Oil fell on Thursday as expectations of weaker demand and a strong US dollar ahead of a potentially large interest rate increase outweighed supply concerns.

India and other members of the Shanghai Cooperation Organisation (SCO) will discuss energy security at the regional security bloc’s meeting in Uzbekistan, India’s foreign secretary Vinay Kwatra said on Thursday.

India does not plan to provide fresh financial support to Sri Lanka on top of the nearly $4 billion it has extended this year, two sources told Reuters, as the island’s battered economy starts to stabilise after a preliminary loan agreement with the IMF.

US inflation likely slowed in August, largely thanks to falling gasoline prices, but not enough to satisfy policymakers, especially President Joe Biden, as high prices continue to inflict pain on American families and businesses.

French Finance Minister Bruno Le Maire said on Wednesday that the economy was not facing recession after the government lowered its economic outlook for 2023.

China is buying more and less expensive energy supplies from Russia this year, reaping the benefits of a plunge in European purchases just when Beijing needs it most as the Ukraine crisis pushes Moscow in search of alternative markets.

Growth in global oil demand is set to grind to a halt in the fourth quarter of this year as an economic slowdown deepens, the International Energy Agency (IEA) said on Wednesday, but said it would resume strongly in 2023.

India’s rice exports could fall by around a quarter this year as New Delhi’s restrictions force buyers to switch to rival suppliers which are offering the grain at a cheaper price, trade and industry officials said.

The European Commission on Wednesday unveiled a series of proposals to curb the energy price spike that has rocked Europe in the wake of Russia’s invasion of Ukraine, while stressing that the EU’s solidarity with Kyiv would be “unshakeable.”

Lower fuel prices caused an unexpected fall in British inflation in August, official figures showed on Wednesday, offering some respite to households and the Bank of England after inflation hit a 40-year high the month before.

Japan’s wholesale prices rose 9.0 per cent in August from the previous year, matching the annual pace of growth in July, data showed on Tuesday, signalling that persistently high raw material costs continued to squeeze corporate margins.

India should be able to grow at about 7 per cent annually this decade as investment spending is expected to rise and the digital economy picks up, the chief economic adviser said on Tuesday.

German investor sentiment fell further than expected in September as concerns over the country’s energy supply increasingly weigh on the outlook for Europe’s largest economy.

Alphabet unit Google will face damages claims for up to 25 billion euros ($25.4 billion) over its digital advertising practices in two suits to be filed in British and Dutch courts in the coming weeks by a law firm on behalf of publishers.

Oil prices rose on Tuesday as worries about tight fuel supplies ahead of winter offset investor concerns about falling demand in China, the world’s biggest crude importer.

Even as China bars 1.4 billion citizens from Twitter, its local authorities are splurging on global advertising on the site, helping make the country the platform’s fastest-growing overseas ad market and one of its largest non-US revenue sources.

Britain’s jobless rate hit its lowest since 1974 but the drop was due mostly to a fall in the size of the workforce and there were other signs that the country’s jobs boom is petering out, adding to the Bank of England’s inflation headache.

The Reserve Bank of India may raise interest rates by another 50 basis points this month after data showed inflation rose further above the central bank’s tolerance limit in August, analysts said.

India’s restrictions on rice exports have paralysed trading in Asia, with buyers scouring for alternative supplies from Vietnam, Thailand and Myanmar where seller are holding off on deals as prices rise, industry officials said.

The Bank of Japan is expected to end as scheduled a pandemic-relief funding scheme this month and discuss adjustments to a policy guidance that flags the Covid-19 pandemic as the top economic risk, three sources familiar with its thinking say.