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Gasoline prices jumped in January, leading overall consumer prices higher and offering a reminder of the risks energy costs pose to the economic recovery.
Despite the warning signal, overall consumer prices rose just 0.2 percent, the Labor Department said on Friday, which is unlikely to ring alarm bells at the Federal Reserve.
Strong jobs and factory data have eased worries U.S. economic growth could slow sharply, but tensions between Western nations and Iran still threaten to hand the economy a repeat of 2011 when a spike in energy prices hit the recovery hard.
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Brent oil prices retreated from three-week highs reached earlier in the day on Wednesday, after a surprising fall-off in U.S. refining runs and an unexpected increase in inventories of gasoline and d
Oil prices were stable on Thursday, supported by ongoing OPEC-led supply cuts, tensions in the Middle East and lower U.S. production due to hurricane-enforced closures.
Brent crude futures
Opec is leaning towards extending a deal with Russia and other non-members to cut oil supply for a further nine months, four Opec sources said, although stronger-than-expected demand growth may allow
OPEC will release its annual World Oil Outlook on Nov. 7. Here is an early glance into the report from comments made by OPEC’s Secretary-General Mohammed Barkindo in Kuwait this week.
Oil markets jumped on Monday on concerns over potential renewed US sanctions against Iran as well as conflict in Iraq, while a falling US rig count supported prices there. Brent crude futures, the i