Oil prices shot up more than $5 a barrel Thursday, rising to the highest level in over two weeks as escalating tensions with Russia stoked fears of supply disruptions to the West.

Billionaire investor Warren Buffett said Friday the U.S. economy continues to be in a recession, by his definition, and will continue to be for at least several more months.

Japan is drawing up an economic stimulus package worth eight trillion yen ($73 billion) to help businesses and consumers cope with soaring fuel and commodity prices, news reports said Saturday.

U.S. factories saw a surprisingly hefty increase in their orders for big-ticket products in July, reflecting continued strength in export sales and a boost to business investment from the government’s tax stimulus package.

Oil prices spiked to over US$118 a barrel Wednesday on growing concerns that Tropical Storm Gustav may disrupt operations in the Gulf of Mexico, home to a quarter of U.S. crude production. A weaker dollar also helped lift prices.

A federal jury awarded Mattel Inc. $100 million in damages after a serious girl fight between the house of Barbie and the maker of her chief rival, the pouty-lipped Bratz dolls.

Federal Deposit Insurance Corp (FDIC) might have to borrow money from the Treasury Department to see it through an expected wave of bank failures, the Wall Street Journal reported.