Oil&nbsp;prices soared Monday after top producers unveiled a shock output cut of more than a million barrels, while equities mostly rose after data showed US and European inflation eased further last month.

However, the decision by the OPEC+ cartel fanned concerns about a fresh spike in prices that could put pressure on central banks to push interest rates higher.

Both main crude contracts jumped almost six percent at one point following the cut by&nbsp;Saudi Arabia, Iraq, the United Arab Emirates, Kuwait, Algeria and Oman, which was the biggest since the group slashed two million barrels per day in October.

It came on top of a Russian decision to extend a cut of 500,000 barrels per day, and in spite of US calls to increase production.

A Saudi energy ministry official "emphasised that this is a precautionary measure aimed at supporting the stability of the&nbsp;oil&nbsp;market", according to the official Saudi Press Agency.

Crude prices have come down over the past year as concerns about a possible recession caused by higher borrowing costs have offset supply worries sparked by sanctions on Russia over its invasion of Ukraine.

"The production cut, coming at a time of an uncertain global demand environment clearly shows OPEC was not happy with the movement in the&nbsp;oil&nbsp;price which had fallen over recent months," said National Australia Bank's Tapas Strickland.

Analysts said the decision could deal a blow to markets, which had rallied in recent weeks on optimism that the recent banking sector turmoil could force the US Federal Reserve to end its rate hike drive sooner than expected.

"For equity investors, this could be a rude awakening, as markets imply a Goldilocks outlook of reduced discount rates but no recession," said Lazard Ltd's Ronald Temple.

"The OPEC+ production cut is another reminder that the inflation genie is not back in the bottle."

Still, the mood on Asian trading floors was upbeat, with most markets tracking a strong rally on Wall Street in response to news that US and eurozone price rises had slowed further.

The PCE Price Index, the Fed's preferred measure of inflation, slowed to an annual rate of 5.0 percent in February from 5.3 percent in January.

Meanwhile, eurozone prices rose 6.9 percent in March, well down from 8.5 percent in February, beating expectations as energy prices eased.

In early trade, Shanghai, Sydney, Singapore, Manila and Jakarta all rose, though Hong Kong dipped after last week's rally. Seoul and Wellington also slipped.

Tokyo rose despite the Bank of Japan's closely watched Tankan survey showing confidence among the country's largest manufacturers falling to its lowest level in more than two years.

However, US futures dipped as Treasury yields climbed on bets of further monetary tightening by the Fed.

Key figures around 0230 GMT

West Texas Intermediate: UP 5.6 percent at $79.91 per barrel

Brent North Sea crude: UP 5.5 percent&nbsp;at $84.26 per barrel

Tokyo - Nikkei 225: UP 0.4 percent at 28,149.89 (break)

Hong Kong - Hang Seng Index: DOWN 0.3 percent at 20,348.41

Shanghai - Composite: UP 0.2 percent at 3,278.61

Euro/dollar: DOWN at $1.0806 from $1.0846&nbsp;on Friday

Pound/dollar: DOWN at $1.2297 from $1.2331

Euro/pound: DOWN at 87.87 pence from 87.93 pence&nbsp;

Dollar/yen: UP at 133.02 yen from 132.82 yen

New York - Dow: UP 1.3 percent at 33,274.15 (close)

London - FTSE 100: UP 0.2 percent at 7,631.74 (close)&nbsp;

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Oil prices soared Monday after top producers unveiled a shock output cut of more than a million barrels, while equities mostly rose after data showed US and European inflation eased further last month.

