Oil prices rose for a fifth straight day on Monday with Brent heading for $80 amid supply concerns as parts of the world sees demand pick up with the easing of pandemic conditions. Brent crude was up $1.14 or 1.5% at $79.23 a barrel by 0208 GMT, having risen a third consecutive week through Friday. U.S. Oil added $1.11 or 1.5% to $75.09, its highest since July, after rising for a fifth straight week last week.
(Bloomberg) -- China Evergrande Group’s electric-car unit scrapped plans for a share listing amid what it said is a “serious shortage of funds,” adding to liquidity concerns for the business empire of the world’s most indebted property developer. Most Read from BloombergHow Los Angeles Became the City of DingbatsSchool Reopenings Falter as U.S. Kids Near 1 Million Covid CasesThe Rise of the Pandemic DashboardA Jewish Tradition Makes Room for Unconventional DesignBerlin Referendum Could Determine
The safe-haven yen sank to its lowest in nearly three months on Monday, while the risk-sensitive Australian dollar continued to recover from an almost one-month low, as fears of widespread contagion from China Evergrande Group receded. The Federal Reserve announced on Wednesday that it will likely begin to trim its monthly bond purchases as soon as November and flagged interest rate increases may follow sooner than expected, with half of Federal Open Market Committee members projecting a hike next year. "USD is likely to remain caught in the cross-currents of a more hawkish FOMC and fading concerns around a potential Evergrande default," Commonwealth Bank of Australia analysts wrote in a client note.