API responds to Biden's hurricane price gouging warning
Market forces, rather than individual companies, are responsible for gasoline price fluctuations, said...
Market forces, rather than individual companies, are responsible for gasoline price fluctuations, said American Petroleum Institute spokesperson Andrea Woods after President Joe Biden on Wednesday warned the oil and natural gas industry against taking advantage of Hurricane Ian to increase prices at the pump. "In an unfolding weather event, our industry is focused on keeping the energy market well-supplied and delivering fuels where they are needed most while ensuring the safety of our workforce," Woods said.
The US housing market slowdown will last longer than originally expected as pending home sales...
The US housing market slowdown will last longer than originally expected as pending home sales fall off a cliff. That's according to the top economist at the National Association of Realtors. He explained why his outlook has changed recently — and what he expects next for mortgage rates and home prices in 2023.
Friday's Stock Futures Pointing to a Positive Open
US stock futures rise early Friday, along with European stocks. Meanwhile, in the UK,...
US stock futures rise early Friday, along with European stocks. Meanwhile, in the UK, Cardano Investment's Kerrin Rosenberg explained why the Bank of England's emergency bond purchase program may have prevented a collapse in the country's pension funds. Here are the latest market moves.
Earnings on deck: Alibaba Group Holding Ltd, Carnival plc, and more, all reporting.
Ian, one of the most powerful storms ever to hit the US, knocked out power to more than 2.5 million Florida...
Ian, one of the most powerful storms ever to hit the US, knocked out power to more than 2.5 million Florida customers after it came ashore on FL’s west coast on Wednesday afternoon. Its winds and storm surge of up to 18 feet trapped people in their homes, leveled buildings and cut off water supplies to some hospitals—forcing patients to be evacuated.
At least nine fatalities have been reported, but there will likely be more amid ongoing rescue efforts. After receiving a briefing from FEMA yesterday, President Biden said that early reports show “what may be a substantial loss of life.”
As for the impact on business…
Major Florida airports remained closed yesterday and thousands of flights were canceled. Tampa International Airport will reopen this morning.
The Tampa Bay Buccaneers said their Sunday home game against the Kansas City Chiefs will go on as planned.
The citrus industry is assessing the impact on Florida’s prodigious orange groves, which supply the vast majority of OJ in the US. The damage to the already struggling sector is expected to be significant.
Oil set for weekly gain as OPEC+ considers output cut
LONDON (Reuters) - Oil prices were on track for their first weekly gain in five on Friday, underpinned...
LONDON (Reuters) - Oil prices were on track for their first weekly gain in five on Friday, underpinned by a weaker dollar and the possibility that OPEC+ will agree to cut crude output when it meets on Oct. 5.
Brent crude futures for November, which expire on Friday, rose by 95 cents, or 1.07%, to $89.44 a barrel by 0948 GMT. The more active December contract was up 81 cents at $87.99.
U.S. West Texas Intermediate (WTI) crude futures rose 72 cents, or 0.89%, to $81.95.
Brent and WTI contracts rose by more than $1 earlier in the session and are poised for a weekly gain of about 4%. It would be the first weekly rise since August and follow nine-month lows hit earlier in the week.
