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Italy Reaches Budget Accord | Oil Falls on US Shale Output

Published October 16, 2018
  • Oil prices fell on evidence of higher US oil production and increasing US crude inventories but reports of a fall in Iranian oil exports helped to limit losses. WTI crude prices have hit a low of $71.02.
  • US retail sales barely rose in September; a rebound in motor vehicle purchases was offset by the biggest drop in spending at restaurants and bars in nearly two years. Retail sales edged up 0.1 percent last month after a similar gain in August.
  • The Italian cabinet on Monday signed off on an expansionary 2019 budget, boosting welfare spending, cutting the retirement age and hiking the deficit to set up a showdown with authorities in Brussels over compliance with EU rules.
  • The European Union and Britain will work “calmly and seriously” in the next weeks to reach a deal on Britain’s withdrawal from the bloc without creating a hard border between Ireland and Northern Ireland, the EU’s chief negotiator Michel Barnier said.