Oil prices soared Monday after top producers unveiled a shock output cut of more than a million barrels, while equities mostly rose after data showed US and European inflation eased further last month. However, the decision by the OPEC+ cartel fanned concerns about a fresh spike in prices that could put pressure on central banks to push interest rates higher. Both main crude contracts jumped almost six percent at one point following the cut by Saudi Arabia, Iraq, the United Arab Emirates, Kuwait, Algeria and Oman, which was the biggest since the group slashed two million barrels per day in October. It came on top of a Russian decision to extend a cut of 500,000 barrels per day, and in spite of US calls to increase production. A Saudi energy ministry official "emphasised that this is a precautionary measure aimed at supporting the stability of the oil market", according to the official Saudi Press Agency. Crude prices have come down over the past year as concerns about a possible recession caused by higher borrowing costs have offset supply worries sparked by sanctions on Russia over its invasion of Ukraine. "The production cut, coming at a time of an uncertain global demand environment clearly shows OPEC was not happy with the movement in the oil price which had fallen over recent months," said National Australia Bank's Tapas Strickland. Analysts said the decision could deal a blow to markets, which had rallied in recent weeks on optimism that the recent banking sector turmoil could force the US Federal Reserve to end its rate hike drive sooner than expected. "For equity investors, this could be a rude awakening, as markets imply a Goldilocks outlook of reduced discount rates but no recession," said Lazard Ltd's Ronald Temple. "The OPEC+ production cut is another reminder that the inflation genie is not back in the bottle." Still, the mood on Asian trading floors was upbeat, with most markets tracking a strong rally on Wall Street in response to news that US and eurozone price rises had slowed further. The PCE Price Index, the Fed's preferred measure of inflation, slowed to an annual rate of 5.0 percent in February from 5.3 percent in January. Meanwhile, eurozone prices rose 6.9 percent in March, well down from 8.5 percent in February, beating expectations as energy prices eased. In early trade, Shanghai, Sydney, Singapore, Manila and Jakarta all rose, though Hong Kong dipped after last week's rally. Seoul and Wellington also slipped. Tokyo rose despite the Bank of Japan's closely watched Tankan survey showing confidence among the country's largest manufacturers falling to its lowest level in more than two years. However, US futures dipped as Treasury yields climbed on bets of further monetary tightening by the Fed. Key figures around 0230 GMT West Texas Intermediate: UP 5.6 percent at $79.91 per barrel Brent North Sea crude: UP 5.5 percent at $84.26 per barrel Tokyo - Nikkei 225: UP 0.4 percent at 28,149.89 (break) Hong Kong - Hang Seng Index: DOWN 0.3 percent at 20,348.41 Shanghai - Composite: UP 0.2 percent at 3,278.61 Euro/dollar: DOWN at $1.0806 from $1.0846 on Friday Pound/dollar: DOWN at $1.2297 from $1.2331 Euro/pound: DOWN at 87.87 pence from 87.93 pence Dollar/yen: UP at 133.02 yen from 132.82 yen New York - Dow: UP 1.3 percent at 33,274.15 (close) London - FTSE 100: UP 0.2 percent at 7,631.74 (close) WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Oil prices soar as producers unveil shock output cut

Oil prices rose more than two&nbsp;per cent&nbsp;on Tuesday, extending a retreat from a 15-month low hit the previous day, as the rescue of Credit Suisse allayed concerns of a banking crisis that would hurt economic growth and cut fuel demand.

Measures to stabilise the banking sector, including a UBS takeover of Credit Suisse and pledges from major central banks to boost liquidity, have calmed fears about the financial system that roiled markets last week.

"Fears of a banking crisis and a recession have eased, brightening the oil demand outlook at least for now," said Fiona Cincotta, Senior Financial Markets Analyst at City Index.

Brent crude settled up $1.53, or 2.1 per cent, at $75.32 a barrel, while US&nbsp;West Texas Intermediate (WTI) closed up $1.69, or 2.5 per cent&nbsp;to $69.33.

On Monday, both benchmarks ended about one&nbsp;per cent&nbsp;higher after falling to their lowest since December 2021, with WTI sinking below $65 at one point. Last week, they shed more than 10 per cent&nbsp;as the banking crisis deepened.

"A 'risk back on' sentiment seems to be coming back to crude, as the latest selloff may very well have been exaggerated liquidation," said Dennis Kissler, senior vice president of trading at BOK Financial.

The US&nbsp;Federal Reserve started its monetary policy meeting on Tuesday. Markets expect a rate hike of 25 basis points, down from previous expectations of a 50 bps increase. Some top central bank watchers have said the Fed could pause further rate hikes or delay releasing new economic projections.

Wall Street indexes also closed sharply higher on Tuesday as fears over liquidity in the banking sector abated and market participants eyed the Fed.

Meanwhile, US&nbsp;crude oil inventories rose by about 3.3 million barrels last week, according to market sources citing American Petroleum Institute figures. That compared with Reuters estimates for a draw of 1.6 million barrels.

Figures from the US&nbsp;Energy Information Agency are due on Wednesday.

A meeting of ministers from OPEC+, which includes members of the Organization of Petroleum Exporting Countries plus Russia and other allies, is scheduled for April 3. OPEC+ sources told Reuters the drop in prices reflects banking fears rather than supply and demand.

Hedge fund manager Pierre Andurand agreed the latest price drop was speculative and not based on fundamentals. He predicted oil will hit $140 a barrel by year-end.

The CEO of energy trader Gunvor, Torbjorn Tornqvist, said he expected oil prices to move higher toward year end as rising Chinese demand tightens the market further.

Money managers cut their net long US&nbsp;crude futures and options positions in the week to March 14, the US Commodity Futures Trading Commission (CFTC) said.

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Oil prices rose more than two per cent on Tuesday, extending a retreat from a 15-month low hit the previous day, as the rescue of Credit Suisse allayed concerns of a banking crisis that would hurt economic growth and cut fuel demand.

