Oil prices surged nearly $5 to a record near $134 a barrel on Wednesday (May 21) after a U.S. government report showed a surprise drop in crude stockpiles, reinvigorating fears of a supply crunch. The gains bring oil up more than 33 percent so far this year in a rally that has raised alarm bells in consumer countries like the United States, already hard-hit by a housing slump and credit crisis. Weakness in the U.S. dollar encouraged Wednesday's buying spree by bolstering the purchasing power of buyers holding other currencies, dealers said. U.S. crude settled up $4.19 at $133.17 a barrel before extending its gains to $133.93 by 2025 GMT. London Brent rose $4.86 to end at $132.70. The U.S. Energy Information Administration reported that crude stockpiles in the world's biggest energy consumer fell 5.4 million barrels last week, countering expectations for a build. The fall in weekly inventories intensified concerns that supply problems will persist for...
Asian stocks dropped by around 5 percent on Monday, and the yen surged to a 2-year high against the euro as investors doubted a scattered European response to the financial crisis and a 700 billion...
British construction activity fell at its sharpest pace in at least 11 years in June in one of the clearest signs yet of how falling house prices are hitting the wider economy. The news concided...
European shares hit their lowest level since March 31 (2008) as leading U.S. stock market indexes fell in early trading. Royal Bank of Scotland lost 9.7 percent after saying results would be held...
High fuel and food prices sparked a pick-up in German inflation in May, stoking euro zone price pressures and strengthened the case for a rise in interest rates by the European Central Bank. ///...
Dozens of lorries block a motorway leading into Paris in protest against high fuel prices. Truckers in France want low-cost diesel reserved for professional users. They argue that they negotiate...
The summer is supposed to be a time of high flying for the airlines -- but this year sky-high jet fuel costs have clipped the industry's wings. AMR, parent of American Airlines, the nation's...
The summer is supposed to be a time of high flying for the airlines -- but this year sky-high jet fuel costs have clipped the industry's wings. AMR, parent of American Airlines, the nation's...
Protests and strikes over fuel price rises spread across Spain. Hundreds of truckers in Barcelona and Valencia blocked city roads demanding government intervention. (SOUNDBITE) (Catalan) LEADER...
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