As market participants expected, in a public address from the White House, US President Joe Biden announced US ban on all Russian imports including oil and gas.Biden’s decision was made in consultation with the US’s Western allies, Biden added, noting that he understood that many European allies that don’t produce …
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In a buoyant sign for the US economy, businesses stepped up their hiring last month as Omicron faded and more Americans ventured out to spend at restaurants, shops and hotels despite surging inflation.Employers added a robust 678,000 jobs in February, the largest monthly total since July, the Labor Department reported …
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US consumer spending Rose by 2.1% in January and Inflation accelerated amid Omicron wave. Commerce Department’s inflation gauge rose 6.1% from a year earlier. As Russia’s attack on Ukraine helps push the price of oil to over $100 a barrel for the first time since 2014. Here’s how rising oil …
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A typically dark day for Europe witnessed extraordinary shock across financial markets. This report sums up some of the signals that world economy received during the first hours of the assault. Dow Jones plunges as Russian assault against Ukraine roils global markets, oil prices soared to record highs after Russia …
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Oil prices fell on Friday as rising inflation in the United States stoked fears of a major interest rate hike as investors awaited the outcome of nuclear talks between the United States and Iran that could increase the global supply of crude. Brent crude futures were down 58 cents, or …
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An aggressive OPEC report on global demand and a drop across the board in US petroleum inventories pushed oil prices higher on Thursday. Total US commercial crude oil inventories are now just over 410 million barrels. Oil prices reversed earlier losses to rise early on Thursday, following a bullish OPEC …
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The prices of energy, crude and gasoline all increased in 2021 from 2020 according to the latest data released Wednesday by the US Energy Information Agency.Prices increased because of higher demand and a range of other factors. By the end of 2021, commodities on the energy index traded 59% higher …
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US President Biden on Wednesday has insisted that his administration is “making progress” on inflation, despite data showing it continued to grow last month for an annual jump of 7 percent, the highest increase since 1982.The White House highlighted falling fuel costs in December and lower overall monthly increase of …
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US crude oil inventories fell by 2.144 million barrels in the week ending December 31st, a sixth consecutive period of declines and compared with market forecasts of a 3.283 million drop, data from the EIA Petroleum Status Report showed on Wednesday. Meanwhile, gasoline inventories surged by 10.128 million barrels, the …
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The US is suffering from its highest inflation wave in 40 years according to newly released federal economic figures. For anyone hoping there would be an end to the exorbitant climb in prices before year-end, this was a disappointment. But it could be the peak.The Bureau of Economic Analysis released …
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