Barrell of oil price

Global financial markets are enduring a day of turmoil over rising fears of a recession for the US and Europe as economic growth is challenged by surging inflation.. There was a rush for safe havens in Europe on Tuesday, later mirrored in the US, with stock markets plunging and the pound and euro coming under intense pressure from the dollar - a traditional place of shelter in volatile times. Sterling hit its lowest level against the greenback since the start of the pandemic at $1.19 - a plunge of almost two cents on the day - while the single currency slumped to a 20-year low versus the dollar . Traders reported that while a strong dollar was evident, there were particular concerns in Europe over mounting gas prices as Norway, the second-largest supplier on the continent after sanctions-hit Russia, got to grips with a strike that was affecting exports. The Bank of England also added to the gloom when its latest Financial Stability Report warned that the economic … [Read more...] about Oil prices down 9% but pound slumps as recession fears grip global markets

At the head of the rolling roadblock heading south on the A12 July 4 (Image: Getty) Sign up for our news briefing, including a daily special Russia-Ukraine edition SUBSCRIBE Invalid email We use your sign-up to provide content in ways you've consented to and to improve our understanding of you. This may include adverts from us and 3rd parties based on our understanding. You can unsubscribe at any time. More info Organised "go-slow" road protests were staged on motorways yesterday - with warnings of worse to follow. Britain's A-roads could resemble car parks all summer if the demonstrations receive support from a public left impoverished by soaring inflation and rising pump prices. Related articles Farmers suffer labour shortages and food waste 'Total mess' as BA cancels 105,000 passengers' flights Howard Cox, founder of campaign group FairFuelUK, warned that while his organisation was not involved yesterday there is an appetite … [Read more...] about Fears fuel price protests will continue all summer

Millions of barrels of oil President Joe Biden released from the United States’ Strategic Petroleum Reserve found their way to European and Asian nations, including China , according to a Tuesday report from Reuters . Biden has frequently touted the release of one million barrels of oil per day as an “unprecedented” move to “provide a historic amount of supply” as Americans face surging prices at the pumps. Indeed, the national average price of gas in the United States is currently $4.80 per gallon, according to AAA , with the national average temporarily surpassing $5.00 per gallon last month. However, Reuters found through customs data that at least five million barrels of oil were exported to Europe and Asia last month as the strategic reserve drains to its lowest level since 1986. American oil refiner Phillips 66, for instance, shipped 470,000 barrels of sour crude from Texas to Trieste, Italy, while Atlantic Trading & Marketing (ATMI) — a division of … [Read more...] about Stunning Amount Of Oil Released By Biden Found Its Way To China, Other Countries | The Daily Wire

City banks defy Brussels to out-earn French rivals PM urged to back bid for factory at heart of Britain’s food supply FTSE 100 rises 1pc Matthew Lynn: Biden’s global tax plan is sinking rapidly — and good riddance Sign up here for our daily business briefing newsletter T he Kremlin is poised to cut future spending plans by £24bn as Western sanctions against Russia bite. Defence, technology and transport budgets are all set to be trimmed, according to Russian media. More than 1.6 trillion roubles, or £24bn, has been slashed from the Russian state budget over the next three years as Moscow braces for a two-year recession. Spending will be 557bn roubles (£8.2bn) lower in 2023 than previously approved plans, with similar cuts pencilled in for the following two years. The budget tweaks are minor compared to the size of Moscow’s overall budget but the figures are one of the first signs of the fiscal blow being dealt by the conflict in Ukraine. The 2023 … [Read more...] about Kremlin slashes spending by £24bn as West’s sanctions batter Russia