Oil prices edged upwards in early Asian trade on Thursday, as supply concerns and a looming rail stoppage in the United States, the world's biggest crude consumer, supported markets.

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.

European Union energy ministers will attempt to approve new bloc-wide measures to pull down soaring gas and power prices at an emergency summit on Sept.

The euro rose back above parity to a two-week high against the dollar on Friday following a large rate hike and hawkish comments from the European Central Bank, while a weaker dollar helped world stocks rise to a one-week high.

Britain will cap consumer energy bills for two years and funnel billions to prop up power companies, its new leader Liz Truss said on Thursday in a bid to tackle an energy crisis that has Europe and Russia squaring off in a deepening economic war.

In Maracaibo, the once wealthy Venezuelan oil city, two innovators are trying to push a new trend: small electric and solar-powered cars that offer an alternative for people fed up with regular fuel shortages and long lines as the gas station.

Oil prices climbed on Thursday, paring some of their steep losses in the previous session, as the potential for an energy standoff between European nations and Russia overshadowed fears of recession and rising inflation.

European shares fell on Wednesday, with miners leading losses, as investors fretted over global demand outlook for metals following lacklustre trade data from China, while Ubisoft slid as a deal with Tencent dampened its buyout prospects.

The European Commission will propose a price cap on Russian gas, alongside measures including a mandatory EU cut in electricity use and a cap on the revenue of non-gas power generators, the bloc's chief said on Wednesday.

Indonesia, South Korea, Japan and China could all be interested in investing in a long-delayed gas project in the waters between East Timor and Australia crucial to the Asian nation's future, East Timor President Jose Ramos-Horta said on Wednesday.

European markets, euro tumble as Russia fans energy crisis

Asian shares slipped on Monday while the euro took a fresh spill after Russia shut a major gas pipeline to Europe, leading some governments there to announce emergency measures to ease the pain of soaring energy prices.

OPEC+ is likely to keep oil output quotas unchanged for October at a meeting on Monday, five OPEC+ sources said, although some sources would not rule out a small production cut to bolster prices that have slid due to fears of an economic slowdown.

In a statement, Gazprom indicated it had discovered "oil leaks" in a turbine during a planned three-day maintenance operation.

The Italian government is preparing a new multi-billion euro package to help shield firms and families from surging energy costs and rising consumer prices, Foreign Minister Luigi Di Maio said on Thursday.

Oil firms operating in Kurdistan have asked the United States to help defuse an upsurge in tension between Iraq's central government and the semi-autonomous region, according to a letter seen by Reuters and three sources.

Natural gas a few years ago was so unwanted that U.S. shale oil producers sold it at cost just to pump more oil.

Global warming, the pandemic and Russia's invasion of Ukraine have driven energy prices to rise by 39.7% this year alone.

Fossil fuels causing cost-of-living crisis: climate expert

Most big Wall Street firms passed a test for business as usual in Texas last week when state Comptroller Glenn Hegar kept all but BlackRock Inc.

HSBC has hired Justin Wu as its first co-head of climate change Asia Pacific to lead the development and implementation of the bank's sustainability strategy in the region, a memo to staff seen by Reuters showed.

The dollar closed in on the 140-yen mark not seen since 1998, but an easing in European gas prices helped the euro limit its losses.

Energy ministers from EU member states will hold urgent talks in Brussels on September 9.

Britain's cost of living crisis has seen inflation soar to 40-year highs, with a widening number of strikes over pay offers that fail to keep pace with rising prices.

Tesla chief Elon Musk said on Monday he aimed to get the electric auto maker's self-driving technology ready by year-end.

Ukraine's President Volodymyr Zelenskiy accused Russia on Monday of economic terrorism by trying to prevent European nations from stocking up on gas ahead of a winter when the impact of soaring energy bills is set to hit households and businesses hard.

Oil prices were mixed on Monday as investors balanced expectations the OPEC will cut output to support prices against concerns sparked by Federal Reserve Chairman Jerome Powell saying the United States will face slow growth "for some time".

Finns are being urged to turn down their thermostats this winter, take shorter showers and spend less time in their beloved saunas.

Share markets pushed higher and Europe's bond markets and euro stole a breather from energy-price driven sell-offs on Thursday, as investors waited to hear the latest reaction of the world's top central bankers to soaring inflation.

Climate activists will stage a series of colorful protests at the Federal Reserve's annual Jackson Hole central banking conference that starts Thursday, intent on pressing the Fed to address climate change and move the U.S.