The expected increase in lending rates when Federal Reserve policy makers meet this will...
Ting Shen, Bloomberg / Bloomberg
Giovanni Staunovo, a commodities analyst at Swiss investment bank UBS, said the price of oil remains in a tug-of-war between those bracing for global recession and those expecting demand to remain strong amid tight supplies. On the upside, China is lifting some of its COVID-19 restrictions and its factory output and retail sales data came in better than expected — all pointing to greater oil demand in the world’s second-largest economy behind the United States.
U.S. inflation, meanwhile, was running at 8.3 percent in August, down from 9.1 percent in June thanks to a big drop in retail gasoline prices. But price increases for other items - groceries, rent, health care and utilities - offset some of the relief.
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