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Wall Street Opens Mostly Lower as OPEC+ Pushes Oil Price Higher; Dow Ekes Out Gain By Investing.com

by Mike Robinson

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© Reuters.

Geoffrey Smith 

Investing.com — U.S. stock market opened lower Monday, as prices reached a seven-year high. The increase in energy prices has reinforced fears of a slowing down and driving inflation higher. 

Organization of Petroleum Exporting Countries, along with its key allies, indicated that they would not be releasing any crude more than the planned 400,000-barrel-per-day increase to the global marketplace. This disappointed many, including the White House. They had hoped the bloc would keep prices down as demand rises faster than anticipated.

The opening statements of the so-called OPEC+ group’s decision-making body were more cautious regarding the outlook for demand 2022. According to unnamed sources, the bloc would continue to produce as planned. 

At 9:45 am ET (1345 GMT), it was holding just below the gain line. The was also down 0.4%, and the 1.2%. When higher commodity prices support arguments for tighter monetary policies and higher inflation, the Nasdaq usually underperforms.

Exxon Mobil Stock of ConocoPhillips (NYSE) rose 1.6% and stock of ConocoPhillips rose 2.5%. Occidental Petroleum’s stock (NYSE) rose 3.0%.

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