(Investing) – EVIAN-LES-BAINS, France – U.S. President Donald Trump on Wednesday defended the U.S. deal with Iran in his remarks at the close of a G7 summit in France, saying he did not want to see an economic catastrophe that could have been triggered by a continued war in the Middle East. “So the one thing I didn’t want to see
(Oil Price) – The United States still feels oil shocks. It just doesn’t feel them the way it did when America was dancing to disco and waiting in gas lines. If the Fed is right, the idea that every oil shock leads to recession is outdated. A new study from the Federal Reserve Bank of Boston finds that rising domestic
(BOE Report) – The annual rate of inflation accelerated to 2.4 per cent in March as the war in Iran sent fuel costs soaring, Statistics Canada said Monday. That’s a jump of more than half a percentage point from the headline inflation rate of 1.8 per cent in February, though economists had widely expected the March figures to come in
(By Oil & Gas 360) – The market isn’t just reacting to higher oil prices. It’s reacting to what those prices mean this time. What’s unfolding looks less like a temporary spike and more like a second-order shock, one that’s already starting to ripple through inflation, interest rates, and growth expectations in ways that feel more persistent than 2022. This time,
(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
