Closing summary
After weeks of relative declines for oil prices, Brent crude was on the rise in Monday’s session, propped up by a weaker US dollar and US president Joe Biden’s failure to secure a supply hike from Saudi Arabia over the weekend.
Further concerns have been brewing in Europe, after the IEA warned that more needed to be done to curb energy demand if European leaders hope to make it through the winter without Russian supplies.
Stocks have not been perturbed, though, with all major equity markets across the US and Europe trading higher in today’s session.
That is despite a poor showing by major banks including Goldman Sachs, which saw second quarter profits plunge by 47% due to a slowdown in dealmaking and underwriting for its investment bank.
Deliveroo also spooked investors after downgrading its revenue forecasts on the back of the UK’s weaker economic outlook, with consumers having already pulled back on spending with the food delivery firm.
Here are the rest of today’s main stories:
Have a good afternoon, stay cool, and see you tomorrow. KM
Oil prices push past $105 per barrel
Brent crude has continued its climb today, and is now up around 4.6% to more than $105.50 per barrel
