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Oil prices fell roughly 4% Monday morning after Saudi Arabia cut prices of crude supplies to all regions, including its main Asia market, and OPEC boosted output.
Energy markets were among several industries that have been rattled in recent days as geopolitical tensions rise in the Middle East.
West Texas Intermediate crude (CL=F) fell more than 4% during morning trading and Brent crude (BZ=F) shed 3.8%.
Prior to the price cuts, oil had surged as a result of supply disruptions. Yemeni Houthi forces in the Gulf region have escalated attacks on shipping vessels, forcing companies to reroute. Alternate paths increase shipping costs by more than 170% and add up to 14 days to the duration of the voyage.
Saudi's decision also reflects what officials see as signs of weakening in global demand.
"That's raising concerns about demand in China and global demand as well," Price Futures Group analyst Phil Flynn said. "The stock market is off to a weak start this year and this news from Saudi Arabia has caused the bottom to fall out."
This week could bring a catalyst for the market, with earnings reports from big banks and a crucial reading on inflation ahead. The CPI inflation reading is due Thursday, while JPMorgan (JPM), Wells Fargo (WFC), and Bank of America (BAC) will kick off the fourth-quarter earnings season.
Meanwhile, oil prices fell nearly 4% as investors absorbed Saudi Arabia's decision to cut key prices of crude supplies to all regions, including its main Asia market.
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