Rolling live coverage of business, economics and financial markets as investors look ahead to virtual Jackson Hole central bank summit
8.52am BST
The UK is forecast to lose £22bn in spending as international tourism plummets, putting almost 3m jobs at risk, according to a report.
Related: Drop in tourism could wipe £22bn from UK economy, says WTTC
8.42am BST
West Texas Intermediate futures prices have just nudged into positive territory for today, and are only a few cents shy of the five-month high.
The picture over the last five months is of a vertiginous fall in prices as traders adjusted to lower demand for fuel during the pandemic, to a bounceback that has seen prices revert to levels that can be profitable for many traditional producers.
8.21am BST
Good morning, and welcome to our live coverage of business, economics and financial markets.
North American oil prices have sustained five-month-high levels as producers brace for hurricanes that could prompt the biggest weather-related shutdown for 15 years – as well as fears for the potential human costs.
The incoming arrival of Hurricane Laura to the United States [has] led to worries over potential fuel shortages.
The National Hurricane Center warned that Laura would reach the northwestern Gulf Coast tonight, with the danger of life-threatening storm surges. Much of the oil production in the area has already been shut down, and there are obvious concerns of further damage to come.
The US Gulf Coast energy industry was preparing Aug. 25 as the second of two storms this week was approaching the Texas/Louisiana coast | #crudeoil #natgas #Laura #hurricane#FACTBOX: https://t.co/dmJd3MIZYu pic.twitter.com/b5ChRd55U4
Laura swirls toward U.S. Gulf Coast as category 2 hurricane https://t.co/hfgbNWz1qZ pic.twitter.com/Pva0MVG5jT
Continue reading…Rolling live coverage of business, economics and financial markets as investors look ahead to virtual Jackson Hole central bank summit 8.52am BSTThe UK is forecast to lose £22bn in spending as international tourism plummets, putting almost 3m jobs at risk, according to a report. Related: Drop in tourism could wipe £22bn from UK economy, says WTTC 8.42am BSTWest Texas Intermediate futures prices have just nudged into positive territory for today, and are only a few cents shy of the five-month high.The picture over the last five months is of a vertiginous fall in prices as traders adjusted to lower demand for fuel during the pandemic, to a bounceback that has seen prices revert to levels that can be profitable for many traditional producers. 8.21am BSTGood morning, and welcome to our live coverage of business, economics and financial markets.North American oil prices have sustained five-month-high levels as producers brace for hurricanes that could prompt the biggest weather-related shutdown for 15 years – as well as fears for the potential human costs.The incoming arrival of Hurricane Laura to the United States [has] led to worries over potential fuel shortages.The National Hurricane Center warned that Laura would reach the northwestern Gulf Coast tonight, with the danger of life-threatening storm surges. Much of the oil production in the area has already been shut down, and there are obvious concerns of further damage to come. The US Gulf Coast energy industry was preparing Aug. 25 as the second of two storms this week was approaching the Texas/Louisiana coast | #crudeoil #natgas #Laura #hurricane#FACTBOX: https://t.co/dmJd3MIZYu pic.twitter.com/b5ChRd55U4Laura swirls toward U.S. Gulf Coast as category 2 hurricane https://t.co/hfgbNWz1qZ pic.twitter.com/Pva0MVG5jT Continue reading…
