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European markets open lower after a downbeat week
  + stars: | 2023-08-14 | by ( Hannah Ward-Glenton | ) www.cnbc.com   time to read: 1 min
September West Texas Intermediate crude oil contracts this week rallied for a 7th consecutive week for the first time since June 2022, while October Brent — the international benchmark — also rose for a 7th straight week. September natural gas contracts climbed 7.5% this week — the biggest weekly increase since mid-June. September gasoline added 6.5% this week, the most in a week since early March, and rising for a 4th week in five. The S&P 500 Energy Index turned in the best performance of the 11 main sectors in the S&P 500, rising 3.5% this week versus the S&P 500 Health-Care Index's 2.5% gain and the S&P 500's 0.3% loss.
Persons: Brent — Organizations: West Texas, Energy
WASHINGTON (AP) — President Joe Biden on Wednesday warned oil and gas companies against increasing prices for consumers as Hurricane Ian neared landfall along Florida’s southwest coast. There are few signs that average gas prices have jumped significantly in Florida as the hurricane began to approach. A 99-day run of falling pump prices nationally ended recently, and the 14-week decline was the longest streak since 2015. A spokeswoman for the American Petroleum Institute, an oil industry group, said the industry is focused on “delivering fuels where they are needed most while ensuring the safety of our workforce” during the hurricane. Ian grew to a catastrophic Category 4 hurricane overnight with top winds of 155 mph (250 kph), according to the National Hurricane Center.
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