-- Oil headed for the biggest weekly drop since March as worries over the global economy clouded the demand outlook.It's Done. The Future Is Battery-Powered Electric Cars
Oil lost ground this week following a poor print for US gasoline consumption, coupled with a rise in inventories of the motor fuel. That’s ignited a debate about whether an earlier run-up in prices was destroying product demand, although Goldman Sachs Group Inc. says that the concerns are overdone. -- The Keystone crude pipeline, a vital artery transporting Canadian oil to markets in the US and overseas, is operating at about half of its capacity Wednesday after being halted for maintenance work.
It seems like Rishi Sunak isn’t the only one getting cold feet over net zero. Car insurers are the latest sector to back away from electric vehicles , after the industry decided that underwriters don’t have the knowledge to insure the new models, often fitted with expensive upgrades.Discover a world of exciting games, from heart-pumping action to brain-teasing puzzles. Get the latest versions of the top games in 2023.
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Oil demand: We are still in an oil bull market, analyst explainsOil demand remains high despite inflation and other economic pressures keeping consumers on tightened budgets. Claudio Galimberti, Rystad Energy SVP & Head of Americas Research, joins Yahoo Finance Live to share his oil demand predictions for 2024. 'We are still in that phase' of an oil bull market, Galimberti tells Yahoo Finance, making a callback to previous comments on the energy market's reaction to OPEC's production cuts. Galimberti predicts a 'very sizable' rate of oil demand heading into 2024, coinciding with forecasts for extended production cuts from Saudi Arabian producers. For more expert insight and the latest market action, click here to watch this full episode of Yahoo Finance Live.
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Russian rouble hovers close to 100 vs dollarRussia's oil and gas revenues rose in September, boosted by higher oil prices and as Moscow finds new export destinations after Western price caps and an embargo on seaborne oil exports squeezed energy revenues. The finance ministry's expected rise in tax revenues from the sector in October could give the rouble some strong support, said Alor Broker's Alexei Antonov, as oil companies would be forced to increase their sales of foreign currency export earnings. 'But this will happen either in the second half of the month, or when the exchange rate goes above 100 roubles per dollar,' Antonov said.
Source: YahooFinanceCA - 🏆 47. / 63 Read more »