Oil prices rose more than two per cent on Tuesday, extending a retreat from a 15-month low hit the previous day, as the rescue of Credit Suisse allayed concerns of a banking crisis that would hurt economic growth and cut fuel demand. Measures to stabilise the banking sector, including a UBS takeover of Credit Suisse and pledges from major central banks to boost liquidity, have calmed fears about the financial system that roiled markets last week. "Fears of a banking crisis and a recession have eased, brightening the oil demand outlook at least for now," said Fiona Cincotta, Senior Financial Markets Analyst at City Index. Brent crude settled up $1.53, or 2.1 per cent, at $75.32 a barrel, while US West Texas Intermediate (WTI) closed up $1.69, or 2.5 per cent to $69.33. On Monday, both benchmarks ended about one per cent higher after falling to their lowest since December 2021, with WTI sinking below $65 at one point. Last week, they shed more than 10 per cent as the banking crisis deepened. "A 'risk back on' sentiment seems to be coming back to crude, as the latest selloff may very well have been exaggerated liquidation," said Dennis Kissler, senior vice president of trading at BOK Financial. The US Federal Reserve started its monetary policy meeting on Tuesday. Markets expect a rate hike of 25 basis points, down from previous expectations of a 50 bps increase. Some top central bank watchers have said the Fed could pause further rate hikes or delay releasing new economic projections. Wall Street indexes also closed sharply higher on Tuesday as fears over liquidity in the banking sector abated and market participants eyed the Fed. Meanwhile, US crude oil inventories rose by about 3.3 million barrels last week, according to market sources citing American Petroleum Institute figures. That compared with Reuters estimates for a draw of 1.6 million barrels. Figures from the US Energy Information Agency are due on Wednesday. A meeting of ministers from OPEC+, which includes members of the Organization of Petroleum Exporting Countries plus Russia and other allies, is scheduled for April 3. OPEC+ sources told Reuters the drop in prices reflects banking fears rather than supply and demand. Hedge fund manager Pierre Andurand agreed the latest price drop was speculative and not based on fundamentals. He predicted oil will hit $140 a barrel by year-end. The CEO of energy trader Gunvor, Torbjorn Tornqvist, said he expected oil prices to move higher toward year end as rising Chinese demand tightens the market further. Money managers cut their net long US crude futures and options positions in the week to March 14, the US Commodity Futures Trading Commission (CFTC) said. WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Oil rises 2% in retreat from 15-months low as banking fears subside

Easing inflation expectations this year may be at risk of a reversal as Goldman Sachs said that with China and other Asian economies fully reopening from their pandemic restrictions, a barrel of Brent oil could reach $110 by the third quarter of 2023, reported Bloomberg.&nbsp;

That suggests expectations for inflation to ease this year take another hit as oil above $100 per barrel points to elevated price pressures.

Watch |&nbsp;World Business Watch: Goldman sees $110 oil by third quarter on full China reopening

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China's full reopening may be good news for its economy and global supply chains in the doldrums. Still, with the war on the edge of Europe showing no signs of easing, oil demand from the world's largest consumer of crude worsens the inflation outlook for the rest of the world.

Goldman Sachs predicts the price of other commodities could also rise significantly, with copper already above $9,000 a tonne this week. The Bank expects copper to top $11,500 a tonne by the end of 2023 and can touch $15,000 in the long run.

Also read |&nbsp;<a href="https://www.wionews.com/business-economy/walt-disney-and-investor-activist-nelson-peltz-to-face-off-on-boardroom-seat-551766">Walt Disney and investor activist Nelson Peltz to face off on boardroom seat</a>

"What is the best reopening play? It is oil," Jeff Currie, Goldman Sach's global head of commodities research, said in a Bloomberg Television interview Wednesday. "What is idled? Planes, trains and automobiles. You turn them all back on; that's going to be a big pop in oil demand."

Oil prices were trading higher on Thursday, with Brent futures rising $2.57, or 3.2 per cent, to around $82.67 a barrel.

Also read |&nbsp;<a href="https://www.wionews.com/technology/is-apple-going-back-on-its-word-touchscreen-for-macs-as-early-as-2025-551842">Is Apple going back on its word? Touchscreen for Macs as early as 2025</a>

With the Russia-Ukraine war showing no signs of waning, Goldman Sach's prediction for higher oil points to more inflation pain ahead worldwide.

Those expectations for higher commodity prices come ahead of key inflation reports in India and the US later today.

(With inputs from agencies)

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Easing inflation expectations this year may be at risk of a reversal as Goldman Sachs said that with China and other Asian economies fully reopening from their pandemic restrictions, a barrel of Brent oil could reach $110 by the third quarter of 2023, reported Bloomberg.

Easing inflation expectations this year may be at risk of a reversal as Goldman Sachs said that with China and other Asian economies fully reopening from their pandemic restrictions, a barrel of Brent oil could reach $110 by the third quarter of 2023, reported Bloomberg. That suggests expectations for inflation to ease this year take another hit as oil above $100 per barrel points to elevated price pressures. Watch | World Business Watch: Goldman sees $110 oil by third quarter on full China reopening China's full reopening may be good news for its economy and global supply chains in the doldrums. Still, with the war on the edge of Europe showing no signs of easing, oil demand from the world's largest consumer of crude worsens the inflation outlook for the rest of the world. Goldman Sachs predicts the price of other commodities could also rise significantly, with copper already above $9,000 a tonne this week. The Bank expects copper to top $11,500 a tonne by the end of 2023 and can touch $15,000 in the long run. Also read | Walt Disney and investor activist Nelson Peltz to face off on boardroom seat "What is the best reopening play? It is oil," Jeff Currie, Goldman Sach's global head of commodities research, said in a Bloomberg Television interview Wednesday. "What is idled? Planes, trains and automobiles. You turn them all back on; that's going to be a big pop in oil demand." Oil prices were trading higher on Thursday, with Brent futures rising $2.57, or 3.2 per cent, to around $82.67 a barrel. Also read | Is Apple going back on its word? Touchscreen for Macs as early as 2025 With the Russia-Ukraine war showing no signs of waning, Goldman Sach's prediction for higher oil points to more inflation pain ahead worldwide. Those expectations for higher commodity prices come ahead of key inflation reports in India and the US later today. (With inputs from agencies) WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Higher inflation this year? Goldman Sachs predicts oil prices could rise up to $110 a barrel

