Oil prices rose on Tuesday to a higher level after reports that oil supplies to Hungary via the Druzhba pipeline were temporarily halted due to a drop in pressure.

According to investors’ expectations, an oil price cap for the U.S. and EU will reduce Russian crude exports to the level allowing to compensate a negative influence of an economic slowdown on the energy source’s consumption.

As more Federal Reserve officials point to a slowdown in interest rates and traders suggest that peak rates might be close, the US dollar is beginning to weaken.

US officials had little hope of reaching any kind of noticeable success before the meeting Joe Biden and Xi Jinping had in Bali on Monday evening.

In the recent turmoil in the cryptocurrency market, the Federal Reserve’s top Banking Regulator sees a warning for the financial system as a whole.

According to a statement made by President of The Swiss National Bank Thomas Jordan, there’s a high possibility of another rate hike in December.

Tax and spending information is expected on Thursday. British pensioners got the clearest hint from Prime Minister Rishi Sunak that he will stand up to protect them

The European Central Bank (ECB) is likely to continue raising interest rates beyond 2%.

On Tuesday, European Council President Charles Michel expressed concern about Europe's potential over-reliance on China. He stressed that a balance must be struck in such relations, especially in the area of innovative technologies.

Considering current global economic challenges, primarily high inflation levels and interest rates hikes, OPEC again reduced its forecasts for global oil demand growth for this year.