U.S. stock futures and crude oil prices led a market rebound on Nov. 29 following sharp selloffs in risk assets on Black Friday triggered by Omicron-related headlines, with investor mood seeming more upbeat after top financial firms over the weekend urged no portfolio adjustments in the wake of news of the COVID-19 variant. Futures on…
Equities, Oil Prices, US Treasury Yields All Drop on COVID-19 Variant Fears
November 27, 2021
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WASHINGTON/LONDON—Shares tumbled on Wall Street on Friday as they reopened after Thanksgiving, while European stocks saw their biggest sell-off in 17 months and oil prices plunged by $10 per barrel as fears over a new coronavirus variant sent investors scurrying to safe-haven assets. The World Health Organization (WHO) on Friday designated a new COVID-19 variant…
Oil Prices Drop to 2-month Lows as New COVID-19 Variant Puts Markets on Edge
November 26, 2021
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Oil prices plunged more than 5 percent in early trading on Nov. 26, hitting a two-month low as the emergence of a new COVID-19 variant spooked investors, driving down risk assets like stocks and pushing up havens like gold and bonds. Brent crude, the global benchmark, fell 5.8 percent to $77.49 a barrel by 6:43 am…
US to Sell 32 Million bbls From 4 Sites as Part of Strategic Sale
November 25, 2021
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The United States will sell 32 million barrels of crude from four Strategic Petroleum Reserve (SPR) sites to be delivered between late-December and April 2022, the Department of Energy (DOE) said as it auctions oil to try to lower global prices. International oil prices have held above $80 a barrel even after U.S. President Joe…
Oil Weakens, Focus on OPEC+ Response to US–Led Crude Release
November 25, 2021
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MELBOURNE/SINGAPORE—Oil prices edged down on Thursday with investors waiting to see how major producers respond to the emergency crude release by major consuming countries designed to cool the market, even as data pointed to healthy U.S. fuel demand. Brent crude futures slipped 7 cents to $82.18 a barrel at 0726 GMT, after losing 6 cents…
Oil Futures Rise After Release of Strategic Petroleum Reserve by the Biden Administration
Crude oil futures rose after the Biden administration announced the release of 50 million barrels of oil from the nation’s Strategic Oil Reserve on November 23, enough for approximately 3 days of demand. Oil stocks saw a broad rally today after an initial loss. West Texas Intermediate crude for January delivery (CL00, CLF22), the U.S. benchmark, jumped $1.75,…
Global Shares Mixed as Inflation Worries Set Tone Ahead of Key US Economic Data Releases
Global stocks were mixed on Nov. 24, with worries about inflation setting off fears that the Federal Reserve might move faster to raise rates, and as investors turn their focus to a bevy of U.S. economic data releases later in the day, including a key inflation gauge that the Fed relies on heavily to guide…
Biden Tapping Oil Reserves May Trigger OPEC War, Fail to Help Consumers: Strategists
President Joe Biden announced on Tuesday that he will be releasing 50 million barrels from the nation’s Strategic Petroleum Reserves (SPR) as part of coordination with several other advanced economies, including China, the United Kingdom, and India. The objective is to ease soaring energy prices by injecting more supply into global oil and gas markets….
Oil Stocks Jump After Biden Releases 50 Million Barrels From US Strategic Petroleum Reserve
The United States Oil ETF traded higher by 2.4 percent on Tuesday after President Joe Biden announced he will be releasing oil from U.S. strategic reserves in an attempt to lower global gasoline prices. What Happened The White House said Tuesday the United States will release 50 million barrels of crude oil from its Strategic…
Deep Dive (Nov. 23): Biden Announces Release of 50 Million Barrels of Reserve Oil
President Joe Biden is announcing the release of 50 million barrels of oil from a strategic reserve to battle high gas prices. A White House release says it’s part of a group effort involving China, India, Japan, South Korea, and the United Kingdom. That’s because the price of oil is determined on a global market and is…
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