The WTI crude price plunged 5% Friday to below $80/bbl, an eight-month low, on fears that rising interest rates will tip major economies into recession, cutting demand. Futures were down for a fourth straight week.
In mid-day trading today, WTI futures were down 2.7% at $76.62/bbl, Brent was down 2.6% at $83.92/bbl, and U.S. natural gas was down 0.1% at $6.82/MMBtu.
U.S. efforts to revive a deal allowing Iran to sell more oil in the global market have stalled, officials say.
Over a dozen U.S. states have changed their gasoline taxes year-to-date:
India, the world’s biggest polluter, is expanding its coal power fleet by 25% through 2030 to meet rising energy demand. The move comes as coal buyers vie to pay top dollar from often remote mines in places such as Tanzania and Botswana.
Inclement weather has driven electricity demand up while reducing Australia’s coal shipments down 7% year over year, driving coal prices up nearly three-fold and incentivizing investment in alternative energy.
A downturn in business activity across the euro zone deepened in September amid an intensifying cost-of-living crisis, according to S&P Global’s composite index.
The war in Ukraine is set to cost the global economy $2.8 trillion in lost output by the end of 2023, according to a new report, with researchers warning that an energy crisis across Europe this winter could cause costs to rise even more.
With meager foreign reserves compared with its developed nation peers, the Bank of England has limited power to intervene to support its plunging currency.
The euro plummeted to a 20-year low against the dollar to end the week.
The yuan and the yen are tumbling due to the growing disparity between aggressive monetary tightening in the U.S. and comparatively weak intervention in China and Japan, threatening the region’s mantle as a destination for risk investors.
Deutsche Bank lowered its 2023 growth projection for Europe to -2.2%, which would make it the third worst year since WWII.
Russia’s banks have lost an estimated $25.5 billion as a result of fallout from Moscow’s invasion of Ukraine.
Defying the economic turmoil in the U.K., asking prices for U.K. homes are rising at their quickest pace in four months, up 0.7% in September, amid a 20% increase in buyer demand from the pre-pandemic level.
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