Oil Mixed, Moves Small as Saudi-UAE Production Dispute Continues
Oil was mixed Wednesday morning in Asia, but remained above the $73 mark, as a production dispute between Saudi Arabia and the United Arab Emirates (UAE) continues. The dispute has stalled efforts by the Organization of the Petroleum Exporting Countries and allies (OPEC+) to raise production as the fuel demand outlook brightens.
Since U.S. President Joe Biden took office in January, his administration has maintained the tough stance of the preceding Trump administration. Biden has called China the “most serious competitor” to the U.S.
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Gold climbed above $1,800 an ounce again as investors took a risk-off turn before the release of Federal Reserve meeting notes that should bring fresh insight on U.S. monetary policy.