Oil prices rose more than 1% on Monday as a key pipeline supplying the United States stayed shut while Russian President Vladimir Putin threatened to cut production in retaliation for a Western price cap on its exports.

World Business Watch: Oil rises on uncertainty over US pipeline restart, Russian supplies

Russian President Vladimir Putin has threatened to stop oil sale to the countries agreeing to the West-led decision to impose a price cap, adding that it will reduce oil production.&nbsp;The remarks came in response to the move of the Group of Seven, European Union and Australia to impose a price limit on Russian oil of $60 per barrel in a bid to weaken Kremlin’s ability to finance its war in Ukraine. The price cap&nbsp;came into effect on Monday.

“I have already said that we simply will not sell to those countries that make such decisions,” Putin said on Friday after a regional summit in Kyrgyzstan’s capital, Bishkek.

<h2>Russian President Putin attends Eurasian Economic Council, talks to focus on energy and trade</h2>

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“We will consider a possible reduction in production if necessary,” he added, calling the price cap a “stupid decision” that is “harmful to global energy markets”.

The Russian leader added that Moscow will announce retaliatory steps “in the next few days”, but did not elaborate further.

Currently, the market price of a barrel of Russian Urals crude is hovering around $65 dollars, just slightly above the cap agreed.

<h2>Putin hints at ending war in Ukraine</h2>

After the summit, Putin also talked about the possibility of ending the war in Ukraine, adding that Russia is looking for a settlement with its neighbour.

“The settlement process as a whole, yes, it will probably be difficult and will take some time. But one way or another, all participants in this process will have to agree with the realities that are taking shape on the ground,” he said.

Also read |&nbsp;<a href="https://www.wionews.com/world/vladimir-putin-toys-with-idea-of-pre-emptive-nuclear-strike-541732">Vladimir Putin toys with idea of 'pre-emptive' nuclear strike</a>

Putin’s statement came just days after the 70-year-old hinted at a protracted war in Ukraine, saying that his military operation could be a “long-term process”.&nbsp;

Also Read |&nbsp;<a href="https://www.wionews.com/world/russia-open-to-more-prisoner-exchanges-with-united-states-says-vladimir-putin-541671">Russia open to more prisoner exchanges with United States, says Vladimir Putin</a>

He further said that his military operation was going as per the plan.

“Everything is stable. There are no questions or problems there,” he said.

(With inputs from agencies)

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Russian President Vladimir Putin has threatened to stop oil sale to the countries agreeing to the West-led decision to impose a price cap, adding that it will reduce oil production.

Russian President Vladimir Putin has threatened to stop oil sale to the countries agreeing to the West-led decision to impose a price cap, adding that it will reduce oil production. The remarks came in response to the move of the Group of Seven, European Union and Australia to impose a price limit on Russian oil of $60 per barrel in a bid to weaken Kremlin’s ability to finance its war in Ukraine. The price cap came into effect on Monday. “I have already said that we simply will not sell to those countries that make such decisions,” Putin said on Friday after a regional summit in Kyrgyzstan’s capital, Bishkek. Russian President Putin attends Eurasian Economic Council, talks to focus on energy and trade “We will consider a possible reduction in production if necessary,” he added, calling the price cap a “stupid decision” that is “harmful to global energy markets”. The Russian leader added that Moscow will announce retaliatory steps “in the next few days”, but did not elaborate further. Currently, the market price of a barrel of Russian Urals crude is hovering around $65 dollars, just slightly above the cap agreed. Putin hints at ending war in Ukraine After the summit, Putin also talked about the possibility of ending the war in Ukraine, adding that Russia is looking for a settlement with its neighbour. “The settlement process as a whole, yes, it will probably be difficult and will take some time. But one way or another, all participants in this process will have to agree with the realities that are taking shape on the ground,” he said. Also read | Vladimir Putin toys with idea of 'pre-emptive' nuclear strike Putin’s statement came just days after the 70-year-old hinted at a protracted war in Ukraine, saying that his military operation could be a “long-term process”. Also Read | Russia open to more prisoner exchanges with United States, says Vladimir Putin He further said that his military operation was going as per the plan. “Everything is stable. There are no questions or problems there,” he said. (With inputs from agencies) WATCH WION LIVE HERE:

