Oil rallies on OPEC shock
4/29/20266 min
Oil rallies on OPEC shock (0:30) investors preparing for Fed policy decision (3:12) Mega-cap tech earnings (4:14)
Show Notes
Shell warns global crude supply disruption could drag into 2027
Crude oil jumps as U.A.E.'s OPEC exit outweighed by Strait of Hormuz shutdown
Amazon Q1 preview: All eyes on AWS, capital spending
Episode transcripts: seekingalpha.com/wsb
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Transcript preview
First 90 secondsRina Schäuble· Host0:00
[intro music] Good morning. Today is Wednesday, April twenty-ninth. I'm Rina Schäuble filling in for Julie Morgan. Our top stories today: oil rallies on OPEC shock, investors preparing for Fed policy decision, and mega tech earnings. Wall Street's major averages closed lower on Tuesday after the United Arab Emirates announced its departure from OPEC, effective May first. The benchmark S&P five hundred lost point five percent. Tech-focused NASDAQ ended down by point eight percent, and the blue chip Dow handed back point one percent. Gold futures fell to the lowest in more than four weeks on Tuesday as US crude oil prices climbed above a hundred dollars a barrel, exacerbating concerns over the inflationary impact of higher energy costs as US-Iran talks remain at an impasse. Reportedly, President Trump is unhappy with Iran's latest proposal on resolving the Middle East war, dampening hopes for a resolution to the conflict that has disrupted energy supplies and sparked inflation. Geopolitical tensions remained in focus after Iran's foreign minister arrived in Russia, where he is expected to meet President Vladimir Putin, even as negotiations with the US reached a stalemate over the weekend. Tensions between the UAE and OPEC have been building well before Tuesday's sudden departure