Demand indicators for major economies and the U.S. reaction to the decision from OPEC+ to...
Jon Shapley, Houston Chronicle / Staff photographer
OPEC leaders said the decision was a reflection of a looming retraction in the global economy and energy, but it nonetheless spooked a market in which supplies already are tight. West Texas Intermediate, the U.S. benchmark for the price of oil, gained 16 percent gain last week to close the trading Friday at $92.64 per barrel. It closed out September – only 10 days ago – at $79.49.
We’ll get a look at how the global economy is performing under current conditions when OPEC and the U.S. Energy Department release their monthly reports for October this week.A strict COVID-19 policy, a real estate crisis and the blow from weakening demand all suggest China, the world’s second-largest economy after the United States, is in bad shape.
“No doubt the Democrats are planning their revenge,” he said. “How robust that is will be a significant development.”
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