Putin threatens to cut oil production over price cap, stop sale to nations insisting on ceiling

The Kremlin said on Monday that the oil price cap imposed by the European Union members may have a major impact on the global energy markets but "will not affect” the ongoing conflict in Ukraine. The western countries have imposed massive sanctions on Russia in the aftermath of the conflict but most countries have not stopped their reliance on the imports. After the enforcement of the price cap, Russia said that it was preparing its response while evaluating the impact that it can have on the economy.&nbsp;

"Russia and the Russian economy have the required capacity to fully meet the needs and requirements of the special military operation," Kremlin spokesman Dmitry Peskov told reporters.&nbsp;

Also read |&nbsp;<a href="https://www.wionews.com/world/north-korea-fires-over-100-artillery-rounds-as-part-of-military-drills-says-south-korea-540133">North Korea fires over 100 artillery rounds, says South Korea</a>

During the press briefing, Peskov added that it was "obvious and indisputable that the adoption of these decisions is a step towards destabilising world energy markets".&nbsp;

Since the implementation of oil price cap, prices around the world have gone up. According to Reuters, the brent crude price went up by around 0.6 per cent and it is currently $86 a barrel.&nbsp;

Also read |&nbsp;<a href="https://www.wionews.com/world/china-services-activity-shrank-to-six-month-lows-in-november-caixin-pmi-540062">China services activity shrank to six-month lows in November: Caixin PMI</a>

Earlier, Former Russian president Dmitry Medvedev, now deputy chairman of Putin's Security Council took to Telegram to warn the world about a destablisation in oil prices after the EU decision.&nbsp;

He said that the "an unequal battle with the Russian bear and General Frost" may lead to a major crisis ahead in this year’s winter months. "One thing is clear - nothing good will come of it for consumers, that's for sure. So let them stock up on schnapps, quilts and water heaters," he said in his post.&nbsp;

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The Kremlin said on Monday that the oil price cap imposed by the European Union members may have a major impact on the global energy markets but "will not affect” the ongoing conflict in Ukraine.

The Kremlin said on Monday that the oil price cap imposed by the European Union members may have a major impact on the global energy markets but "will not affect” the ongoing conflict in Ukraine. The western countries have imposed massive sanctions on Russia in the aftermath of the conflict but most countries have not stopped their reliance on the imports. After the enforcement of the price cap, Russia said that it was preparing its response while evaluating the impact that it can have on the economy. "Russia and the Russian economy have the required capacity to fully meet the needs and requirements of the special military operation," Kremlin spokesman Dmitry Peskov told reporters. Also read | North Korea fires over 100 artillery rounds, says South Korea During the press briefing, Peskov added that it was "obvious and indisputable that the adoption of these decisions is a step towards destabilising world energy markets". Since the implementation of oil price cap, prices around the world have gone up. According to Reuters, the brent crude price went up by around 0.6 per cent and it is currently $86 a barrel. Also read | China services activity shrank to six-month lows in November: Caixin PMI Earlier, Former Russian president Dmitry Medvedev, now deputy chairman of Putin's Security Council took to Telegram to warn the world about a destablisation in oil prices after the EU decision. He said that the "an unequal battle with the Russian bear and General Frost" may lead to a major crisis ahead in this year’s winter months. "One thing is clear - nothing good will come of it for consumers, that's for sure. So let them stock up on schnapps, quilts and water heaters," he said in his post.

Oil price cap 'will not affect' Russian military operation in Ukraine

US President Joe Biden has slammed major oil producers - accusing them of "war profiteering". This comes after the oil companies reported record profits. Priyanka Sharma tells you more.

Gravitas: Joe Biden launches a fight with big oil

US President Joe Biden hit out at oil firms for posting bumper profits this year amid the Ukraine war, calling on them to increase production to help bring down gas prices at the pump or pay a windfall tax.

US President Joe Biden compares oil firms to war profiteers, threatens windfall tax

On Friday, global and European markets increased as Wall Street continued to rise amid expectations that certain central banks will scale down their rate hikes.&nbsp;

A rising US&nbsp;dollar reduced the value of commodities. Following the expansion of Covid limitations by top crude importer China, oil prices fell.&nbsp;

The STOXX index for Europe recovered from session lows of as much as 1.1 per cent&nbsp;to close up 0.1 per cent&nbsp;at a five-week high. Prior to that, Amazon's disappointing estimates on Thursday hurt the tech sector in Europe, while the possibility of further Covid&nbsp;restrictions in China hurt mining and oil companies.

