SYDNEY—Asian stockmarkets were tugged lower by fresh concern about the solvency of China’s property developers on Wednesday, while a surging oil price added to worries that a hot U.S. inflation reading could renew pressure on policymakers to lift rates. Brent and U.S. crude futures extended gains into a fourth session, hitting two-week highs around $85…
Stocks Stalled as Oil Fuels Inflation Nerves
November 10, 2021
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Democratic Senators Ask Biden to Ban Oil Exports, Draw From National Reserves
A coalition of 11 Democratic senators asked President Joe Biden in a Monday letter to take extreme steps to combat soaring gas prices, including banning the export of U.S.-sourced crude oil and drawing on resources stored in the nation’s Strategic Petroleum Reserve. Since Biden’s inauguration, data from the U.S. Energy Information Administration shows that average…
Oil Gains After US Infrastructure Bill Passes, Chinese Exports Rise
November 8, 2021
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LONDON—Oil prices rose on Monday as positive signs for global economic growth supported the outlook for energy demand, while Saudi Arabia’s state-owned producer Aramco raised the official selling price for its crude. Brent crude was up by 91 cents, or 1.1 percent, at $83.65 a barrel at 1028 GMT, after dropping nearly 2 percent last…
Oil Rises After OPEC+ Rebuffs US Call to Boost Output
November 5, 2021
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LONDON—Oil prices rose above $81 a barrel on Friday after OPEC+ producers rebuffed a U.S. call to raise supply to cool the market, sticking to plans for a gradual increase in output after cuts made in the face of the coronavirus crisis. Brent crude rose 52 cents, or 0.65 percent, to $81.06 a barrel by…
OPEC Leaves Output Plan Intact, Defies Biden Pressure
The Organization of the Petroleum Exporting Countries (OPEC) and its crude-producing allies, OPEC+, agreed to maintain their production plan, despite calls from other countries to increase output to cool global energy markets. At the ministerial meeting Thursday, via videoconference, officials reaffirmed their commitment to continuing their program to gradually raise crude production by 400,000 barrels…
Oil Exporters Stick to Modest Production Increase
Officials with the Organization of Petroleum Exporting Countries (OPEC), Russia, and other oil-producing nations decided Nov. 4 not to raise oil production substantially, in a rebuff to President Joe Biden’s request last week. The decision not to increase foreign production may ease some concerns at U.S. ports, like Los Angeles and Long Beach, that are…
Oil Exporters Stick to Modest Production Increase, Could Ease Concerns at LA Ports
Officials with the Organization of Petroleum Exporting Countries (OPEC), Russia, and other oil-producing nations decided Nov. 4 not to raise oil production substantially, in a rebuff to President Joe Biden’s request last week. The decision not to increase foreign production may ease some concerns at U.S. ports, like Los Angeles and Long Beach, that are…
Oil Prices Rise Ahead of OPEC+ Meeting
November 4, 2021
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LONDON—Oil prices rose on Thursday, lifted by expectations that OPEC and its allies will stick to slow output increases despite calls from the United States and large importers for additional supply to cool prices. Brent crude was up 94 cents, or 1.2 percent, at $82.93 a barrel by 0940 GMT and U.S. West Texas Intermediate…
Refiner Marathon Beats Profit Expectations on Robust Fuel Demand
Marathon Petroleum Corp. beat quarterly profit estimates on Tuesday as a rebound in fuel consumption helped the largest U.S. refiner tide over the surging cost of crude oil. Marathon’s results followed strong earnings from other energy companies. Valero, which was the first major U.S. refiner to report quarterly earnings, and PBF beat analysts’ estimates as…
Oil Drops on China Fuel Reserves Release; OPEC+ Meeting in View
November 1, 2021
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TOKYO—Oil prices dropped on Monday as China’s release of gasoline and diesel reserves eased concerns over tight global supply, while investors cashed in ahead of a Nov. 4 meeting of major crude producers that could increase future production targets. Brent crude futures dropped 46 cents, or 0.6 percent, to $83.26 a barrel by 0746 GMT,…
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