U.S. initial jobless claims edge upward to 235,000 in July 2 week
The numbers: Some 235,000 people applied for jobless benefits last week, marking the...
The numbers: Some 235,000 people applied for jobless benefits last week, marking the highest number in six months and possibly signaling that layoffs are on the rise as the U.S. economy slows.
New jobless claims rose by 4,000 from 231,000 in the prior week. Economists polled by the Wall Street Journal forecast initial jobless claims to total 230,000 in the seven days ended July 2.
New filings had fallen to as low as 166,000 in late March — the second-fewest on record — before moving higher over the past several months.
The four-week average of new jobless claims, which smooths out the temporary ups and downs, rose to 232,500. That’s the highest level since January.
U.K. Prime Minister Boris Johnson announces he will step down
U.K.'s Boris Johnson on Thursday said he would step down in a defiant address in which...
U.K.'s Boris Johnson on Thursday said he would step down in a defiant address in which he talked of his administration's achievements and noted his standings in the polls despite a difficult economic backdrop. "When the herd moves, it moves," said Johnson of his fellow Conservative parliamentary members. He thanked voters for an "incredible mandate" but said a "Darwinian" system would produce a new leader. He said he will stay on as caretaker leader until a replacement is found.
Crude oil prices took another dip in Wednesday’s trading as both WTI and Brent crude dropped...
Crude oil prices took another dip in Wednesday’s trading as both WTI and Brent crude dropped about 2% to a 12-week low—another sign of investors growing more worried about energy demand and an expected global recession.
It was the second straight day of price declines as West Texas Intermediate crude for August delivery fell 97 cents or 1% to settle at $98.53 a barrel. It was the lowest front-month finish since April. Prices have tumbled more than 20% since March 8 when WTI prices settled at $123.70 a barrel.
Global benchmark Brent crude for September delivery plunged $2.08 to finish the day at $100.69 a barrel.
Oil Inventories Unexpectedly Jump by 3.8M Barrels Adding to Demand Fears: API
U.S. crude oil inventories unexpectedly increased last week, confounding expectations...
U.S. crude oil inventories unexpectedly increased last week, confounding expectations for a decline and adding to the bulging weight of expectations that energy demand distraction is underway amid growing fears of a recession.
U.S. crude inventoriesincreased by about 3.8 million barrels for the week ended June 30. That compared with a draw of 3.8 million barrels reported by the API for the previous week. Economists were expecting a decrease of about 1.1 million barrels.
The API data also showed that gasoline inventories fell by 1.8 million barrels last week, while distillate stocks decreased by about 635,000 barrels. The official government inventory report due Thursday is expected to show weekly U.S. crude supplies fell by about 1.0 million barrels last week.
Apollo, Blackstone seek buyers for Canadian oil producer Ridgeback
Apollo Global Management Inc and the credit arm of Blackstone Group Inc...
Apollo Global Management Inc and the credit arm of Blackstone Group Inc are looking to sell Canadian oil and gas producer Ridgeback Resources for more than C$1 billion ($765.58 million), four sources familiar with the matter said on Tuesday.
Two investment banks have been hired to manage the sale of Ridgeback, one of the largest private oil producers in Canada, the sources said. They added no deal for Ridgeback was guaranteed and the company's assets could be sold in multiple transactions.