The 47-country MSCI main global index increased by 0.92 per cent. It gained for a second week in a row as investors processed conflicting earnings and economic data.&nbsp;

By 1:52 pm&nbsp;ET, the Dow Jones Industrial Average had increased by 2.43 per cent. (1752 GMT). The Nasdaq Composite increased 2.42 per cent&nbsp;and the S&amp;P 500 increased 2.14 per cent, with advances in Apple due to positive results countering Amazon's sombre warning.&nbsp;

Also Read:<a href="https://www.wionews.com/world/let-the-good-times-roll-musk-says-after-becoming-the-new-twitter-boss-529241">&nbsp;‘Let the good times roll’: Musk says after becoming the new Twitter boss</a>

"This stock market clearly wants to go higher and is growing confident that next week's Fed-driven fireworks will include the beginning of a deliberation to tighten at a slower pace," said Edward Moya, senior market analyst at OANDA in New York.

Consumer spending in the United States rose more than anticipated in September, and the Federal Reserve is on course to raise interest rates by 75 basis points for the fourth time this year. At the same time, underlying inflation pressures continued to soar.

(with inputs from agencies)

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On Friday, global and European markets increased as Wall Street continued to rise amid expectations that certain central banks will scale down their rate hikes. A rising US dollar reduced the value of commodities.

On Friday, global and European markets increased as Wall Street continued to rise amid expectations that certain central banks will scale down their rate hikes. A rising US dollar reduced the value of commodities. Following the expansion of Covid limitations by top crude importer China, oil prices fell. The STOXX index for Europe recovered from session lows of as much as 1.1 per cent to close up 0.1 per cent at a five-week high. Prior to that, Amazon's disappointing estimates on Thursday hurt the tech sector in Europe, while the possibility of further Covid restrictions in China hurt mining and oil companies. The 47-country MSCI main global index increased by 0.92 per cent. It gained for a second week in a row as investors processed conflicting earnings and economic data. By 1:52 pm ET, the Dow Jones Industrial Average had increased by 2.43 per cent. (1752 GMT). The Nasdaq Composite increased 2.42 per cent and the S&P 500 increased 2.14 per cent, with advances in Apple due to positive results countering Amazon's sombre warning. Also Read: ‘Let the good times roll’: Musk says after becoming the new Twitter boss "This stock market clearly wants to go higher and is growing confident that next week's Fed-driven fireworks will include the beginning of a deliberation to tighten at a slower pace," said Edward Moya, senior market analyst at OANDA in New York. Consumer spending in the United States rose more than anticipated in September, and the Federal Reserve is on course to raise interest rates by 75 basis points for the fourth time this year. At the same time, underlying inflation pressures continued to soar. (with inputs from agencies)

Wall Street's upswing lifts global and European markets while oil prices decline

Oil slid more than 2% on Tuesday, extending losses of nearly 2% in the previous session, as recession fears and a flare-up in COVID-19 cases in China raised concern over global demand.&nbsp;

World Bank President David Malpass and International Monetary Fund Managing Director Kristalina Georgieva warned on Monday of a growing risk of global recession and said that inflation remains a continuing problem.

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Brent crude fell $2.30, or 2.4%, to $93.89 a barrel by 1006 GMT. U.S. West Texas Intermediate crude dropped $2.12, or 2.3%, to $89.01.&nbsp;

"There is growing pessimism in the markets now," said Craig Erlam of brokerage OANDA.&nbsp;

Oil has dropped sharply on economic fears after surging earlier in 2022, when Brent came close to its record high of $147 as Russia's invasion of Ukraine added to supply concerns.&nbsp;

"Warnings after warnings are being issued when it comes to global economic growth," said Avatrade analyst Naeem Aslam.&nbsp;

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Those worries aside, fears of a further hit to demand in China also weighed. Authorities have stepped up coronavirus testing in Shanghai and other large cities as COVID-19 infections rise again.&nbsp;read more&nbsp;

Oil also came under pressure from a strong dollar, which hit multi-year highs on worries about increases to interest rates and escalation of the Ukraine war.&nbsp;

A strong dollar makes oil more expensive for buyers with other currencies and tends to weigh on risk appetite.&nbsp;

Losses were limited, however, by a tight market and last week's decision by the Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia, together known as OPEC+, to lower their output target by 2 million barrels per day.&nbsp;

"An undersupply is even looming next year because the production cut is supposed to apply until the end of 2023, according to the OPEC+ decision," a Commerzbank report said.&nbsp;

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Oil slid more than 2% on Tuesday, extending losses of nearly 2% in the previous session, as recession fears and a flare-up in COVID-19 cases in China raised concern over global demand.

