The latest Market Talks covering Energy and Utilities. Published exclusively on Dow Jones Newswires at 4:20 ET, 12:20 ET and 16:50 ET.
1135 ET – European stocks drop amid losses for oil shares as demand concerns and production uncertainty hit crude-oil prices. The Stoxx Europe 600 falls 0.2%, the FTSE 100 and CAC 40 retreat 0.3%, the DAX trades flat and Norwegian stocks backtrack 1% as Brent crude slips 0.3% to $78.64 a barrel. BP, TotalEnergies, Shell, Eni, Equinor and other oil-related equities lose ground. Additional supply cuts from OPEC and allies have failed to lift prices amid doubts about whether some OPEC-linked producers will reduce output as promised, HSBC says. “Among the countries that have pledged new cuts, at least four (including the UAE, Iraq and Russia) are over-producing versus quotas. Another interpretation is that cuts are needed because demand is weak,” HSBC analysts write. (firstname.lastname@example.org)
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