ECONOMY & MARKETS

Oil prices settled lower on Thursday after a volatile session, a day after its biggest daily dive in two years, as Russia pledged to fulfil contractual obligations and some traders said supply disruption concerns were overdone.

Oil edged higher on Thursday after its biggest plunge in two years in the previous session, as uncertainty over Russian supplies roiled the market despite Moscow's reassurance over its contractual energy obligations.

Oil prices rose on Thursday in volatile trade following a sharp drop in the previous session as the market contemplated whether major producers would boost supply to help plug the gap in output from Russia due to sanctions for its invasion of Ukraine.

Any oil and gas company that can increase supply should do so quickly due to the growing energy crisis following Russia's invasion of Ukraine, U.S.

Australian and South African miners are exploring ways to supply coal and metals consumers in Europe scrambling for alternative sources to Russian supply, but logistics and cost constraints make it difficult to rapidly boost output, companies said.

U.S. motorists, already dealing with a steep rise in spending on fuel as the economy rebounded from the coronavirus-induced recession, are now dealing with surging gasoline prices after Russia's invasion of Ukraine.

Rio Tinto Ltd is working to maintain steady supplies of fuel and other goods for its Mongolian copper operations from suppliers that buy from Russia and elsewhere, a top executive at the mining giant said on Wednesday.

A Russian-operated oil tanker that Britain turned away over a week ago has yet to find a port to discharge its cargo, and many other vessels are likely to be in the same position as buyers shun trade deals following Moscow's invasion of Ukraine.

Soaring prices of commodities from oil to wheat in the wake of Russia's invasion of Ukraine could cost the global economy the equivalent of at least 4% of gross domestic product, commodities trading major Trafigura said on Wednesday.

Russia and Belarus are edging close to default given the massive sanctions imposed against their economies by the United States and its allies over the war in Ukraine, the World Bank's chief economist, Carmen Reinhart, told Reuters.

U.S. job openings fell in January, but remained near record highs as worker shortages persisted, pointing to a tight labor market that will continue to generate strong wage gains and contribute to keeping inflation high.

Palladium slid as much as about 9% on Wednesday to lead a sharp reversal in precious metals, while gold shed over 3%, as a retreat in oil prices helped riskier assets stage a comeback following sharp declines spurred by the Ukraine war.

Gold and palladium on Wednesday hit the brakes on a blistering rally as riskier assets attempted a comeback, with analysts predicting another run higher for precious metals in case of a further escalation in the Ukraine crisis.

The U.S. House of Representatives on Wednesday voted to rush $13.6 billion in aid to Ukraine as it battles invading Russian forces, along with $1.5 trillion to keep U.S.

Italian industrial output posted its steepest fall for more than a year in January, data showed on Wednesday, as the growth outlook for the euro zone's third largest economy weakens amid surging energy prices.

U.S. stocks surged on Wednesday led by financial and tech shares, rebounding from several down days as oil prices pulled back sharply after fanning inflationary fears and investors gauged developments in the Ukraine crisis.

U.S. stocks surged on Wednesday, with the tech-heavy Nasdaq jumping over 3%, rebounding from several days of declines as oil prices pulled back sharply and investors gauged developments in the Ukraine crisis.

Wall Street's main indexes rallied on Wednesday as investors piled into banking and technology sectors that have suffered sharp losses this week on concerns about the fallout from the Ukraine crisis, with sentiment lifted by a fall in oil prices.

Wall Street's main indexes were set to bounce back on Wednesday after four straight sessions of losses as oil prices eased and investors snapped up stocks hammered by concerns over Western sanctions on Russia following its invasion of Ukraine.

Wall Street resumed its slide on Thursday, ending in the red as inflation hit a four-decade high, cementing expectations that the U.S.

Wall Street slid on Thursday as inflation data hit a four-decade high, all but assuring the U.S.

The tech-heavy Nasdaq fell nearly 2% on Thursday as U.S.

Wall Street's main indexes were set to open lower on Thursday after data showed consumer prices in February surged as expected, cementing the case for an interest rate hike by the Federal Reserve later this month.

Gold and palladium on Wednesday hit the brakes on a blistering rally as riskier assets attempted a comeback, with analysts predicting another run higher for precious metals in case of a further escalation in the Ukraine crisis.

An oil-driven inflation shock triggered by the war in Ukraine is forcing Asia's policymakers to rethink their assumptions for 2022, with the risks of weak growth coupled with surging prices adding unwanted complexity to monetary setting plans.

The euro gained more than 1% against the dollar on Wednesday as risk appetite returned to financial markets and commodity prices eased from recent peaks that were driven by Russia's ongoing invasion of Ukraine.

The euro gained more than 1% against the dollar on Wednesday as risk appetite returned to financial markets and commodity prices eased from recent peaks that were driven by Russia's ongoing invasion of Ukraine.

The euro rose on Wednesday, briefly nearing $1.10, supported ahead of this week's European Central Bank meeting by reports that European Union countries were discussing joint bond issuance to finance energy and defence spending.

The euro and other European currencies edged up on Wednesday ahead of this week's central bank meeting and supported by reports that the European Union was discussing joint bond issuance to finance energy and defence spending.