President Joe Biden has been reluctantly drawn into closer ties with Saudi Arabia’s king-in-waiting, forced by Russia’s invasion of Ukraine to rethink a standoffish approach as the US struggles to curb soaring oil prices.
Gains in banks, energy and mining stocks lifted Asian equities a little higher on Tuesday as investors braced for aggressive U.S. rate hikes and war disrupting oil supplies.
Oil prices soared to their highest since 2008 due to delays in the potential return of Iranian crude to global markets and as the United States and European allies consider banning imports of Russian oil.
Oil futures log their lowest finish in almost a week on Tuesday, extending a pullback from levels last seen in 2014 as traders monitored talks aimed at returning Iran to an international nuclear accord and allowing the country to resume crude exports.
Oil surged to the highest in nearly 10 months in New York alongside a broader market rally as breakthroughs on U.S. stimulus talks combined with the Covid-19 vaccine rollout stoked optimism around a demand revival.
Oil prices retreated Dec. 1 amid uncertainty surrounding an expected extension of OPEC+ production quotas after the group delayed its meeting to Dec. 3.
Iranian President Hassan Rouhani in a phone call with his Iraqi counterpart Barham Salih on Monday described relations between two countries as brotherly, historic and cultural and stressed the importance of reinforcing all-out ties especially in economic area.
U.S. oil prices recovered on Tuesday to trade in positive territory after sinking below $0 for the first time ever, but international benchmark Brent dipped as demand for crude slumps amid the coronavirus pandemic.
Oil rose on Tuesday amid hopes that the world’s biggest producers of crude will agree to curtail production as the coronavirus pandemic ravages the global economy, even as analysts cautioned the cuts may do little to boost demand.
Asian stocks eked out gains on Thursday, but the week’s rally lost steam as investors seemed torn between relief at the agreement of a huge U.S. stimulus package and dread over a likely spike in jobless claims and coronavirus cases.
