Oil headed for its biggest weekly percentage drops in a month Biden begins sensitive Saudi trip U.S. oil rig count inches up by two this week – Baker Hughes The most recent price collapse will have considerably undermined (Biden’s) case, according to oil broker PVM’s Stephen Brennock. The U.S. oil rig count, a leading predictor … Read more
Japan’s factory output posted the biggest monthly drop in two years in May. The decline comes as China’s COVID-19 lockdowns and semiconductor and other parts shortages hit manufacturers. Worrying signs for an economy struggling to mount a strong recovery from recession. Japan’s plant yield posted the greatest month-to-month drop in two years in May as … Read more
WASHINGTON: Output by US industries fell 1.3 per cent last month amid continued supply constraints hindering manufacturing, the Federal Reserve reported on Monday. Declines were apparent across multiple categories, but stark in the auto sector, with production of motor vehicles and parts falling 7.2 per cent “as shortages of semiconductors continued to hobble operations,” the … Read more
