Oil Futures Shed Nearly 4% As Demand Worries Weigh

Crude oil prices drifted lower on Friday, weighed down by concerns about outlook for energy demand amid rising possibility of a global recession.

A downward revision in the International Energy Agency’s oil demand forecast, and recent data from the U.S. Energy Information Administration that showed crude inventories grew by 9.9 million barrels last week hurt oil prices.

A stronger dollar weighed as well on oil prices. The dollar surged higher amid bets the Federal Reserve will aggressively tighten its monetary policy to bring down inflation. The dollar index gained nearly 1% at 113.42 before easing slightly to 113.35.

West Texas Intermediate Crude oil futures for November ended lower by $3.50 or about 3.9% at $85.61 a barrel.

WTI crude futures shed nearly 8% in the week.

Brent crude futures settled at $91.63 a barrel today, losing $2.94 or about 3.1%.

The IEA on Thursday cut its oil demand forecast for this year and next and warned that OPEC and its allies’ plan last week to cut output could tip the global economy into recession.

A report from Baker Hughes today said the number of oil rigs increased by 8 to 610 this week.

The number of US gas rigs fell by 1 to 157 in the week, bringing the total number of rigs in the country to 769. Compared to the same period a year earlier, the number of oil rigs was up by 165.

European Economics Preview: Eurozone Sentix Investor Confidence Due

Investor confidence survey data from euro area is due on Monday, headlining a light day for the European economic news.

At 2.00 am ET, Statistics Norway releases consumer and producer prices for September. Inflation is forecast to ease to 6.2 percent from 6.5 percent in August.

At 3.00 am ET, industrial production from Austria and preliminary foreign trade figures from Hungary are due.

At 4.30 am ET, Eurozone Sentix investor confidence survey results are due. The investor sentiment index is seen at -34.7 in October versus -31.8 in the previous month.

At 5.00 am ET, consumer prices and industrial production figures are due from Greece.

Highlights From The New York Times Food Festival

Some of the sharpest minds in food shared their insights on how American dining and cooking have evolved.

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By Camille Baker

Drägerwerk Q3 Preliminary Net Sales Decline; Order Intake Rises

Drägerwerk AG & Co. KGaA (DRWKF.PK) reported that its preliminary net sales for the third quarter declined 9.1 percent, net of currency effects, to around 725 million euros from the prior year’s 769.6 million euros.

But quarterly order intake rose to around 777 million euros from 759.6 million euros in the previous year.

EBIT was about negative 37 million euros compared to a positive 47.9 million euros in the prior year, mainly due to decline in net sales volume and the lower gross margin.

Dräger continues to expect a strong acceleration of sales recognition in the coming weeks. Due to the extent of the delay to date, Dräger no longer expects to be able to achieve the annual forecast.

Within its annual forecast, the Executive Board had anticipated a decline in net sales of between -5.0 and -9.0 percent, net of currency effects, and an EBIT margin of between 1.0 and 4.0 percent for 2022 versus prior-year. Most recently, the Executive Board had assumed that the lower end of the range would be achieved in each case.

The full results for the first nine months of the fiscal year will be published on October 27, 2022.

Credit Suisse Reportedly Prepares To Sell Parts Of Swiss Domestic Bank

Credit Suisse Group (CS), a financial services provider, is looking to sell parts of its Swiss domestic bank as it seeks to close a capital hole, the Financial Times reports, citing people familiar with the talks.

The report specified that the parts of Swiss Universal Bank that are being considered for a potential sale include, a stake in the SIX Group, which runs the Zurich stock exchange; an 8.6% holding in Allfunds, a listed Spanish investment company; two specialist Swiss banks, Pfandbriefbank and Bank-Now; and Swisscard, a joint venture with American Express.

The report also stated that the bank’s main domestic operation — which offers a range of corporate, private and retail banking services in Switzerland — will remain intact, the company is negotiating the sale of several subsidiaries and stakes in other businesses.

The bank is also trying to sell a landmark property, the two-century-old Savoy, Zurich’s oldest grand hotel, report added.

Credit Suisse declined to comment to FT; saying it would provide a full update on Oct. 27 when it is set to announce its restructuring plans.

One person dead several others taken to hospitals from house party shooting in Adams County.

One person is dead and several other people were taken to a local hospitals from an overnight shooting at a house party in Adams County, according to the sheriff’s office.

Deputies responded at about 3 a.m. Saturday to the area of Greenwood Boulevard and Dakin Street, just west of Interstate 25 and north of U.S. 36, in the Western Hills neighborhood. One victim was pronounced dead at a hospital. Investigators remained on scene Saturday morning. No information on a suspect in the shooting has been released.

This story will be updated.

Opinion | Herschel Walker, Butcher of Language

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