Global supply-chain woes are beginning to recede, but shipping, manufacturing and retail executives say that they don’t expect a return to more-normal operations until next year and that cargo will continue to be delayed if Covid outbreaks disrupt key distribution hubs. In Asia, factory closures, energy shortages and port-capacity limits have eased in recent weeks. In the U.S., major retailers say they have imported most of what they need for the holidays, and ocean freight rates are retreating.
Oil prices came off seven-week lows this morning but remained under pressure after Japan said it was weighing releasing oil reserves and as the COVID situation in Europe worsens, raising concerns about both oversupply and weak demand. Japan’s prime minister signaled on Saturday he was ready to help combat soaring oil prices following a request from the U.S.
to release oil from its emergency stockpile, in an unprecedented move.
