OPEC+ ignoring White House’s calls for more crude pushed President Joe Biden

Updated time: 24 Jan, 2022, 14:36 (UTC+04:00)

OPEC+ ignoring White House’s calls for more crude pushed President Joe Biden to team up with other nations to release millions of barrels from the Strategic Petroleum Reserve. It will take a few weeks but is expected to keep gasoline prices below $80, control inflation and warn OPEC+.

The only problems are that this move involves China – the United States’ biggest economic rival and the U.S – China tensions can complicate further cooperation. In another story, shale oil’s slower investment is putting pressure on the White House.

For stock markets, there were some notable fluctuations:

#SP500 gained 0.17%, #DowJones 0.55% while #Nasdaq closed down at 0.5%.

#Tech stocks became less attractive to investors when the Fed raises interest rates next year.

#Zoom dropped more than 14%, losing the belief of Deutsche Bank with a cut-down on price target from $350 to $280.

#Financials jumped 2% and #Energy shone with a 3% increase.