Oil prices fell 2% Monday, moving in tandem with a broader selloff in Wall Street equities. Futures were higher in late morning trading, with WTI up 1.6% at $84.65/bbl and Brent up 1.4% at $87.48/bbl. U.S. natural gas was 1.6% lower at $3.96/MMBtu.
European natural gas prices are on the decline following forecasts of milder weather and slightly boosted supplies from Russia.
OPEC+ produced just 60% of its publicly stated target production last month.
The White House’s top medical adviser cautioned Americans not to drop their guard, warning that despite signs that the recent wave of Omicron COVID-19 infections is peaking, many parts of the nation, particularly on the West Coast, are still experiencing virus surges.
COVID-19 hospitalizations in Seattle last week were up 460% from a month earlier, pushing hospitals to their breaking point.
40% of the largest U.S. pension plans were funded at 100% or more in 2021, the largest percentage in 15 years amid strong equity markets.
High school graduation rates are down in at least 20 states after the nation’s first full year of school in the pandemic, a concerning trend that comes even as many districts loosened standards to help struggling students.
Boeing will invest $450 million in a California startup making autonomous flying taxis, the plane maker announced.
Six in 10 Europeans are expected to get COVID-19 by March, the World Health Organization predicts.
German officials agreed yesterday to maintain strict COVID-19 protocols after the country experienced more than 840 infections per 100,000 citizens over the past week, with the surge not expected to peak until mid-February.
France’s COVID-19 vaccine pass kicked in Monday, effectively barring unvaccinated people from the nation’s restaurants, bars and most public entertainment venues.
A lockdown of more than 13 million people in the northwest Chinese city of Xi’an has been lifted, allowing normal work and production to resume. Beijing is making anyone who buys over-the-counter fever medicine to test for COVID-19 as a preventive measure against new outbreaks ahead of next week’s Winter Olympics.
The U.S. added 15 more destinations to its highest-risk category for travel, including Costa Rica, Peru and the UAE.
Hong Kong’s Cathay Pacific Airways warned it may burn through more than $190 million per month after the government tightened crew quarantine restrictions, forcing the airline to cut cargo and passenger capacity.
Consumer goods firm Unilever is cutting thousands of jobs in a restructuring aimed at easing shareholders’ concerns after a failed takeover bid and reports of a large stake built by an activist investor.
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