Expected shortages in Europe’s crude supply have failed to materialize, leading to an oversupply at European refineries. Meanwhile, the continent’s natural-gas storage is about 95% full, easing supply concerns for this winter even as questions loom over shortages in the years ahead.
G7 nations could announce a price cap on Russian crude as soon as Wednesday, which would likely take effect Dec. 5.
Oil tanker earnings are surging as Western sanctions on Russia shift global trading routes.
More than a dozen regions in Ukraine, including the capital Kyiv, are grappling with power shortages following relentless Russian attacks on the nation’s infrastructure. Officials have started calling for some people in the hardest-hit areas to evacuate.
Two Great Lakes storms dumped over six feet of snow in parts of New York over the weekend, leading to widespread transport disruption.
GM says it could shave $2,000 off the cost of its vehicles by expanding its digital selling platform. The automaker also predicted annual revenue growth of 12% over the next three years, led by increased adoption of electric vehicles.
British retail sales rose a larger-than-expected 0.6% in October:
A new report from the U.K.’s Office for Budget Responsibility forecasts that real household incomes will shrink 7% by April 2024 and send the economy into a recession that could last well over one year.
Chinese retail sales unexpectedly dropped in October as consumer spending buckled under the country’s dual campaigns against rising property prices and COVID-19 outbreaks.
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