Dow Slips as Oil Rises Again Amid Iran Conflict
The Dow Jones Industrial Average edged lower on Wednesday as investors continued to track developments in the U.S.-Iran war and the latest moves in oil prices, while also weighing key U.S. consumer inflation data.
The 30-stock Dow fell 82 points, or 0.2%. Meanwhile, the S&P 500 and Nasdaq Composite gained 0.2% and 0.4%, respectively, signaling a mixed tone across Wall Street.
In energy markets, WTI futures climbed about 2% to around $85 a barrel, while Brent crude also traded roughly 2% higher near $89 a barrel. Still, investors found some relief in the prospect of a large, coordinated reserve release by countries seeking to cushion supply stress as the conflict persists.
Multiple reports said the International Energy Agency (IEA) was expected to announce later Wednesday a historic release of emergency oil reserves. In a Wednesday morning note, Goldman Sachs analysts said the proposed release could offset about 12 days of their estimated 15.4 million barrels per day of export disruption. They added the move could shave roughly $7 off oil prices, assuming 50% of the emergency stock releases remain in OECD commercial storage.
Source : Newsmaker.id
