Uhhhhh, wait a minute…what do red numbers mean when I look at oil price this morning? My expectation was that oil prices would go up every day for the rest of my life. pic.twitter.com/IzxsY6qqEW
Bitcoin jumps as Biden announces executive order on cryptocurrencies
Bitcoin and other cryptocurrencies were higher Wednesday...
Bitcoin and other cryptocurrencies were higher Wednesday after Biden announced his highly anticipated executive order on digital assets. The order attempts to address the lack of a framework for the development of cryptocurrencies in the U.S., which critics believe could leave the country’s industry behind the rest of the world. Treasury Secretary Janet Yellen said in a statement Wednesday that the executive order “calls for a coordinated and comprehensive approach to digital asset policy.” It appears to be broadly welcomed by the cryptocurrency industry and investors
Dow futures jump more than 500 points as rally in commodity prices driven by Ukraine conflict eases
CNBC ~Stock futures posted sharp gains early...
CNBC ~Stock futures posted sharp gains early Wednesday as recently surging commodity prices cooled off while the war in Ukraine continues.
Futures tied to the Dow Jones Industrial Average rose 560 points or about 1.7%. S&P 500 futures climbed 1.9% and Nasdaq 100 futures gained 2.4%.
The gains came amid an easing in commodity prices that have spooked the broader market. Energy and agriculture products in particular have catapulted higher amid the fighting in Ukraine, while some metals also have posted major gains.
West Texas Intermediate crude, the U.S. oil benchmark, was last down 4% to around $118, while Brent crude, the international standard, fell 3.5% to around $123.
'Energy transition? Leave us out,' says Nigeria oil minister
Developing countries should not have to target renewable energy sources and turn away from fossil fuels,...
Developing countries should not have to target renewable energy sources and turn away from fossil fuels, Nigerian energy officials said on Tuesday, joining other emerging oil-producing nations reluctant to embrace the global energy transition trend.
Some 900 million people in the world, most of them in Africa, still have no access to energy for basic needs, Nigeria's oil Minister Timipre Marlin Sylva said on Tuesday, speaking during the CERAWeek energy conference in Houston.
"We are still in transition from firewood to gas," Sylva said. "Please allow us to continue with our own transition."
Saudi Arabia and UAE leaders ‘decline calls with Biden’ amid fears of oil price spike
The de-facto leaders of Saudi Arabia and the United Arab Emirates have...
The de-facto leaders of Saudi Arabia and the United Arab Emirates have declined to arrange calls with US president Joe Biden in recent weeks as the US and it allies have sought to contain a surge in energy prices caused by Russia’s invasion of Ukraine.
According to the Wall Street Journal, citing both Middle East and US officials, both Saudi Crown Prince Mohammed bin Salman and the UAE’s Sheikh Mohammed bin Zayed al Nahyan have been unavailable to Biden after US requests were made for discussions.
Last week, OPEC+, which includes Russia, declined to increase oil production despite western entreaties.
Relations between the US and Saudi Arabia have chilled during the Biden administration over American policy in the Gulf region.
