Business

Oil fell more than 1% towards $40 a barrel on Wednesday after a report showed a rise in crude inventories in the United States, reviving concerns about oversupply and weak demand due to the coronavirus crisis. The report from the American Petroleum Institute, an industry group, said crude stocks rose …

The National Bureau of Economic Research said in a report that the United States officially fell into a recession in February when the country began to feel the effects of the measures imposed to fight the novel coronavirus outbreak, reported Sputnik news agency. “The (Business Cycle Dating) committee has determined …

Asian stocks extended their winning streak for the ninth consecutive session on Tuesday and oil prices rose as the lifting of coronavirus lockdowns in many countries fed investor hopes of a relatively quick global economic recovery. European markets were set to follow that lead with pan-European Euro Stoxx 50 futures …

Oil fell about 3% on Monday after Saudi Arabia said an extension of output cuts by OPEC+ nations would not include additional voluntary reductions by a trio of Gulf producers. After rising for seven consecutive sessions, Brent oil futures LCOc1 fell $1.30, or 3.1%, to $41.00 a barrel by 12:16 …

Oil climbed on Monday after major producers agreed to extend a deal on record output cuts to the end of July and as China’s crude imports hit an all-time high in May. Brent crude LCOc1 was up 89 cents, or 2.1%, at $43.19 per barrel, by 0500 GMT, while U.S. …

OPEC, Russia and allies agreed on Saturday to extend record oil production cuts until the end of July, prolonging a deal that has helped crude prices double in the past two months by withdrawing almost 10% of global supplies from the market. The group, known as OPEC+, also demanded countries …

Iraq has told OPEC it would start an urgent plan to cut its oil production gradually to fully comply with its quota, an OPEC delegate said on Saturday after the group demanded that Baghdad and other laggards adhere to a pact on output curbs. Iraq’s plan would include reaching a …

Oil prices rose on Friday after an unexpected fall in the May U.S. jobless rate and OPEC’s decision to bring forward to Saturday discussions on whether to extend record production cuts. Brent crude futures settled up $2.31, or 5.8%, at $42.30 a barrel, surging 19.2% on the week. U.S. West …

America’s workers likely suffered another devastating blow in May, with millions more jobs lost to the viral pandemic and an unemployment rate near or even above 20% for the first time since the Great Depression. Economists have forecast that the government will report Friday that employers shed 8.5 million more …

The carmaker Bentley has announced plans to slash up to 1,000 jobs, warning the coronavirus crisis has hit its sales hard and it had run out of other ways to cut costs. The company, headquartered in Crewe, said it had informed its 4,200-strong workers of its “voluntary release programme” and …

Oil prices rose on Friday after OPEC decided to move up discussions on whether to extend record production cuts to Saturday, indicating that some laggard countries may have agreed to align themselves with the deal. Brent crude futures were up 95 cents, or 2.4%, at $40.94 a barrel as of …

The German economy has passed the trough of its coronavirus recession and is starting to grow again, the Bundesbank said, endorsing the government’s sweeping fiscal stimulus that should underpin the rebound. Yet the recovery is still muted as some restrictions to rein in the spread of the pandemic remain in …

Brent crude LCOc1 futures fell 1.18%, or 47 cents, to $39.32 a barrel as of 0652 GMT, while U.S. West Texas Intermediate (WTI) crude CLc1 futures slid 1.80%, or 67 cents, to $36.62 a barrel. Saudi Arabia and Russia, two of the world’s biggest oil producers, have agreed to support …

When OPEC, Russia and their allies agreed in April to slash oil production, little did they expect that their initiative to prop up collapsing prices would be helped by a swift drop in U.S. output. Now that crude has rallied on the back of those cuts from below $20 a …

Australia is set for its first recession in 29 years as the country feels the impact of the virus pandemic. Official figures show that the economy shrank by 0.3% in the first three months of the year, amid bushfires and the early stages of the outbreak. Economists expect data for …

Iraqi Prime Minister Mustafa Al-Kadhmi announced today, Tuesday, a decision to reduce the salaries of presidents, special grades, and senior positions, to suspend the double wage and delusional and rationalize government spending. “We will not allow the solutions to the financial crisis to be at the expense of the rights …

Oil prices were up about $1 a barrel on Tuesday on expectations that major producers will agree to extend output cuts during a video conference likely to be held this week and as countries and U.S. states begin to restart after coronavirus lockdowns. Brent crude LCOc1 rose 2.7%, or $1.04, …

The world’s largest cryptocurrency rallied above $10,000 once again amid optimism digital assets will continue to benefit in the wake of unprecedented global fiscal and monetary stimulus. Bitcoin rose about 5% on Tuesday to trade around $10,168 as of 10:05 a.m. in New York. The rally catapulted the coin to …

The violent riots show no sign of abating across at least 75 US cities, where protesters are expressing their anger over the death of black American George Floyd at the hands of police in Minneapolis on 25 May. The ongoing protests in major US cities prompted an increase in gold …

Renault acknowledged that its global ambitions had been unrealistic, announcing plans to cut about 15,000 jobs, shrink production and restructure French plants as it pressed the reset button and sought to banish the spectre of Carlos Ghosn. Faced with a slump in demand that has been exacerbated by the coronavirus …