SINGAPORE – Oil prices dropped for a second straight session on Monday as U.S. producers began restoring output after Hurricane Delta weakened, while a strike that had affected production in Norway came to an end.

Brent crude LCOc1 for December fell 55 cents, or 1.3%, to $42.30 a barrel by 0023 GMT and U.S. West Texas Intermediate CLc1 for November was at $40.08 a barrel, down 52 cents, or 1.3%.

Front-month prices for both contracts gained more than 9% last week, the biggest weekly rise for Brent since June, but fell on Friday after Norwegian oil firms struck a wage bargain with labour union officials, resolving a strike that threatened to cut the country’s oil and gas output by close to 25%.

HURRICANE DELTA ROILS OIL RIGS, SQUEEZES GASOLINE PRICES

“We had good support for both Brent and West Texas on the back of some supply concerns,” said Michael McCarthy, chief market strategist at CMC Markets in Sydney.

“Given that the hurricane season in the U.S. has just started, there’s potential for that to keep prices firm.”

The Well-Safe Guardian plug and abandonment rig, operated by Well-Safe Solutions Ltd, stands in the Port of Cromarty Firth during sunrise in Cromarty, U.K., on Tuesday, June 23, 2020. Oil headed for a weekly decline — only the second since April —

In the United States, Hurricane Delta, which dealt the greatest blow to U.S. offshore Gulf of Mexico energy production in 15 years, was downgraded to a post-tropical cyclone by Sunday.

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Workers headed back to production platforms on Sunday while Total SA TOTF.PA continued restarting its 225,500 barrel-per-day Port Arthur, Texas, refinery on Sunday.

However, Colonial Pipeline, the largest oil products

The average price of fully-comprehensive car insurance now stands at £473. Photo: Oliur/Unsplash
The average price of fully-comprehensive car insurance now stands at £473. Photo: Oliur/Unsplash

Car insurance premiums fell throughout 2020 – thought to be a result of the national COVID-19 lockdown, which at it’s height caused road traffic to plummet by 73% but the rate of decline may be slowing.

Car insurance prices dropped by 3.6% in the first quarter of the year and then by a massive 4.7% in the second quarter, when they hit their lowest price in five years – £462 ($603) for fully-comprehensive cover.

However, a modest price drop of 0.3% in the third quarter suggests the fall may be starting to taper off, MoneySuperMarket data shows.

The average price of fully-comprehensive car insurance now stands at £473, the data shows.

What’s more, despite prices falling in 2020, annual comparisons show a slight increase, with fully-comprehensive cover costing about £473 during Q3 2019.

The study found drivers in east London pay most for premiums, at £950 – more than double the UK average.

READ MORE: UK drivers ‘unaware’ of government’s electric car grant

Meanwhile, London as a whole paid about £679 during the third quarter of the year.

On the other hand, drivers on the Isle of Lewis have the cheapest premiums in the country, at just £293.

Looking at age, premiums have fallen the most year-on-year for those aged 17 to 19, with fully comprehensive cover now costing these drivers about £823 – down 21% from £1,037 in 2019.

However, premiums for this age group did see a quarterly price increase of £46 from £777 to £823.

Drivers aged between 40 and 49 have seen the biggest price rise, with premiums up 5% year-on-year to £422, from £402.

The 20 to 24 demographic pays the most on average, with third-quarter premiums costing £917.

READ MORE: Over

  • The number of mortgages in active pandemic-related bailouts plunged as the first wave of forbearance plans hit the end of their six-month term.
  • Over the past week, active forbearances dropped by 649,000, or 18%, according to Black Knight, a mortgage technology and data analytics firm.
  • That brings the total number of plans below 3 million for the first time since April.
  • As of Oct. 6, 2.97 million homeowners remain in pandemic-related forbearance plans, or 5.6% of all active mortgages, down from 6.8% the previous week.



a large brick building with grass in front of a house: Prospective home buyers arrive with a realtor to a house for sale in Dunlap, Illinois.


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Prospective home buyers arrive with a realtor to a house for sale in Dunlap, Illinois.

The number of mortgages in active pandemic-related bailouts plunged in the past week as the first wave of forbearance plans hit the end of their six-month term.

It was the largest decline since the crisis began.

