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Oil holds near one-month highs as demand forecasts raised
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Oil hits one-month highs as IEA, OPEC raise forecasts
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By Anna Hirtenstein and Amber Burton The Dow Jones Industrial Average wobbled Tuesday as investors tried to gauge the impact of a halt in the rollout of Johnson & Johnson s Covid-19 vaccines and an uptick in inflation. The blue-chip index inched down 68.13 points, or 0.2%, to 33677.27, stung by a 1.3% fall in J&J shares. The S&P 500 ticked up 13.60 points, or 0.3%, to 4141.59, setting a record closing high. The technology-heavy Nasdaq Composite climbed 146.10 points, or 1.1%, to 13996.10. Health authorities recommended a pause in using the Johnson & Johnson vaccine following reports of blood clotting. The Food and Drug Administration and the Centers for Disease Control and Prevention are reviewing data involving six reported cases of clotting. The drugmaker said Tuesday that it would delay its vaccine rollout in Europe, which had been planned for later this month.
Oil maintains upward momentum but virus concerns cap gains
Crude oil climbed on Wednesday after industry data showed U.S. inventories declined more than expected and OPEC raised its outlook for oil demand, but gains were capped by worries about the coronavirus and by rising supplies.
Brent crude futures rose 85 cents, or 1.3%, to $64.52 a barrel by 0619 GMT, after gaining 39 cents on Tuesday.
U.S. West Texas Intermediate (WTI) crude futures added 82 cents, or 1.4%, to $61 a barrel, following Tuesday’s rise of 48 cents.
Signs of a strong economic recovery in China and the United States have underpinned recent price gains, but concerns over stalled vaccine rollouts worldwide and soaring COVID-19 infections in India and Brazil have slowed the market’s advance.
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