Oil slid more than 2% on Tuesday, extending losses of nearly 2% in the previous session, as recession fears and a flare-up in COVID-19 cases in China raised concern over global demand. World Bank President David Malpass and International Monetary Fund Managing Director Kristalina Georgieva warned on Monday of a growing risk of global recession and said that inflation remains a continuing problem. Also read | Ukraine war LIVE | Russian strikes on Ukraine could amount to war crimes: UN Brent crude fell $2.30, or 2.4%, to $93.89 a barrel by 1006 GMT. U.S. West Texas Intermediate crude dropped $2.12, or 2.3%, to $89.01. "There is growing pessimism in the markets now," said Craig Erlam of brokerage OANDA. Oil has dropped sharply on economic fears after surging earlier in 2022, when Brent came close to its record high of $147 as Russia's invasion of Ukraine added to supply concerns. "Warnings after warnings are being issued when it comes to global economic growth," said Avatrade analyst Naeem Aslam. Also read | Israel and Lebanon reach 'historic agreement' on maritime border: Reports Those worries aside, fears of a further hit to demand in China also weighed. Authorities have stepped up coronavirus testing in Shanghai and other large cities as COVID-19 infections rise again. read more Oil also came under pressure from a strong dollar, which hit multi-year highs on worries about increases to interest rates and escalation of the Ukraine war. A strong dollar makes oil more expensive for buyers with other currencies and tends to weigh on risk appetite. Losses were limited, however, by a tight market and last week's decision by the Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia, together known as OPEC+, to lower their output target by 2 million barrels per day. "An undersupply is even looming next year because the production cut is supposed to apply until the end of 2023, according to the OPEC+ decision," a Commerzbank report said.

Oil prices fall more than two per cent on recession and China COVID-19 fears

The OPEC+ group agreed to cut production, by 2 million barrels per day, the biggest slash in production since the beginning of the COVID-19 pandemic in 2020.

World Business Watch: OPEC+ will cut production by 2 million barrels a day

World Business Watch: OPEC+ to cut oil production by 2 million barrels per day to shore up prices

Oil prices have jumped after reports said that OPEC+ is considering a cut to output this week. Meanwhile, Asian shares trade mix today as the holiday-heavy week gets underway.

World Business Watch: Oil prices climb, Asian shares mixed as holiday-heavy week gets underway

The OPEC Plus has decided to start cutting oil production in October by 100,000 barrels. Western sanctions on countries like Iran and Venezuela could squeeze oil supplies further. Palki Sharma tells you more.

Gravitas: Why your oil bills could spike again

As global economies show worrying signs of rising food prices, soaring gas prices and high inflation rates, oil super majors witness record-breaking profits. How? Well, the Russian invasion of Ukraine is driving these stunning profits for the oil giants.

WION Fineprint: Oil & gas price surge amid Ukraine war

Gulf states refused to increase oil production despite a nudge from US President Joe Biden. Oil prices topped $100 per barrel after the snub by Saudi Arabia and its gulf allies. Palki Sharma recaps Biden's West Asia misfire.

Gravitas: Oil rises after Biden's West Asia trip

Oil prices fell in early Asian trade on Monday, paring gains from the previous session. Oil supply remained tight amid lower OPEC output, unrest in Libya and sanctions on Russia.

Oil prices slip as recession fears rumble on

JPMorgan analysts warned that the global oil prices could reach to "stratospheric" $380 a barrel in response to the Western sanctions.

JPMorgan warns that oil prices could reach 'stratastrophic' record

Oil prices were little changed on Thursday as markets weighed a rise in US gasoline and distillate inventories and worries about slower economic growth amid concerns of supply tightness.

Oil prices stable as market weigh fuel stocks amid supply concerns

The Organization of the Petroleum Exporting Countries (OPEC) and its allies has agreed to significant oil output increases in July amid calls for the alliance to help contain the surging oil prices.

OPEC+ agrees to significant oil output increases in July to ease surging prices

Oil prices fell by around $3 a barrel in early Asian trade on Thursday as investors cashed in on a recent rally with a key producers meeting later in the day set to pave the way for expected output increases.

Oil prices skid $3 a barrel as investors take profits ahead of OPEC+ meeting

Amid criticism by the West, especially from Europe over India buying discounted oil from Russia, sources in Delhi have said that "India's legitimate energy transactions should not be politicised" and "countries with oil self-sufficiency or those importing themselves from Russia cannot credibly advocate restrictive trading".&nbsp;

In the aftermath of the Russian invasion of Ukraine, the US had announced that it will ban import of Russian oil, Liquefied Natural Gas (LNG) and coal with Europe also emphasising that it will move away from dependency on Russian energy.&nbsp;

This has led to Russia offering discounted oil to many countries, including India, something that helps economic prospects for Moscow.&nbsp;

But Russian energy continues to be procured by various countries across the world, including many countries in Europe. 75 per cent of Russia's total natural gas exports are to OECD Europe like Germany, Italy, France.&nbsp;

Other European countries like the Netherlands, Italy, Poland, Finland, Lithuania, Romania remain large importers of Russian crude oil.&nbsp;

Sources highlighted that the, "jump in oil prices after the Ukraine conflict has now added to our challenges" and "the pressure for competitive sourcing has naturally increased".&nbsp;

India has not been importing crude from Iran and Venezuela even as New Delhi has been looking for sources that are not high cost.&nbsp;

India imports 85 per cent of its crude oil requirement, which translates into five million barrels a day with most of the imports from West Asia.&nbsp;

In West Asia, India imports, 23 per cent of its oil from Iraq, 18 per cent from Saudi Arabia, and 11 per cent from the United Arab Emirates.&nbsp;

The US accounts for 7.3 per cent of India's crude oil imports and could reach 11 per cent this year. Russia contributes to less than 1 per cent of Indian crude oil demand and there is no government-to-government pact for any import plan.

