Oil climbs after Biden fails to secure Saudi output hike – business live squib
Brent crude prices pushed past $1 per barrel after US president Joe Biden failed to secure output hike agreements with the world’s top oil exporter
Major European stock markets climbed at the open:
Traders got one clear message from Biden’s recent visit to Saudi Arabia, during which President Biden spoke to a number of Arab leaders.
The message is that it is OPEC+ that makes the oil supply decision, and the cartel isn’t remotely interested in what Biden is trying to achieve. OPEC+ will continue to control oil supply, and one country alone cannot determine the oil supply—at least that is the message that traders have taken from Biden’s visit to Saudi Arabia.
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