LONDON—Oil prices held near three-week highs on Thursday after OPEC+ agreed to tighten global crude supply with a deal to cut production targets by 2 million barrel per day (bpd), the largest reduction since 2020. Brent crude futures edged down 16 cents, or 0.2 percent, to $93.21 per barrel by 1020 GMT after settling 1.7…
Oil Near Three-Week High on Cuts to OPEC+ Output Targets
October 6, 2022
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Stocks Waver as Dollar Eases, Oil Steadies on OPEC+ Deal
October 6, 2022
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LONDON—Global shares struggled for firm footing on Thursday as the dollar eased ahead of U.S. jobs data that could offer a steer on the outlook for interest rates, while oil prices stabilized near three-week highs after OPEC+ agreed to cut output. Investors are anxiously waiting for confirmation from Friday’s U.S. non-farm payrolls report of the…
Dollar Rebounds as Investors Heed Hawkish Reminder From New Zealand
SYDNEY/LONDON—The dollar rose on Wednesday, a day after suffering its biggest one-day drop in more than two years, as the excitement of the previous day’s rally in stocks and risk friendlier currencies wore off. The dollar index was last up 0.54 perecnt to 110.77, after tumbling 1.3 percent on Tuesday. The index, which measures the…
Oil Maintains Most of Recent Gains Ahead of OPEC+ Meeting
LONDON—Oil inched lower on Wednesday after gains in recent days ahead of the OPEC+ producers’ meeting later in the day. Brent crude was down 23 cents, or 0.3 percent, at $91.57 a barrel at 0839 GMT while U.S. West Texas Intermediate (WTI) crude fell 32 cents, or 0.4 percent, to $86.20 a barrel. Both contracts…
Dust Settles on Stocks Surge, Oil Market Waiting for OPEC+ Supply Decision
October 5, 2022
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LONDON—World stocks clung to two-week highs on Wednesday, although another aggressive rate increase from New Zealand tempered the idea that central banks may be close to slowing down the pace of rapid monetary tightening. Oil prices were little changed before OPEC+ producers meeting after gaining more than 3 percent in the previous session. Asian shares rallied,…
Dollar Slips on Euro as Lower US Yields Give Markets a Breather
LONDON—The dollar slid on Tuesday, as U.S. Treasury yields paused in a relentless climb higher, providing brief relief to share markets and helping the euro in particular move further off multi-year lows. The Australian dollar was also in focus, sinking after the nation’s central bank surprised markets with a smaller-than-expected interest rate hike. The euro…
Oil Prices Rise Ahead of OPEC+ Meeting on Strong Demand
LONDON—Oil prices rose on Tuesday on strong demand, while upcoming sanctions on Russian oil also lent some support to prices. Brent crude was up 79 cents, or 0.9 percent, to $89.65 per barrel by 1054 GMT after gaining more than 4 percent the previous day. U.S. crude futures rose 60 cents, or 0.7 percent, to…
Stocks and the Pound Rally After UK’s Tax U-turn Injects Some Confidence
October 4, 2022
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LONDON—Global stocks rallied for a second day on Tuesday, after Britain’s decision to ditch part of a controversial tax-cut plan and slightly paler expectations for aggressive central bank action returned some confidence to investors. UK Finance Minister Kwasi Kwarteng on Monday announced the government would back down on reversing a tax break for top earners…
World Factory Activity Weakens on Global Slowdown, Cost Pressures
October 3, 2022
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LONDON/TOKYO—Global factory output mostly weakened in September as slowing demand added to the pain from persistent cost pressures and tighter monetary policy, surveys showed on Monday, diminishing economic recovery prospects. The data clouds the outlook for a sustained recovery from the COVID-19 pandemic and could add to concerns of a global slowdown as major central…
Global Gas Markets to Remain Tight Next Year Amid Supply Squeeze: IEA
LONDON—Global gas markets are expected to remain tight next year as Russian pipeline gas supplies dwindle and gas demand falls in Europe in response to energy saving measures and high prices, the International Energy Agency (IEA) said on Monday. Natural gas markets worldwide have been tightening since 2021 and global gas consumption is expected to…
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