Stock Market Update
31-Mar-22 11:30 ET
White House confirms oil release, OPEC+ raises production targets
Dow -117.65
at 35111.16,
Nasdaq -37.01
at 14405.26,
S&P -8.10
at 4594.35
[BRIEFING.COM] The S&P 500 continues to trade lower by 0.1%. The White House recently confirmed it will release 1 million barrels of oil per day from the Strategic Petroleum Reserve for the next six months.
The White House also said the Defense Production Act will be authorized to support the production and processing of minerals and materials -- such as lithium, nickel, cobalt, graphite, and manganese -- used for large capacity batteries.
WTI crude is down 4.4% to $103.05/bbl after flirting with $100.00/bbl overnight. On a related note, OPEC+ agreed to increase its output targets by 432,000 barrels per day in May, according to CNBC. The oil producers previously agreed to increase production by 400,000 bpd for April.
