New York CNN Business — The US trade gap edged only slightly higher in October than the month before, to $78.2 billion. The latest reading was up just 5.4%, less than half the pace of increase from the revised September reading, when the trade deficit jumped by 12.7% to $74.1 billion. A strong dollar and […]
London CNN Business — Most Russian crude oil exports to Europe are now banned, marking the boldest effort yet by the West to pile financial pressure on President Vladimir Putin as his brutal war in Ukraine enters its tenth month. The oil embargo, which was agreed upon in late May, took effect in the European […]
London CNN Business — The European Union has reached a consensus on the price at which to cap Russian oil just days before its ban on most imports comes into force. News of the deal, which had needed approval from holdout Poland, was confirmed on Twitter by the president of the European Commission, Ursula von […]
New York CNN — Prices at the pump continue to plunge, dropping the US average for gasoline below where it was when Russia invaded Ukraine. A gallon of regular gas now fetches $3.47 nationally, according to AAA. That is below the $3.54 average on February 24, the day Russia invaded Ukraine. That is down about […]
London CNN Business — US oil prices have fallen to their lowest level since December 2021 on concerns that protests in China against Covid-19 lockdowns will dent demand. West Texas Intermediate crude oil futures, the US benchmark, slid 2.7% on Monday to trade close to $74 a barrel, a level last reached in December 2021. […]
London CNN Business — Allies of Ukraine want to put a price limit on Russian oil. But there’s a problem: They can’t agree on a number that would actually pile pressure on the Kremlin. The West’s biggest economies agreed earlier this year to cap the price of Russia’s most valuable export and vowed to hash […]
Hong Kong CNN Business — China has locked down a major transportation hub in the south, as the country grapples with its largest nationwide Covid outbreak since April. The lockdown also follows rising cases in Beijing, which reported the country’s first Covid deaths in nearly six months. In recent days, China had begun to ease […]
London CNN Business — BP’s profit more than doubled in the third quarter of the year, extending a bumper run of earnings for the world’s biggest oil and gas companies that will add to growing calls in Britain and the United States for higher taxes on windfall profits. The UK-based energy company posted underlying profit […]
London CNN Business — European inflation has accelerated to a new record high as energy and food prices in the region continue to skyrocket. Prices across the 19 countries that use the euro increased at an annual rate of 10.7% in October, up from 9.9% in September, according to initial estimates released Monday. Energy prices […]
New York CNN Business — Presidents don’t have magic wands to make inflation disappear. But they do have a powerful tool that can help ease the pain of high gas prices: The Strategic Petroleum Reserve. More than any of his predecessors, President Joe Biden has aggressively leaned on this emergency oil stockpile to knock down […]