Biden Re-evaluating US Relationship with Saudis after OPEC Decision
President Joe Biden is launching a review of the U.S. relationship with Saudi Arabia after OPEC+...
President Joe Biden is launching a review of the U.S. relationship with Saudi Arabia after OPEC+ announced last week that it would cut oil production over U.S. objections, officials said on Oct. 11.
The announcement came a day after powerful Democratic Senator Bob Menendez, chairman of the Senate Foreign Relations Committee, said the U.S. must immediately freeze all aspects of U.S. cooperation with Saudi Arabia, including arms sales.
Energy Crisis Could Cut Europe’s Car Output Nearly 40%: Report
Auto forecaster S&P Global Mobility warned on Oct. 11 that, under a worst-case scenario, ...
Auto forecaster S&P Global Mobility warned on Oct. 11 that, under a worst-case scenario, Europe’s energy crisis could cut its car production by close to 40%, or more than 1 million vehicles, per quarter through the end of 2023.
In a report titled ‘Winter is Coming,’ S&P Global Mobility said the auto industry’s supply chain—already reeling from the COVID-19 pandemic and Russia's invasion of Ukraine—"may face extensive pressure” from soaring energy costs or even power cuts.
“With energy prices in Europe skyrocketing... a harsh winter could place certain automotive sectors at risk of being unable to keep their production lines running,” the report said.
The worsening prospects for the global economy point to continued strength for the greenback. The International...
The worsening prospects for the global economy point to continued strength for the greenback. The International Monetary Fund predicted Tuesday that growth worldwide will slow to 2.7% in 2023 from 3.2% in 2022.
"As the global economy is headed for stormy waters, financial turmoil may well erupt, prompting investors to seek the protection of safe-haven investments, such as US Treasuries, and pushing the dollar even higher," the IMF warned.
The US Dollar Index has been rallying over the past week after coming down from 20-year highs. The recent moves track those of the 10-year US Treasury yield, which slid last month after the Bank of England announced emergency gilt purchases. Take a look at the greenback's relentless advance of the past year and a half.
Benchmark U.S. crude oilfor November delivery fell $1.78 to $89.35 a barrel Tuesday. Brent crudefor December delivery fell $1.90 to $94.29 a barrel.
Wholesale gasoline for November delivery rose 1 cent to $2.63 a gallon. November heating oilrose 2 cents to $3.93 a gallon. November natural gas rose 16 cents to $6.60 per 1,000 cubic feet.
