Free Republic

Europe’s ban on Russia’s diesel arrived painlessly on Sunday. Although the EU cut off its biggest supplier, diesel futures prices in the bloc fell 1.6% on Monday, amounting to a 20% loss over the past two weeks as demand in the region has waned... The diesel ban comes two months after the bloc placed an embargo on seaborne crude oil imports from Russia, as part of a package of sanctions against Moscow for its invasion of Ukraine. Russia accounted for 29% of the region’s total diesel imports last year, data from Rystad Energy shows.... The bloc is already importing significantly...

In an open letter to Saudi ministers posted via Twitter, Prince Alwaleed bin Talal al-Saud expressed his “astonishment” at comments made by Ali al-Naimi, the oil minister, who reportedly played down the impact of oil prices falling below $100 a barrel. Prices have since fallen below $88 a barrel, or a quarter since June. Prince Alwaleed, noting the kingdom’s 2014 budget was 90 per cent dependent on oil revenues, said belittling the impact of lower prices was a “catastrophe that cannot go unmentioned”.

NEW YORK -- Wall Street tried to stage a comeback Thursday, with the Dow Jones industrials erasing much of a 209-point drop after an upbeat assessment of manufacturing activity eased some fears about a flagging U.S. economy. Just before 11:30 a.m. EDT, the Dow Jones industrial average was down 37.25, or 0.30 percent, at 12,231.38. Broader stock indicators also fell. The Standard & Poor's 500 index was down 3.67, or 0.26 percent, at 1,403.15, and the Nasdaq composite index was down 11.13, or 0.46 percent, at 2,405.02. Traders react after the close of trading on the floor of the New...

Ford warned on Tuesday that the fierce price war in the US and Europe meant vehicles prices would fall further this year than it had planned. The world's second-largest carmaker, said extra cost cuts above the planned $500m meant it would be able to offset falling prices and maintain its 70 cents a share earnings target, however.