ECONOMY

Oil prices rose on Friday as the dollar slipped but were headed for hefty weekly losses on expectations there will be no let-up in sharp U.S.

Israel's economic growth slowed in the third quarter as consumer spending weakened, though it still appears likely that high inflation will prompt another hefty Bank of Israel rate hike next week.

Japan's imports in October surged by more than half from a year earlier, dwarfing growth in exports and enlarging a trade deficit that has weighed heavily on the yen.

Oil prices fell for a second day in early Asian trade on Thursday as concerns over geopolitical tensions eased and rising numbers of COVID-19 cases in China added to demand worries in the world's largest crude importer.

Oil prices were little changed on Wednesday as COVID-19 cases in China continued to climb, sparking worries of lower fuel demand in the world's top crude importer, and outweighing concerns about an escalation of geopolitical tensions and tighter oil supply.

The U.S. dollar climbed versus the yen and stayed firm against other major peers on Tuesday as more Federal Reserve officials made the case for even tighter U.S. monetary policy.

Oil prices rose nearly 1% on Monday, extending gains from the previous session as China eased some of its strict COVID-19 protocols, fuelling hopes of a recovery in economic activity and demand at the world's top crude importer.

The global economic outlook is even gloomier than projected last month, the International Monetary Fund said on Sunday, citing a steady worsening in purchasing manager surveys in recent months.

The United States is happy for India to continue buying as much Russian oil as it wants, including at prices above a G7-imposed price cap mechanism, if it steers clear of Western insurance, finance and maritime services bound by the cap.

Oil prices fell for a fourth day on Thursday on concerns that new COVID curbs in China, the world's biggest crude importer, will impact fuel demand.

European Union laws curbing state aid to banks capped the Italian taxpayers' contribution at 1.6 billion euros, reflecting Rome's 64% stake in MPS.

The latest moves have brought total rate hikes in 2022 from G10 central banks to 2,050 bps.

Aramco's net income rose to $42.4 billion for the three months to Sept. 30 from $30.4 billion a year earlier, it said in a regulatory filing.

Wheat markets have been very sensitive to developments in Moscow's eight-month-old invasion of Ukraine, as both countries are among the world's largest wheat exporters.

Spanish gas regulator Enagas says the backlog at ports is expected to last at least until this week.

France, Spain and Finland said their rules are already structured to automatically take account of market tensions. Germany and Austria said they do not set such rules.

Although markets have started to price out some rate hikes, policymakers warned that another increase in December was certain and the deposit rate could then continue to rise.

The global economy is approaching a recession as economists polled by Reuters once again cut growth forecasts for key economies.

ECB again eyes jumbo rate hike to 'tame inflation beast'

Goldman Sachs has launched a joint venture in China with local logistics company Sunjade in a bid to boost investment in Chinese logistics.

The world's poorest countries face $35 billion in debt-service payments to official and private-sector creditors in 2022.

Europe has desperately searched for quick alternatives to Russian gas, but it seems Europe would need large amounts of LNG for decades.

Although higher than in August, China's September crude imports of 9.79 million barrels per day were 2% below a year earlier.

Economic growth in the six-member Gulf Cooperation Council will remain strong but slow significantly next year as high oil prices hurt demand for the commodity.

Russia can access enough tankers to ship most of its oil beyond the reach of a new G7 price cap, industry players and a U.S.

Decades-high inflation is forcing central banks to aggressively hike interest rates again.

The gains built on Monday's rise, though analysts warned that the advances were unlikely to be sustained owing to broader worries about inflation and rising interest rates.

China delays release of economic data during key political meeting

Oil prices are expected to remain volatile as production cuts by OPEC+ will tighten supplies ahead of the European Union embargo on Russian oil.