Business News Live: Oil jumps to one-week high


9:15 A.M.

Oil jumps to one-week high

Oil prices rose to one-week high on concerns over U.S. supplies after damage from Hurricane Ida, and expectations of higher demand, Reuters reported.

Brent crude rose 0.7% to $73.40 a barrel, and U.S. West Texas Intermediate crude also rose 0.7% to $70.21 a barrel.

“To compound matters, more oil refiners in Louisiana have resumed operations, raising demand for crude oil,” ANZ analysts said in a note.

9:00 A.M.

Asian shares open dull

Asian shares made a dull start to a week packed with major U.S. and Chinese economic data and the launch of Apple’s latest iPhones, Reuters reported.

MSCI’s broadest index of Asia-Pacific shares outside Japan eased 0.7% while Chinese blue chips fell 0.3%. Nasdaq and S&P 500 futures rose 0.1%.

China will release data on retail sales, industrial output, and urban investment on Wednesday while U.S. will release consumer prices data on Tuesday and retail sales on Thursday.

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