Oil prices climb as OPEC+ agrees to 100,000 barrel cut per day
Oil prices climbed on Monday as members of the Organization of...
Oil prices climbed on Monday as members of the Organization of Petroleum Exporting Countries and Russia agreed to cut output by 100,000 barrels a day in October.
Brent crude BRN00, -0.53%, the international standard, rose 3.6% to $96.31 a barrel on Monday afternoon trading in London. West Texas Intermediate CL.1, 2.37% the U.S. benchmark, rose 2.6% to $89.58.
Expectations ahead of the meeting were for no change, but Russia came around to supporting the change.
It reversed a 100,000 barrels a day increase last month after U.S. President Joe Biden visited Saudi Arabia.
Liz Truss to become next U.K. prime minister after winning Conservative election
Liz Truss has steadily risen through the Conservative Party over the past decade to become the country’s...
Liz Truss has steadily risen through the Conservative Party over the past decade to become the country’s 56th prime minister and the third female to hold the post.
The 47-year-old, like each of the three Conservative prime ministers before her, attended Oxford University. (Her top rival, Rishi Sunak, also is an Oxford grad.) She had a short career at Shell SHEL, +1.03% and Cable & Wireless before becoming a candidate for the Conservatives in 2001. She lost in a safe Labour seat, and then was defeated again in 2005, before securing the seat in 2010.
She held a variety of cabinet posts, most recently as international trade secretary and then foreign secretary under Boris Johnson.
European Stocks, Euro Sink as Energy Woes Worsen: Markets Wrap
(Bloomberg) -- European stocks slumped and the euro fell Monday...
(Bloomberg) -- European stocks slumped and the euro fell Monday as the region’s worsening energy crisis added to risks for a global economy already facing high inflation and a wave of monetary tightening.
The Stoxx Europe 600 Index fell 1.5%. Energy stocks outperformed, while technology, construction and chemicals were laggards. An Asian equity index was also in the red, paced by losses in Hong Kong, where tech shares slid as traders weighed the risk of curbs on investment from the US. Wall Street contracts wavered after the worst week for world shares since June.
The dollar jumped as commodity-linked currencies joined the euro’s retreat to a two-decade low. Oil rallied before an OPEC+ meeting on supply. Cash Treasuries and US stocks are closed because of Labor Day.
Gas prices surge 35pc after Putin shuts Nord Stream pipeline ‘indefinitely’
Gas prices have surged after Russia halted supplies through its biggest pipeline to Europe indefinitely,...
Gas prices have surged after Russia halted supplies through its biggest pipeline to Europe indefinitely, fuelling fears of blackouts and rationing this winter.
Benchmark European prices jumped as much as 35pc after Gazprom’s decision late on Friday not to turn the Nord Stream pipeline back on after three days of maintenance.
Oil prices climb more than $1/bbl ahead of OPEC+ meeting
SINGAPORE (Reuters) - Oil prices jumped more than $1 a barrel...
SINGAPORE (Reuters) - Oil prices jumped more than $1 a barrel on Monday,extending gains as investors eyed possible moves by OPEC+ producers to tweak production and support prices at a meeting later in the day.
Brent crude futures rose $1.43, or 1.5%, to $94.45 a barrel by 0054 GMT after gaining 0.7% on Friday. U.S. West Texas Intermediate crude was at $88.12 a barrel, up $1.25, or 1.4%, following a 0.3% advance in the previous session. U.S. markets are closed for a public holiday on Monday.
At their meeting later on Monday, the Organization of the Petroleum Exporting Countries (OPEC) and its allies, a group known as OPEC+, may decide to keep current output levels or even cut production to bolster prices, despite supplies remaining tight.
