UK job adverts at record in Christmas buildup; inflation knocks US consumer sentiment to 10-year low – as it happened

Rolling coverage of the latest economic and financial news

• Latest: US consumer confidence hit by inflation surge
• US workers quit jobs at record pace
• Elon Musk sells more Tesla shares
• Growth in UK job adverts shows no signs of slowing ahead of Christmas
• Active job postings hit 2.68 million last week, another new record high
• FTSE 100 dips from 20-month high

Oil prices are under pressure this morning, with Brent crude falling by around one dollar to $81.94 per barrel, and US crude down 1.5% at $80.40.

Oil weakened earlier this week after the surge in US inflation raised the prospect of higher interest rates, which would dent growth and demand for energy.

There's growing speculation that the White House could release the kraken' soon, or in other words the Strategic Petroleum Reserves, to cool oil prices and by extension inflation. Making a deal with Iran is another alternative.

From the increase in demand coming from home-stay during the pandemic; to the geopolitical tensions leading to hoarding of supplies, notably in China; to the business decisions of some companies to cancel supply contracts, only to find themselves at the back of the queue when demand picked up.

In the current circumstances, it becomes tempting for companies to try to play out governments against each other, scanning the landscape to see who would be willing to pay more. This risks letting taxpayers - whether European or American - pick up the bill, and get little from it.