Oil entered a drop this morning amid mounting speculation that the United States will draw on its strategic reserves.
Joe Biden’s administration is believed to have hatched a plan with Asian consumers to boost supply in the market in a bid to contain prices after Opec repeatedly pushed back calls for higher production.
The move creates a potential deadlock between producers and consumers, as the two sides fight for control of the global oil market.
5 things to start your day
1) Light at the end of the tunnel for Crossrail property speculators Suburban home prices rise faster relative to town as new line begins ‘dress rehearsal’
2) Attack on city jeopardizes EU competitiveness Brussels is criticized for forcing financial companies to create subsidiaries within the single market
3) Paul Dacre returns to editor of the Daily Mail as editor-in-chief Veteran editor makes surprise return after withdrawing from race to become Ofcom president
4) John Lewis Takes on ‘Throwaway’ Culture in Retail Retailer to offer grants of up to Â£ 300,000 to the most innovative ideas that challenge the industry’s ‘outdated’ approach
5) British Airways customers lament another IT incident The airline’s Executive Club website was offline for almost 10 days after scheduled maintenance took significantly longer than expected
What happened during the night
Asian stocks were mostly down on Tuesday, following a pullback on Wall Street after President Joe Biden picked Federal Reserve Chairman Jerome Powell to lead the central bank for a second term, raising expectations that the United States will soon reduce its stimulus.
The MSCI gauge of Asia-Pacific stocks outside of Japan fell 0.49%, while Hong Kong’s Hang Seng index and Chinese benchmark CSI300 opened 1.1 and 0, respectively, 2% less.
The Australian S & P / ASX 200 outperformed with a gain of 0.55 pc, driven by mining companies and energy stocks. Japanese markets were closed for a public holiday.
- Business : Compass (Annual results); AO World, Cranswick, Home Animals, Severn Trent, Victoria (Interim)
- Economy: PMI (UK, EU, US); GDP (German)