Saudi Arabia lowered most oil prices for its main market of Asia to a 10-month low, a sign that demand remains fragile due to lockdowns in China.
Venezuelan oil production rose 16% from September to October and will likely keep climbing once Chevron expands its operations there. The country’s oil exports are expected to finance 63% of its government budget next year.
U.S. jet fuel consumption remains below 2019 levels despite an almost complete rebound in passenger volumes, a sign that airlines are consolidating flights to save on labor and fuel costs:
More oil news related to the war in Europe:
Around 19 oil tankers were backed up off the coast of Turkey due to lengthy insurance verifications on Monday, the first day of a Western price cap on Russian crude.
The U.S. president signed legislation forcing freight railroad workers to accept the terms of a tentative contract agreement and halt a planned strike. The industry is expected to keep facing challenges, however, due to a massive shortage of workers.
The Federal Reserve is expected to raise its benchmark interest rate by 0.5 percentage points next week, while elevated wage pressures could lead to a larger terminal rate above 5% next year, analysts say.
A key index of activity in the U.S. service sector unexpectedly rose from 54.4 to 56.5 in November, the biggest gain in 11 months:
U.S. factory orders jumped by a larger-than-expected 1% from September to October, led by demand for transportation equipment, particularly aircraft.
The U.S. trade deficit rose 5.4% in October to a four-month high as exports fell for the second straight month due to falling energy prices and the effects of the strong U.S. dollar.
There are now 1.7 unfilled U.S. jobs for every job seeker, according to the latest data, a smaller proportion than in recent months:
Some 305,000 Americans lost their jobs at small businesses in October, about 137,000 higher than the previous month.
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