Over the past week, active forbearances dropped by 649,000, or 18%, according to Black Knight, a mortgage technology and data analytics firm. That brings the total number of plans, both government and private sector, below 3 million for the first time since April. In addition, the decline was noticeably larger than the drop of 435,000 when the first wave of forbearances hit the three-month mark in early July.

As of Oct. 6, 2.97 million homeowners remain in pandemic-related forbearance plans, or 5.6% of all active mortgages, down from 6.8% the previous week. The loans represent collectively $614 billion in unpaid principal.

Video: Mortgage rates hit new low as homeowners move to refinance (CNBC)

Mortgage rates hit new low as homeowners move to refinance

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These plans allow borrowers to delay their monthly payments for at least 30 days and up to one year. The plans are generally administered in three-month blocks, with the option to renew

By Chen Lin and Aradhana Aravindan

SINGAPORE (Reuters) – Singapore’s economic decline is expected to have slowed significantly in the third quarter as the city-state loosened coronavirus curbs, giving the central bank room to keep monetary settings unchanged when it meets next week.

Gross domestic product (GDP) is expected to contract 6.8% from the same period a year earlier, according to the median forecast of 11 economists in a Reuters poll, marking the third straight quarter of decline. The economy had shrunk 13.2% in April-June – its worst performance on record as the country went into lockdown.

GDP may jump 35.3% on a quarter-on-quarter seasonally adjusted and annualised basis in July-September, the poll showed, picking up from a 42.9% plunge in the second quarter.

“We expect a rebound from the second-quarter lows as economic activities partially resumed from June, although some restrictions remain,” said Jeff Ng, senior treasury strategist at HL Bank.

All 14 economists polled by Reuters forecast the Monetary Authority of Singapore (MAS) will keep its exchange-rate based policy on hold at its review on Oct. 14. However, while economists say the worst is over for the economy, they expect the recovery to be sluggish, and see fiscal policy as the main driver of any rebound.

The MAS in March delivered its biggest easing move since the 2009 financial crisis, by flattening the band’s rate of increase and effectively shifting its centre lower.

The government has spent about S$100 billion ($73.47 billion), or 20% of its GDP, in virus-related relief to support households and businesses. Still, the small and open economy is officially expected to contract 5%-7% this year in its worst recession, while the unemployment rate in August touched its highest since the middle of 2004.

“We are recovering but so far still a partial recovery and

Brazil’s economy is set to shrink by 5.8 percent in 2020, the International Monetary Fund said Monday, revising up an earlier forecast but warning the country faced “excpetionally high” risks.

“The economy is projected to shrink by 5.8 percent in 2020, followed by a partial recovery to 2.8 percent in 2021,” the IMF said in its annual report on Latin America’s largest economy.

The report released Monday revised upwards the more pessimistic forecast of a 9.1 percent contraction in June.

Aerial view showing factories at the Manaus Duty Free Zone (ZFM), Amazonas state, Brazil, in September 2020 Aerial view showing factories at the Manaus Duty Free Zone (ZFM), Amazonas state, Brazil, in September 2020 Photo: AFP / Michael DANTAS

It praised the right-wing government of President Jair Bolsonaro for its “swift and substantial” response to the economic crisis prompted by the coronavirus pandemic.

The government increased health spending, boosted financial support for state governments, extended state-backed credit lines and introduced employment retention schemes, which helped protect formal jobs during lockdown.

“The strong policy response averted a deeper economic downturn, stabilized financial markets, and cushioned the effects of the pandemic on the poor and vulnerable.”

A man holds his Brazilian working document during a weekly job fair in Rio de Janeiro in June 2019 A man holds his Brazilian working document during a weekly job fair in Rio de Janeiro in June 2019 Photo: AFP / MAURO PIMENTEL

However, it warned that given a sharp rise in primary fiscal deficit, gross public debt is projected to jump to around 100 percent of GDP in 2020, remaining high over the medium term.

An excavator pushes earth over coffins at a mass grave at the Nossa Senhora cemetary in Manaus, Amazon state, Brazil in September 2020 An excavator pushes earth over coffins at a mass grave at the Nossa Senhora cemetary in Manaus, Amazon state, Brazil in September 2020 Photo: AFP / MICHAEL DANTAS

“Risks are exceptionally high and multifaceted,” the Fund warned, “including a second wave of the pandemic, long-term scarring from a protracted recession, and vulnerability to confidence shocks given Brazil’s high level of public debt.”

The South American giant