Brent crude falls $7 to settle below $100 a barrel. A strengthening dollar, demand-sapping COVID-19 curbs in China. Rising fears of a global economic slowdown are behind the drop. Oil is generally priced in U.S. dollars. Hedge funds and other money managers sold the equivalent of 110 million barrels. Brent rough tumbled $7 on Tuesday … Read more
Both contracts are set for their second straight weekly loss. Brent’s $10.73 drop was the third biggest for the contract since 1988. U.S. crude inventories (USOILC=ECI) rose by 8.2 million barrels in the week to July 1. Oil costs sneaked through the Asian exchange on Friday as downturn fears kept on burdening opinion, however, stresses … Read more
The Central Bank of Sri Lanka raises key rates by a full percentage point. Inflation touched a record 54.6% year-on-year in June while food inflation accelerated to 80.1%. The island of 22 million people is wilting under a severe foreign exchange shortage. The Central Bank of Sri Lanka (CBSL) raised its critical rates by a … Read more
