Energy in the next few years is biased “towards higher prices," says one oil analyst.
Oil prices rose modestly in early trade on Monday after sliding to eight-month lows last week weighed down by a surging U.S. dollar and fears sharp interest rate hikes globally would spark a recession and hit fuel demand. Brent crude futures were up 17 cents, or 0.2%, at $86.32 a barrel at 0116 GMT, while U.S. West Texas Intermediate (WTI) crude futures were up 21 cents, or 0.3%, at $78.95 a barrel. Analysts said crude should find some support as Russia reinforces troops for the war on Ukraine and European Union sanctions on Russian oil are set to take effect in December.
(Bloomberg) -- A proposed pipeline of coal mine projects in Australia, the world’s second-biggest exporter of the fuel, are threatening to lock in decades of new carbon emissions and challenge the country’s promises of bolder climate action.Most Read from BloombergBank of England Says Paper Banknotes Only Good for One More WeekJohn Paulson on Frothy US Housing Market: This Time Is DifferentThe Great Bond Bubble Is ‘Poof, Gone’ in Worst Year Since 1949Pound Plunges to Record Low as Kwarteng Signa