Energy news

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US Close - Stocks near bear market, Oil higher on supply concerns, Gold pops, Bitcoin stabilizes

US stocks edged lower as Wall Street became more focused over a deteriorating growth outlook that could see stubbornly high pricing pressures for the Fed into a much more aggressive tightening cycle. It doesn’t seem like we will see a deceleration in pricing pressures and that has many traders worried that the Fed will send the economy into a recession. Right now markets are functioning properly but if we see another 5% decline with stocks, credit conditions will worsen and that could provide t

19-05-2022 15:52 GMT by Edward Moya

Oil downturn continues, gold climbs

Oil slips as economic concerns weigh Those economic concerns are filtering through to the oil market which is seeing the third day of losses, down a little more than 1% today. We were bound to see some form of demand destruction if households continued to be squeezed from every angle and it seems we may be seeing that expectation weigh a little as we move into the end of the week. Meanwhile, China is reportedly looking to take advantage of discounted Russian crude to top up its reserves in a mov

19-05-2022 09:23 GMT by Craig Erlam