Oil Steadies as Traders Weigh Fallout of Biden Quitting US Race

Bloomberg07-22

(Bloomberg) -- Oil steadied after the biggest drop since June as investors weighed the fallout from US President Joe Biden’s decision not to seek reelection, while wildfires menaced some production in...

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Biden Exit Puts Trump Trade in Doubt as Election Gets Re-Set. Biden Is Out: What’s Next for Democrats, Explained. Trump’s Remarks Spark Rebuke From Mexico’s President-Elect. Joe Biden Bows to Democrats Who Wanted Him Out, Upending US Politics. Global benchmark Brent hovered just below $83 a barrel after a decline Friday that was propelled in part by technical traders. Biden abandoned his bid for a second term as concerns mounted he couldn’t beat Donald Trump, and endorsed Vice President Kamala Harris.Oil has pushed higher this year as OPEC+ reined in output, setting the scene for a drawdown in global stockpiles over the Northern Hemisphere summer. Geopolitical tensions have also contributed, with the Israel-Hamas war and clashes with","collect":0,"end_time":0,"defaultTopTitle":"yahoo.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"BK4201":"综合性石油与天然气企业","LUKOY":"PJSC Lukoil"},"translate_title":"交易员权衡拜登退出美国竞选的影响，油价企稳","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"LUKOY":0.9},"content_text":"(Bloomberg) -- Oil steadied after the biggest drop since June as investors weighed the fallout from US President Joe Biden’s decision not to seek reelection, while wildfires menaced some production in Canada.\nMost Read from Bloomberg\n\nBiden Exits Race, Endorses Harris as She Shores Up Support\nBiden Exit Puts Trump Trade in Doubt as Election Gets Re-Set\nBiden Is Out: What’s Next for Democrats, Explained\nTrump’s Remarks Spark Rebuke From Mexico’s President-Elect\nJoe Biden Bows to Democrats Who Wanted Him Out, Upending US Politics\n\nGlobal benchmark Brent hovered just below $83 a barrel after a decline Friday that was propelled in part by technical traders. Biden abandoned his bid for a second term as concerns mounted he couldn’t beat Donald Trump, and endorsed Vice President Kamala Harris. \nIn Canada, a blast of heat across the Alberta oil patch has triggered a wave of wildfires. An estimated 348,000 barrels a day of production are at risk, according to local wildfire and Alberta Energy Regulator data.\nOil has pushed higher this year as OPEC+ reined in output, setting the scene for a drawdown in global stockpiles over the Northern Hemisphere summer. Geopolitical tensions have also contributed, with the Israel-Hamas war and clashes with Iranian-backed groups including the Houthis in Yemen sparking concerns of regional instability that could threaten supply.\nIsrael struck targets around the Houthi-held Red Sea port of Hodeidah over the weekend, in retaliation for a drone attack on Tel Aviv. The airstrikes were aimed at facilities including fuel-storage sites, with a Houthi-run television channel showing flames and smoke raging at the installations it said were hit.\nTo get Bloomberg’s Energy Daily newsletter into your inbox, click here.\n--With assistance from Yongchang Chin.\nMost Read from Bloomberg Businessweek\n\nThe Zombie Mall King Doesn’t Want to Be a Bottom-Feeder Forever\nFive Questions With Apollo Global Co-Founder Josh Harris\nWhy the Nobel-Laureate Pioneer of Microfinance Risks Life in Jail\nOpioid Alternatives Face an Uphill Battle Against Insurers and Doctors\nHow Trader Joe’s Mini Cooler Bags Became a Viral Hit\n\n©2024 Bloomberg L.P.","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.28.1","shortVersion":"4.28.1","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2453757421"}