Finance

US SPR stockpiles last week fell to their lowest level since October 1984

Earlier we wrote that US authorities are ready to replenish crude stocks at $80 a barrel. However, so far in the market, prices aren't even close to those values - WTI is trading above $88.

The U.S. is pumping oil into the economy. Exports and production are holding at record levels. Domestic market business has also stabilized - energy inflation was 5% in August. However, when the SPRs start to fill up, oil prices will creep up again.

ECB tries to save EU economy - central bank will be flexible in reinvesting PEPP program

The pandemic has left persistent vulnerabilities in the eurozone economy that contribute to the uneven normalization of our monetary policy among different countries, the ECB said. The ECB has instructed Eurosystem committees and ECB services to accelerate the development of a new mechanism to combat fragmentation. Why it matters. Rising

Price for oil price cap yet to be determined, head of European Commission

"The EU is ready in principle to go to the oil price cap," von der Leyen added. Earlier, the head of the U.S. Treasury Yellen said that the U.S. is not against the purchase of oil by India above the price cap. The WSJ also reported citing sources

U.S. officials forced to roll back plan to limit Russian oil prices - Bloomberg

India and China - Russia's most important trading partners - will not participate, Bloomberg sources said. The price cap plan is still alive after all. However, the price cap will be higher than previously thought. Earlier, U.S. Treasury Secretary Yellen said the price ceiling could be in the range

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