Business

Oil prices slipped further on Thursday after tumbling more than 5% in the previous session, as a record build in U.S. crude inventories and a rapid resurgence in COVID-19 cases cast doubts on a recovery in fuel demand. U.S. West Texas Intermediate (WTI) crude futures fell 26 cents, or 0.7%, …

A surge in the number of coronavirus infections around the world has pushed European stocks down from a two-week high as investors turned cautious amid fears of a new wave of COVID-19. The pan-European STOXX 600 declined 1.5, with travel & leisure, automakers and banks being among the hardest hit …

The dollar paused on Wednesday after two straight days of losses, as money markets tempered hopes of a rapid global economic recovery from the coronavirus pandemic. The U.S. currency was broadly flat against a basket of currencies, after earlier gains of 0.3%, as risk sentiment soured in trading in Europe. …

White House economic adviser Kevin Hassett said on Monday he will be leaving U.S. President Donald Trump’s administration soon, ending a brief return to government to help respond to the coronavirus pandemic. Hassett, who served as chairman of the White House Council of Economic Advisers in the first two years …

Oil prices fell on Monday as concern grew that a record rise in global coronavirus infections could stall recovery in fuel demand, outweighing tighter supplies from major producers. Brent crude LCOc1 was down 24 cents, or 0.6%, at $41.95 a barrel by 1141 GMT. The West Texas Intermediate (WTI) crude …

China and the European Union (EU) on Monday reaffirmed commitment to conclude a comprehensive bilateral investment agreement in 2020. The pledge came as Chinese Premier Li Keqiang held the 22nd China-EU leaders’ meeting with President of the European Council Charles Michel and President of the European Commission Ursula von der …

Oil prices rose on Friday but pulled back sharply from early highs on concerns that continued spread of the novel coronavirus could stall the United States’ economic rebound. Crude benchmarks followed other assets lower, pulling back from session highs after Boston Federal Reserve President Eric Rosengren said more fiscal and …

Oil rose to above $42 a barrel on Friday, adding to gains in the previous session, after OPEC producers and allies promised to meet supply cuts and signs of demand, hit by the coronavirus crisis, recovering. Iraq and Kazakhstan, during a meeting of an OPEC+ panel on Thursday, pledged to …

The completion of the purchase comes six months after Aramco sealed the world’s biggest initial public offering, selling 1.7 percent of its shares for a record $29.4 billion. Saudi Aramco said on Wednesday it has completed the acquisition of a 70 percent stake in chemical giant SABIC for $69.1 billion, …

Shares in German payments company Wirecard have fallen more than 60% after the firm said its auditor had raised questions over cash balances worth €1.9bn (£1.7bn). Auditors EY had refused to sign off on Wirecard’s accounts, saying it was unable to confirm the money existed. The missing sum amounts to …

Oil prices ticked up on Thursday after U.S. oil product stocks shrank, providing bulls with ammunition ahead of a meeting between OPEC producers and their allies to discuss their future output strategy. Brent crude LCOc1 futures were up 37 cents at $41.08 a barrel at 0846 GMT. U.S. West Texas …

Oil fell on Wednesday on fears that COVID-19 cases could rise, but prices drew some support from stimulus measures and hopes for positive tests of a drug that could save some critically ill patients. Brent crude LCOc1 was down 21 cents, or 0.5%, at $40.75 a barrel at 0930 GMT. …

Iraq’s oil exports have fallen by 8% or 300,000 barrels per day (bpd) so far in June, according to shipping data and industry sources, suggesting OPEC’s second-largest producer is getting closer to meeting its pledge in an OPEC-led supply cut deal. Southern Iraqi exports in the first 14 days of …

While the coronavirus pandemic may become the last nail in the coffin of the US dollar’s status as the primary reserve currency, the seeds of its inevitable decline were sown long ago, a former Morgan Stanley economist believes. The greenback is set to decline due to a shortfall in domestic …

Oil prices slid on Tuesday on lingering concerns over the threat to fuel demand from the resurgence of new coronavirus infections around the world, though hopes for further cuts in crude supplies stemmed losses. Brent crude LCOc1 fell 20 cents, or 0.5%, at $39.52 a barrel by 0424 GMT, having …

Global stocks fell sharply Monday as the United States and China grapple with new coronavirus outbreaks, signaling that the pandemic isn’t done wreaking havoc on the global economy. Dow (INDU) futures were down more than 450 points, or 1.9%, ahead of the opening bell after plunging as much as 800 …

The latest data from the Treasury Department shows that the US gross national debt has exceeded $26 trillion for the first time, as the nation grapples with economic relief from the Covid-19 pandemic. The national debt is up from $23.5 trillion in March, with an increase of $1 trillion since …

Oil prices slumped on Thursday, dragged down by another record build-up in U.S. crude inventories and the U.S. Federal Reserve’s projections that the world’s biggest economy would shrink 6.5% this year. Brent crude LCOc1 futures erased Wednesday’s gains, falling 6.6%, or $2.74, to $38.99 a barrel by 1342 GMT. U.S. …

About 1.5 million laid-off workers applied for U.S. unemployment benefits last week, evidence that many Americans are still losing their jobs even as the economy appears to be slowly recovering with more businesses partially reopening. The latest figure from the Labor Department marked the 10th straight weekly decline in applications …

The UK’s economy is likely to be the worst affected among developed countries due to coronavirus, a major think tank has warned. The Organisation for Economic Co-operation and Development (OECD) said Britain’s economy was likely to slump by 11.5% in 2020 – above the slumps expected for other developed nations …