Oil prices inched lower today on concerns of another US Federal Reserve interest rate hike next week after consumer prices unexpectedly rose in August, outweighing support from a robust OPEC oil demand growth forecast. Brent crude futures fell 17 cents, or 0.2%, to $93.00 a barrel in early trade. US West Texas Intermediate crude was…
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The Tánaiste will update the Cabinet this morning on proposals to help firms deal with spiralling energy costs. The measures are expected to be finalised in just under a fortnight and will be outlined in the Budget. Leo Varadkar is likely to tell his Government colleagues that the energy inflation crisis is comparable to Covid…
Oil prices rose in volatile trade today as worries about tight fuel supplies ahead of winter offset investor concerns about lower demand in China, the world’s biggest crude importer, and further increases in US and European interest rates. Brent crude had risen 50 cents, or 0.5%, to $94.50 a barrel in early trade. WTI crude…
There are strong indications this evening that the Government’s once off cost-of-living package will run to well over €2 billion when it is announced on Budget day. Minister for Public Expenditure Michael McGrath said rising energy prices means the situation had become more serious for households and Government spending would most likely have to go…
The EU Energy Commissioner has said managing energy demand will be key to avoiding blackouts in Europe this winter and citizens will have to play their part. Speaking exclusively to RTÉ News, Kadri Simson said a lot of work has been done to diversify the supply of energy, but that “now we also have to…
New Central Statistics Office figures show that households in the second quarter of this year continued to save more than they did pre-Covid, despite inflationary pressures. The CSO said the average household saved just over 19% of its income in the second quarter. While this was down on the Covid pandemic peak of nearly 34%,…
Oil prices fell today with the global fuel demand outlook overshadowed by Covid-19 restrictions in China and the potential for further interest rate hikes in the US and Europe. Brent crude futures dropped $1.01, or 1.1%, to $91.83 a barrel in early trade, after settling 4.1% higher on Friday. US West Texas Intermediate crude was…
The euro jumped to a more than three-week peak to the dollar today, and sterling rose to the highest this month as European Central Bank officials pushed the case for further aggressive monetary tightening. The greenback idled not far from a two-week low against a basket of peers ahead of key US inflation data this…
The Minister for Public Expenditure has promised that help is on the way, in response to increases in inflation and interest rates announced earlier. Speaking this afternoon in Cork, Michael McGrath said the Government is finalising what he described as a Budget like no other, which will be delivered in less than three weeks. He…
EU energy ministers will attempt to forge a united response to the energy shock from Russia’s war in Ukraine that has sent prices for electricity and heating skyrocketing. The invasion has seen the price of natural gas hit record levels, throwing the EU economy into deep uncertainty with all eyes on whether Russian President Vladimir…