(BOE Report)– Federal Reserve Governor Michelle Bowman on Tuesday said she continues to anticipate that the U.S. central bank will deliver interest rate cuts at its final two policy meetings of 2025. “I continue to see two more cuts before the end of this year,” Bowman said at an event in Washington. The Fed last month cut its benchmark interest
(Oil Price)– China has formalized a barter-style framework with Iran in which crude oil is exchanged for infrastructure projects (from rail lines and ports to industrial works) rather than cash. The volumes involved are substantial: Beijing already imports an estimated 1.4 to 1.6 million barrels per day of Iranian crude, much of it under disguised labels. The new structure secures
(Oil Price)– Energy prices for consumers across the UK rose again this month. Ofgem, the energy regulator, set the maximum annual rate for an average household for gas and electricity at £1,755 until the end of the year. The cap is now over £600 higher than when it was first introduced in 2019. Under the cap, the average price of
Oil Price U.S. crude oil prices continued to plummet on Wednesday, falling over 3% and Brent crude right behind it, shedding over 2.8% on a surprise U.S. inventory build and uncertainty about interest rate cuts and the future of oil demand growth. On Wednesday at 11:56 a.m. ET, West Texas Intermediate (WTI) was trading at $79.44, down 3.04%, losing $2.49 per barrel
Oil Price Inflation concern. Rate hike fears. These have been the drivers of oil market moves for months now. Demand and supply have largely remained ignored. But this may be about to change. “This is in a year where there [are] economic headwinds, where there [are] recessionary signs everywhere … China’s still picking up,” the chief executive of Aramco acknowledged earlier
CNBC Oil prices dipped on Tuesday, paring some gains from the previous session, as the market feared that more aggressive interest rates hikes from central banks may lead to a global economic slowdown and soften fuel demand. Brent crude futures for October settlement dropped $3.58, or 3.4%, to $101.55 a barrel, after climbing 4.1% on Monday, the biggest increase in more
CNBC Oil dropped Monday as a flare-up in Covid-19 cases in Beijing dented hopes of a Chinese demand rebound, while worries about more interest rate hikes to control rampant inflation added further pressure. Beijing’s most populous district Chaoyang announced three rounds of mass testing to quell a “ferocious” Covid-19 outbreak that emerged last week. Mass testing would take place until
CNBC Retail diesel and gasoline prices climbed to another record high Thursday, as rampant inflation sends costs across the economy surging. The national average for a regular gallon of gasoline hit $4.418 on Thursday, according to AAA. The price is not adjusted for inflation. Prices had previously hit all-time highs on Tuesday and Wednesday. Consumers are now paying 32 cents per
Nasdaq Global mining companies must overcome COVID-related labour shortages and soaring production costs if they are to meet annual production targets, analysts said after downbeat quarterly reports. London-listed Anglo American AAL.L and Antofagasta ANTO.L are among those to have either lowered annual production targets or increased expected capital expenditure, laying part of the blame on the broad inflationary pressure coming from rocketing diesel prices.
Nasdaq LONDON, Feb 14- A bout of profit-taking ensued last week as seven-year highs in crude oil and middle distillates prices intensified concerns about inflation and the possibility of countermeasures from central banks. Rapidly escalating prices for oil and other commodities have become a central problem for macroeconomic policymakers in advanced economies. Unless inflation in oil and other commodities starts
Nasdaq LONDON (Reuters) – Past changes in oil prices are closely associated with U.S. consumers’ and investors’ expectations for overall inflation in future, which helps explain why they are sensitive for central banks and other policymakers. In the last three decades, the rise and fall in oil prices has correlated with expectations about future inflation measured by the University of
Reuters U.S. President Joe Biden’s top aides are pressuring OPEC and its allies to boost oil output to tackle rising gasoline prices that they see as a threat to global economic recovery. Biden’s national security adviser Jake Sullivan criticized the world’s major oil producers, including Saudi Arabia, for what he said were insufficient crude production levels in the aftermath of
