Wall Avenue Opens Largely Decrease as OPEC+ Pushes Oil Worth Greater; Dow Ekes Out Acquire By Investing.com
By Geoffrey Smith
Investing.com – US equity markets opened mostly lower on Monday as prices hit a seven-year high, adding to fears that higher energy prices could stifle the recovery and drive inflation higher.
The Organization of Petroleum Exporting Countries and its key allies said they will trade no more crude oil to the world market than the already planned increase of 400,000 barrels a day to cap prices as global demand recovers faster than expected.
However, the opening statement from the decision-making body of the so-called OPEC + group was more cautious about the demand outlook in 2022. News outlets reported from unnamed sources close to the bloc that there would be no change in the timing of the issue.
At 9:45 a.m. ET (1345 GMT) the price was barely above the payline, down 0.4% and 1.2%. The Nasdaq usually underperforms when higher commodity prices support arguments for higher inflation and tighter monetary policy.
Exxon Mobil (NYSE 🙂 rose 1.6%, while ConocoPhillips (NYSE 🙂 shares rose 2.5% and Occidental Petroleum (NYSE 🙂 – the most dependent on crude oil prices of all US majors – fell 3.0% rose.
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