The cost of Russia's military mobilisation and the impact of Western sanctions are set to blow a hole in the government's budget forecasts and drain Moscow's reserves to their lowest level in years, according to analysts' latest calculations.

Germany on Wednesday put the finishing touches on an energy price cap.

Oil prices inched lower on Tuesday, extending losses of 1% from the previous session as more extensive COVID-19 curbs in China increased fears of slowing fuel demand in the world's second-largest oil consumer.

Euro zone inflation surged more than expected in October, data showed on Monday, fuelling expectations that the European Central Bank will press on with big interest rate hikes despite economic growth slowing.

Fresh vegetables and fish are falling off the menu. Packaged pizzas and processed meat are the dishes of the day.

The European Union struck a deal on Thursday on a law to effectively ban the sale of new petrol and diesel cars from 2035, aiming to speed up the switch to electric vehicles and combat climate change.

Chevron Corp on Friday reported its second-highest ever quarterly profit, blasting past analysts' estimates, driven by soaring global demand for its oil and gas and rising production from its U.S.

Germany's economy unexpectedly grew in the third quarter, official data showed Friday, but slowing growth in France and Spain added to fears that high inflation and an energy crisis will tip the region into recession.

Europe's two largest energy companies Shell and TotalEnergies reported profits of more than $9 billion in the third quarter, though Shell's liquefied natural gas (LNG) division struggled to capture the benefits of high fuel prices.

Eurozone inflation stood at just under 10 percent in September, nearly five times the ECB's two-percent target.

Signs are growing that the crucial partnership between Germany and France is stumbling, experts say, just as Russia's invasion of Ukraine and soaring energy costs place extreme stress on the EU.

Makers of metals, chemicals and gases said on Tuesday that the outlook for the final months of the year had worsened as concerns intensify that a surge in energy and raw material costs will shrink Europe's heavy industry.

Investors welcomed Rishi Sunak as Britain's new prime minister on Monday, but they're likely to give him little leeway to diverge from spending restraint and tax rises after his predecessor shook their faith in the Conservative party's management of the economy.

European stocks and the pound climbed Monday as markets awaited confirmation that former finance minister Rishi Sunak would become Britain's new prime minister.

Germany, the EU's top economy and Europe's export powerhouse, looks headed for imminent recession, according to a closely watched survey Monday that pointed to a deepening eurozone contraction.

Britain's next prime minister, former finance chief Rishi Sunak, inherits a UK economy that was headed for recession even before the recent turmoil triggered by Liz Truss.

Oil rose in early Asian trade on Monday as expectations of tighter supplies globally ahead of European Union sanctions on Russian oil underpinned prices.

European Union leaders will discuss reducing their economic dependency on China, aiding Kyiv and punishing Iran for its involvement in the war that Russia is waging on Ukraine, when they meet for a second day of talks in Brussels on Friday.

EU leaders are set for tough talks on how to handle Europe's energy shock Thursday.

European Union leaders meeting this week are set to endorse the bloc's latest proposals to curb energy prices, but pressure Brussels to go further and cap the price of gas used in power generation, according to a draft of their meeting conclusions.

In the quiet Romanian village of Vasilati, where most houses are heated with wood, people worry about their power bills even though Romanians consume the least electricity per capita in the European Union and many have cut back use all they can.

European shares rose for the fourth straight session on Tuesday, building on the previous session's rally that was driven by Britain's historic reversal its fiscal plan, with investors keeping a watch on earnings to gauge the economic outlook.

Croatia and Lithuania want a wholesale gas cap, Slovenia advocates a ceiling on liquefied gas only, while Finland and Slovakia disagree on direct subsidies, the countries said on Tuesday as the European Union grapples with an energy crunch.

The European Commission is set to propose another set of emergency measures on Tuesday to tackle high energy prices, but draft proposals suggest they will not include an immediate cap on gas prices as EU countries remain split over the idea.

BP will pay $3.3 billion in cash plus around $800 million in debt, while the purchase remains subject to regulatory and Archaea shareholder approvals.

Liz Truss successfully campaigned to become prime minister by saying she was opposed to the idea of a tax on the profits of energy giants.

The question of how, when and whether to cap gas prices is set to dominate another meeting of European Union countries on Wednesday, as they pursue a joint plan to target high gas prices - a compromise that has eluded them for weeks.

British shoppers are stocking up on electric blankets, candles and energy-efficient slow cookers as surging gas bills and record food price inflation force millions of people to prepare for a tough winter ahead.

European shares fell for a fifth straight session on Tuesday, pressured by a rise in government bond yields globally, with investors worrying about a potential recession and the impact on corporate profits from a rapid rise in interest rates.

More than a dozen calves wait at a research farm in New Zealand to be fed Kowbucha, a punnily named probiotic that studies show reduces burps -- or methane emissions.