U.S. consumer prices edging up on rising rent, healthcare costs
Although U.S. consumer prices barely rose in October, the boost to gasoline prices from hurricane-related disruptions to Gulf Coast oil refineries remained unwound, just as rising rents and healthcare costs point to a gradual buildup of underlying inflation. The Labor Department said its consumer price index edged up 0.1 percent last month after jumping 0.5 […]
Oil prices up $56 on rising refinery demand, falling U.S. rig count
Oil markets were firm Monday and remained near multi-month highs reached late last week as the number of U.S. rigs drilling for new production fell and refineries continued to start up after getting knocked out by Hurricane Harvey. U.S. West Texas Intermediate (WTI) crude futures were at 50.0 dollars per barrel at 0547 GMT, and […]
US consumer inflation in 7-month high at 0.4% in August as Harvey pushes up gas prices
US consumer prices are reported to have risen more than expected in August as a result of Hurricane Harvey, which shut down refineries along the Gulf coast and sent petrol prices sharply higher. According to data from the Labour Department on Thursday and reports gleaned from Financial Times, the headline consumer price index rose 0.4 […]
Oil trades near five-week high as IEA, OPEC boost projections for global consumption
Oil traded near a five-week high after the International Energy Agency and OPEC boosted their forecasts for crude demand. Futures were steady in New York after rising 3.8 percent in the previous three sessions. Global demand will climb this year by the most since 2015, the IEA said Wednesday. OPEC on Tuesday raised estimates for the amount […]
Oil prices stabilise as traders assess U.S. hurricane impact
Oil prices were steady Tuesday, as traders weighed up the dampening effect on demand of Hurricane Irma versus refinery restarts in the wake of Hurricane Harvey that should lead to more crude oil processing. International benchmark Brent crude LCOc1 was down 4 cents, or 0.07 percent, at $53.80 per barrel by 0655 GMT from the […]
Insurers ache for qualified inspectors after U.S. hurricanes damage
Insurers are scrambling to find inspectors in Texas and Florida after fierce hurricanes battered the states one after the other, causing tens of billions of dollars’ worth of property damage in less than two weeks. Although insurers maintain some number of inspectors, known as claims adjusters, across the U.S. year-round, they must redeploy staff from […]
U.S. jobless claims jump the most in nearly 5 years amid surge in applications
The number of Americans filing for unemployment benefits jumped to its highest level in more than two years last week amid a surge in applications in hurricane-ravaged Texas, but the underlying trend remained consistent with a firming jobs market. Initial claims for state unemployment benefits, according to CNBC report, soared by 62,000 to a seasonally […]
Oil trades near 3-week high as refineries restart after Hurricane Harvey
Oil traded near a three-week high as key refineries and pipelines restarted from shutdowns forced by Hurricane Harvey, reviving crude demand in the heart of the U.S. energy sector, according to Bloomberg. Futures were little changed in New York after closing 2.9 percent higher Tuesday. While U.S. Gulf Coast refiners are working to restore operations to […]
Texas refineries begin restart after hit from Hurricane Harvey as market awaits IEA release oil data
Reports say a number of key Texas refineries are working to reopen or resume normal operations a week after Hurricane Harvey knocked out nearly one quarter of the US refining capacity and sent gasoline prices to two-year highs, just as the International Energy Agency (IEA) still sees no need for a coordinated international release of […]
Economic toll from Harvey is seen to exceed Katrina, says Ex-FEMA chief ‘Brownie’
Michael Brown, the former head of U.S’s Federal Emergency Management Agency (FEMA) who was in charge when Hurricane Katrina struck in 2005, told CNBC Monday that he believes the economic impact from Hurricane Harvey will exceed that of Katrina. By many estimates, Katrina caused upward of $150 billion in total economic damage with about of […]