Friday as global recession fears and weak oil demand, especially in China, outweighed support from a large cut to the OPEC+ supply target. Brent crude futures were down 76 cents, or 0.8 percent, at $93.81 a barrel at 1044 GMT while U.S. West Texas Intermediate (WTI)…
Oil Prices Dip on Recession Worries, but Supply Cuts Support
October 14, 2022
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World Stocks Bounce, Fiscal Hopes Boost UK Bonds
October 14, 2022
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LONDON/SYDNEY—World stocks rose on Friday, recovering from the previous session’s 2–1/2 year lows on an overnight rally in U.S. stocks, while British government bonds rose on speculation of a U-turn on the country’s fiscal plans. Much-anticipated U.S. data on Thursday showed core inflation—which excludes food and fuel prices— came in above forecasts at 6.6 percent,…
Volatile Sterling Surges on Reports of Potential UK Fiscal Plan U-turn
LONDON—Sterling jumped on Thursday on a media report that the British government is discussing making changes to fiscal plans announced last month, while investors awaited the impending end of the Bank of England’s support for the bond market. The yen languished near a fresh 24-year low, while markets were also on edge ahead of U.S….
Oil Prices Rise on Tight Supplies, as IEA Warns of Global Recession
October 13, 2022
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LONDON—Oil prices firmed on Thursday, finding continued support from an OPEC+ decision last week to cut supplies, as the International Energy Agency warned that those cuts may push the global economy into recession. Brent crude futures rose 49 cents, or 0.5 percent, to $92.94 a barrel by 0833 GMT. U.S. West Texas Intermediate crude was…
World Stocks Slip to Near 2-year Low Ahead of US CPI Data
October 13, 2022
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LONDON—World stocks slipped to a near 2-year low and Japan’s yen was pinned near 1998 levels on Thursday, as investors braced for key U.S. inflation data later likely to shape the size of the Federal Reserve’s next interest rate hike. Global markets have suffered a torrid few weeks and there was little sign of respite…
OPEC Cuts 2022, 2023 Oil Demand Growth View as Economy Slows
October 12, 2022
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LONDON—OPEC on Wednesday cut its 2022 forecast for growth in world oil demand for a fourth time since April and also trimmed next year’s figure, citing slowing economies, the resurgence of China’s COVID-19 containment measures and high inflation. Oil demand will increase by 2.64 million barrels per day (bpd) or 2.7 percent in 2022, the…
Yen Weakens to New 24 Year Low; Sterling Cautiously Rebounds
October 12, 2022
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LONDON/TOKYO—The dollar scaled new 24-year highs versus the yen on Wednesday, holding above levels that prompted intervention by Japanese officials last month, while investors in sterling were left scratching their heads about the Bank of England’s next steps. The dollar rose 0.48 percent to as much as 146.6 yen, with a fifth straight session of…
Oil Gains on Tight Supply, but Dollar Weighs
October 12, 2022
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Oil futures recouped some losses on Wednesday, recovering from a 2 percent slide in the previous session, supported by supply concerns stemming from last week’s OPEC+ cut to its production target, though a stronger dollar weighed on sentiment. Brent crude futures were up 62 cents, or 0.7 percent, at $94.91 a barrel by 1120 GMT…
Global Shares Mixed, British Pound Weakens Against Dollar
October 12, 2022
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TOKYO—Global shares were mixed Wednesday as traders braced for updates on inflation, retail sales, and corporate earnings. The British pound weakened against the U.S. dollar after the governor of the Bank of England, Andrew Bailey, confirmed the bank will not extend beyond Friday an emergency debt-buying plan introduced last month to stabilize financial markets. The…
Dollar Edges Higher, Yen Slips Toward Level That Prompted Intervention
LONDON—The U.S. dollar edged back toward September’s multi-year highs on Tuesday as worries about rising interest rates and geopolitical tensions unsettled investors, while the yen hovered near the level that prompted last month’s intervention. Strong U.S. labour market data and an expectation that Thursday’s inflation figures will remain stubbornly high have all but dashed bets…
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