Oil price barrel chart

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

Stocks fell sharply Tuesday morning as record inflation, supply chain constraints and soaring energy prices weigh on economic growth. The S&P plunged 78 points, or 2.0%, to 3,747 as of 10 a.m. Thursday. The Dow Jones Industrial Average was also down 2.0%, while the tech-heavy Nasdaq was down 1.7%. The war in Ukraine and its impact on energy supplies are casting a shadow over the economic outlook at a time when the central bank is raising interest rates to slow inflation. The Federal Reserve boosted rates by 0.75% in June — its biggest hike since 1994 — amid the nation's fiercest bout with inflation in 40 years, but some economists warn the rate hikes could tip the U.S. into recession. Supply chain tensions with China Benchmarks in Asia were mostly higher on hopes for an easing of trade tensions between Beijing and Washington. COVID-19 lockdowns earlier this year in major Chinese cities have impacted not just the country's post-pandemic recovery, but has put a … [Read more...] about U.S. stocks fall as inflation and energy prices weigh on growth

Wholesale gas prices are falling, but experts are warning Americans about getting too excited ahead of the summer driving season. "Domestic gasoline demand dipped recently, which took some of the pressure off of pump prices. About 80% of stations are now selling regular for under $5 a gallon," AAA spokesperson Andrew Gross said in a Tuesday blog post. He continued, "But July is typically the heaviest month for demand as more Americans hit the road, so this trend of easing prices could be short-lived." Over the past week, the national average of gasoline fell to $4.80 a gallon, four cents less than a month ago, AAA added. In June, gas prices peaked at a $5 record high as increased demand outpaced already tight global supply. On Tuesday, Bloomberg 's Steven Dennis reported that prices were down nearly 30 cents—a figure that falls in line with what Neil Dutta, head of economics at research firm Renaissance Macro, projected to Axios last week. Texas and Delaware have seen … [Read more...] about Falling gas prices may be short-lived, AAA warns

Rising fuel prices are 'crushing' social care workers with some finding they cannot afford to go to work, according to a trade union. Care workers are also leaving jobs in the sector to work at supermarkets due to rising fuel costs according to John Mooney from Unison Scotland. Speaking to BBC Radio Scotland, he said: 'What you have is workers who have 20 visits per day in areas where they have no option but to use their car. 'We have members approaching us and saying that they simply can't afford to go to work.' The union has previously called for increased fuel allowances for care workers following the sharp rise in fuel costs, but representatives say they were advised the issue was down to individual employers. Care workers are also ditching cars in favour of walking, Mr Mooney has warned. 'What we have is a situation where members are coming to us saying they have spoken to their employer about a schedule that covers walking only without them having to drive.' He … [Read more...] about Unions say rising fuel prices are ‘crushing’ social care workers ‘who can’t afford to go to work’

Published 4 days ago Share close Share page Copy link About sharing Related Topics Russia-Ukraine war Russia has moved to take over a major oil and gas project in which Shell has a 27.5% stake. Russian President Vladimir Putin signed a decree on Thursday to take charge of the Sakhalin-2 project. The move could force Shell and Japan's Mitsui and Mitsubishi to abandon their investments as the economic fallout of the Ukraine war spreads. Oil giant Shell said: "We are aware of the decree and are assessing its implications." The decree said a new firm would take over all rights and obligations of Sakhalin Energy Investment. Shell said in February that it would sell its Russian investments due to the conflict in Ukraine, including the flagship Sakhalin 2 facility in Russia's far east. It said in April it would take a £3.8bn hit by leaving Russia. The project, … [Read more...] about Russia moves to take control of Sakhalin-2 oil and gas project

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

After enduring six months of rising inflation , Americans could feel the pinch even more in the second half (H2) of the year, according to one banking expert who has warned that the country's economic turmoil is about to get even tougher. The annualized rate of inflation recorded its highest jump in May since 1981 as the administration of President Joe Biden faces pressure over how to curb soaring costs, exacerbated by record gas prices being blamed on the Ukraine war . Adding to the bad economic outlook was the news last week that at 20.6 percent, the S&P 500 endured its largest first half decline since 1970. But inflationary pressures are likely to get worse, according to HSBC's global chief strategist Joe Little who said that the era of historically low inflation and interest rates was over. "Any of the tailwinds for investment markets are now becoming headwinds," he told CNBC on Tuesday. "That points to a phase of ongoing market turbulence." The network reported … [Read more...] about High inflation and higher interest rates still to come, banking chief warns

The Biden administration’s proposed plan for offshore oil and gas leasing for the next five years has left fossil fuel advocates wanting for more and environmental groups hoping for less. The plan — unveiled Friday by the Department of the Interior a day after the previous plan expired — calls for anywhere from zero to 11 lease sales in the next five years, all but one of which are proposed for the Gulf of Mexico. The plan must go through at least a 90-day public comment period before the Department of the Interior can send a revised draft to Congress and President Joe Biden for review. Mirroring the last five-year plan, the Interior Department’s draft limits leasing to the central and west Gulf, off the Louisiana and Texas coasts, and continues a federal drilling moratorium in the eastern Gulf. It calls for one Gulf lease sale in 2023 and two each in 2024 through 2027, followed by another in 2028. The lone non-Gulf sale would be in Alaska’s Cook Inlet. The Atlantic and … [Read more...] about Proposed federal drilling plan for Gulf of Mexico leaves advocates, critics gearing up for a fight