WASHINGTON: Uncertainty around the path of the U.S. economy, including difficulties estimating the state of financial markets, potential oil price shocks, and the impact of labor union strikes, pushed Federal Reserve officials into a cautious stance at their meeting last month as debate proceeded over whether further rises in the central bank‘s policy rate would … Read more
Oil prices rose on Friday on optimism that the U.S. Federal Reserve will ends its tightening cycle, buoying the economy and boosting fuel demand. Brent futures for March delivery gained 48 cents, or 0.6%, to $86.64 a barrel by 0113 GMT, while U.S. crude advanced 54 cents to $80.87 per barrel, a 0.7% gain. The … Read more
Oil prices turned down in early trade on Friday after a slight rebound in the previous session, leaving them set to fall for a second straight week on worries that central banks’ aggressive rate hikes and China’s COVID-19 curbs will hurt demand. Brent crude futures slipped 12 cents, or 0.1%, to $89.03 a barrel at … Read more
MOSCOW/DUBAI/LONDON: OPEC+ ministers agreed on Sunday to boost oil supply from August to cool prices which have climbed to 2-1/2 year highs as the global economy recovers from the coronavirus pandemic. The group, which includes OPEC countries and allies like Russia, crucially agreed new production allocations from May 2022 to overcome differences between Saudi Arabia … Read more
NEW YORK: Oil prices rose on Friday and were on track for monthly gains, benefiting from news that U.S. oil output cuts in May were the largest on record. Brent crude LCOc1 settled up 37 cents, or 0.9%, at $43.31 a barrel. US. crude CLc1 was up 35 cents, or 0.9%, at $40.27 after dropping … Read more