On Thursday, Ministry of external affairs spokesperson Arindam Bagchi in response to a question on importing Russian oil said, "as you're all aware, India does import most of its oil requirements. So it's met by imports.&nbsp;

So, we are always exploring all possibilities in global energy markets, because of this situation that we face of importing our oil requirement", adding, "Let me just highlight that a number of countries are doing so (importing Russian energy), especially in Europe".&nbsp;

In the aftermath of the fallout on the Russian energy sector, Russian Deputy Prime Minister Alexander Novak had spoken to India's Minister of Petroleum and Natural Gas Hardeep Singh Puri and invited Indian investment into the Russian oil and gas sector.&nbsp;

It was later reported that Indian state-run oil company Indian oil cooperation has brought 3 million barrels of Russian crude oil at a discounted price.&nbsp;

Sources pointed out that India has to focus on "competitive energy sources" and "we welcome such offers from all producers. Indian traders to operate in global energy markets to explore best options".

West has announced a number of sanctions on Russia and President Putin in the aftermath of invasion of Ukraine, but sources in Delhi explained that they "avoid impact on energy imports from Russia" and Russian banks which are the main channels for European Union payments for Russian energy imports have not been excluded from SWIFT.&nbsp;

WATCH |&nbsp;War crime accusations on Russia mounts as Blinken echoes 'war crime' rhetoric

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Amid criticism by the West, especially from Europe over India buying discounted oil from Russia, sources in Delhi have said that "India's legitimate energy transactions should not be politicised" and "countries with oil self-sufficiency or those importing themselves from Russia cannot credibly advocate restrictive trading".

Amid criticism by the West, especially from Europe over India buying discounted oil from Russia, sources in Delhi have said that "India's legitimate energy transactions should not be politicised" and "countries with oil self-sufficiency or those importing themselves from Russia cannot credibly advocate restrictive trading". In the aftermath of the Russian invasion of Ukraine, the US had announced that it will ban import of Russian oil, Liquefied Natural Gas (LNG) and coal with Europe also emphasising that it will move away from dependency on Russian energy. This has led to Russia offering discounted oil to many countries, including India, something that helps economic prospects for Moscow. But Russian energy continues to be procured by various countries across the world, including many countries in Europe. 75 per cent of Russia's total natural gas exports are to OECD Europe like Germany, Italy, France. Other European countries like the Netherlands, Italy, Poland, Finland, Lithuania, Romania remain large importers of Russian crude oil. Sources highlighted that the, "jump in oil prices after the Ukraine conflict has now added to our challenges" and "the pressure for competitive sourcing has naturally increased". India has not been importing crude from Iran and Venezuela even as New Delhi has been looking for sources that are not high cost. India imports 85 per cent of its crude oil requirement, which translates into five million barrels a day with most of the imports from West Asia. In West Asia, India imports, 23 per cent of its oil from Iraq, 18 per cent from Saudi Arabia, and 11 per cent from the United Arab Emirates. The US accounts for 7.3 per cent of India's crude oil imports and could reach 11 per cent this year. Russia contributes to less than 1 per cent of Indian crude oil demand and there is no government-to-government pact for any import plan. On Thursday, Ministry of external affairs spokesperson Arindam Bagchi in response to a question on importing Russian oil said, "as you're all aware, India does import most of its oil requirements. So it's met by imports. So, we are always exploring all possibilities in global energy markets, because of this situation that we face of importing our oil requirement", adding, "Let me just highlight that a number of countries are doing so (importing Russian energy), especially in Europe". In the aftermath of the fallout on the Russian energy sector, Russian Deputy Prime Minister Alexander Novak had spoken to India's Minister of Petroleum and Natural Gas Hardeep Singh Puri and invited Indian investment into the Russian oil and gas sector. It was later reported that Indian state-run oil company Indian oil cooperation has brought 3 million barrels of Russian crude oil at a discounted price. Sources pointed out that India has to focus on "competitive energy sources" and "we welcome such offers from all producers. Indian traders to operate in global energy markets to explore best options". West has announced a number of sanctions on Russia and President Putin in the aftermath of invasion of Ukraine, but sources in Delhi explained that they "avoid impact on energy imports from Russia" and Russian banks which are the main channels for European Union payments for Russian energy imports have not been excluded from SWIFT. WATCH | War crime accusations on Russia mounts as Blinken echoes 'war crime' rhetoric ×

Don't politicise legitimate energy transaction, message from New Delhi on getting discounted Russian oil

Joe Biden is reportedly planning a Saudi Arabia trip to push Riyadh into producing more oil. He also dispatched officials to repair America's frayed ties with Venezuela. Will Biden's mission to tame oil prices succeed? Palki Sharma tells you.

Gravitas: Joe Biden's mission to tame oil prices

Moscow threatens to close a major gas pipeline to Germany after the US pushed its European allies to consider banning Russian oil imports over its invasion of Ukraine.

Russia-Ukraine war puts oil market in turmoil

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