Stocks waver, oil steady ahead of US-China summit as Iran talks stall

“Stock markets were mixed Wednesday and oil prices steadied but remained above $100 a barrel as investors awaited a high-stakes summit between the United States and China, and Middle East peace talks stalled. Oil prices surged earlier this week on signs that no breakthrough was in sight to resume crucial Gulf tanker and cargo traffic through the Strait of Hormuz, paralysed by the Middle East war. The International Energy Agency warned that countries were tapping into oil inventories and strategic reserves at a "record pace", meaning further price volatility was likely.

Summary generated from the RSS feed of Al-Monitor. All article rights belong to the original publisher. Click through to read the full piece on www.al-monitor.com.