Oil Edges Higher on Report Russia to Push for OPEC+ Supply Cuts

Traders were also tracking the progress of Hurricane Ian, which is expected to make landfall on Florida’s west coast late Wednesday. Ahead of that, US energy companies have idled about 190,000 barrels of daily crude production, some 11% of US Gulf of Mexico output, according to government figures.

Oil Steadies as Looming Interest-Rate Hikes Spur Demand Concerns

Crude has lost about a third of its value since early June, erasing all the gains made in the wake of Russia’s invasion of Ukraine, as concerns about a global slowdown weighed on demand. Liquidity has also thinned, leading to volatile price swings, while a stronger dollar has added to headwinds.

The Global Race to Hike Rates Tilts Economies Toward Recession

(Bloomberg Businessweek) — Central banks are intent on driving the world economy perilously close to a recession. Late to see the worst inflation in four decades coming, and then slow to crack down on it, the Federal Reserve and its peers around the globe now make no secret about their determination to win the fight … Read more

Gold Plunges to Lowest in Two Years Amid Fed Rate-Hike Bets

Spot gold fell 1.8% to $1,666.45 at 10:56 am in New York, heading for a third session of declines. Earlier, it touched $1,666.35, the lowest since April 2020. The Bloomberg Dollar Spot Index was up 0.2%. Silver dropped, palladium fluctuated and platinum gained.

Oil Extends Advance as Weaker US Dollar Offsets Demand Concerns

Crude hit the lowest level since January earlier this month as investors fretted about global consumption, including in top importer China, where authorities are pressing on with harsh anti-virus restrictions, and as the European Union readies power cut plans amid an energy crisis. After hitting a record last week, the dollar has dropped, making commodities … Read more