Energy stocks pared their losses from a day earlier ascontinued to add gains after Saudi Arabia said OPEC and its allies, known as OPEC+, would persist with plans to cut production.
“If oil demand in China indeed turns out to be weaker than expected, this would point to an oversupplied market, at least in the short term,” Commerzbank said in a note. The Fed hinted at slowing the pace of rate hikes at its December meeting, though added that the peak for rate hikes would be higher than previously anticipated. The prospect of higher for longer rates has raised concerns about the Fed failing to avoid a soft landing, or recession, at a time when global growth is slowing.
Some positive
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