The two largest US oil companies, Exxon Mobil and Chevron Corp, posted record revenue on Friday, bolstered by surging crude oil and natural gas prices and following similar results for European giants a day earlier.

German inflation edged up unexpectedly in July after a further reduction in gas flows from Russia prompted concerns of even higher energy bills, data showed on Thursday.

Sharply higher interest rates, red-hot inflation and a prolonged energy crisis are leading to conviction that the world economy is headed inexorably towards recession.

Germany is set to impose a levy on all gas consumers from October 1 aimed at helping suppliers grappling with soaring gas import prices, a draft law showed on Thursday.

Oil rose by $1 a barrel on Wednesday as a report of lower inventories in the United States and cuts in Russian gas flows to Europe offset concern about weaker demand and a looming US interest rate hike.

Russia-made products accounted for 83 per cent of the country’s market for common consumer goods in the first half of 2022, up 4 per cent on a year before, according to a report published by NielsenIQ on Tuesday.

Sales volumes at UK supermarkets fell 4.1 per cent year-on-year in the four weeks to July 16, with nine out of ten Britons saying they are increasingly watching what they are spending as they battle a cost of living crunch, industry data showed on Tuesday.

A looming energy crisis has rekindled debate in Germany about the wisdom of shutting down the country’s last three nuclear power plants, with even members of the ruling coalition saying an extension is no longer taboo.

Russia said it will cut gas supplies to Europe from Wednesday in a blow to countries that have backed Ukraine, while missile attacks in Black Sea coastal regions raised doubts about whether Russia will stick to a deal to let Ukraine export grain.

The first shipments of Ukrainian grain could leave Black Sea ports within days under a UN-brokered deal to tackle a global food crisis that has worsened since Russia invaded its neighbor, the United Nations and Ukraine said on Monday.

Oil prices rose on Monday in seesaw trading as the market balanced supply fears with expectations that rise in US interest rates would weaken fuel demand.

German business morale fell more than expected in July, the Ifo business sentiment survey showed on Monday, as the institute that compiles it said high energy prices and looming gas shortages had left Europe’s largest economy on the cusp of recession.

The Russian rouble weakened in jittery Moscow trade on Monday, adjusting to the central bank’s decision to slash interest rates on Friday, and as a rouble-supportive tax-payment period reaches its peak.

Wheat prices rose sharply on Monday as a missile strike on the Ukrainian port of Odesa over the weekend raised doubts about whether it will be possible to implement last week’s agreement to open a corridor for grain exports from the war-torn country.

German charter airline Condor has ordered 41 A320 Airbus jets as it renews its fleet with aircraft using less fuel and emitting less carbon dioxide, the two companies said yesterday.

France is against setting uniform targets for the reduction of gas consumption in Europe amid a looming energy crisis, said French energy ministry officials.

Unions, port officials and the French authorities blamed Brexit on Saturday as thousands of holidaymakers faced long delays trying to reach Europe via the English Channel port of Dover.

Canada, the world’s fourth-largest oil producer, is considering pushing back its greenhouse gas reduction timeline for its oil industry, the environment minister told media Saturday.

The European Commission on Friday gave the go-ahead to the renewed suspension of crop rotation rules that require European farmers to leave 1.5 million hectares of arable land lying fallow.

China will make great efforts to consolidate its economic recovery particularly in the crucial third quarter, putting a priority on stabilising employment and prices, state media reported on Friday after a regular cabinet meeting.